Grown Rogue International (GRIN) Q4 2025 earnings summary

Executive summary

• Revenue for 2025 reached $32.4 million, up 22% year-over-year, driven by New Jersey market entry, offset by declines in Michigan and Oregon due to pricing pressure and the end of a consulting agreement.

• Focused on growth, scale, and expansion into Eastern markets, with significant progress in New Jersey, Minnesota, and Illinois.

• Built out leadership and management teams, hiring key talent in construction, marketing, and state operations.

• Achieved full sell-through of phase one in New Jersey with high package rates and successful brand launches.

• Secured first-term debt facility to support expansion at favorable rates.

Financial highlights

• Full-year revenue increased to $32.4 million from $26.6 million in 2024.

• Adjusted EBITDA rose 43% to $5.4 million (16.5% margin), while GAAP net income was $3.2 million, including a $5.9 million non-cash gain from derivative liabilities.

• Cash and cash equivalents rose to $11.4 million, supported by $12 million in new debt financing.

• Q4 2025 revenue was $8.8 million, with Adjusted EBITDA of $1.2 million (13.4% margin) and a GAAP net loss of $2.1 million.

• EBITDA margin expanded by 248bps year-over-year.

Outlook and guidance

• Expecting double-digit revenue growth in Q1 2026 versus Q1 2025, driven by improvements in Oregon and New Jersey.

• 2026 revenue guidance: $32–$35 million; Adjusted EBITDA: $6–$8 million.

• 2027 revenue guidance: $50–$58 million; Adjusted EBITDA: $14–$18 million.

• Minnesota facility construction targeted for Q3 2025 completion, with revenue contribution expected in Q1 2026.

• Long-term objectives include 25% compound revenue growth and 35% compound profit growth.