Vireo Growth (VREO) Q1 2026 earnings summary

Executive summary

• Q1 2026 GAAP revenue reached $106.2 million, up 333.5% year-over-year, driven by major acquisitions including Schwazze, Eaze, Hawthorne, and PharmaCann MSA, expanding to 10 states and over 160 dispensaries.

• Pro forma Q1 revenue was $210.2 million, a 5% increase from the prior year, ranking the company as the fourth largest cannabis operator by revenue with leading positions in several states.

• Announced partnerships and agreements with FLUENT and Glass House Brands to expand in Florida and California, enhancing retail scale and operational efficiency.

• Ended Q1 with $137.8 million in cash and remains focused on further acquisitions and integration.

• Closed Schwazze and PharmaCann MSA acquisitions in Q1; Eaze and Hawthorne closed after quarter end.

Financial highlights

• Q1 2026 GAAP revenue was $106.2 million, up 333.5% year-over-year; GAAP gross profit was $59.3 million, up 378.2%, with gross margin improving to 55.8%.

• Pro forma Q1 revenue was $210.2 million, a 5% increase from the prior year quarter.

• Adjusted EBITDA reached $32.7 million (30.8% margin), up 395.5% year-over-year.

• Pro forma cannabis adjusted EBITDA was $40.1 million (21.8% margin), up from $32.5 million (16.2% margin) in the prior year.

• Gross margin, excluding non-cash inventory adjustments, improved by 280 basis points to 56.3% year-over-year.

Outlook and guidance

• Positioned for a strong 2026, supported by a robust balance sheet, rescheduling tailwinds, and disciplined growth through accretive M&A and organic investment.

• Florida and New York are seen as key growth markets, with targets to scale each to over $100 million in revenue.

• Management expects to remain acquisitive and focused on integration and optimization of recent acquisitions.

• Evaluating the impact of recent U.S. DOJ cannabis rescheduling on operations and tax position.

• Expect sales and EBITDA in Minnesota to increase over the next 12 months, with capacity expansion imminent.