Vireo Growth (VREO) Q4 2025 earnings summary

Executive summary

• Q4 2025 GAAP revenue reached $104.5 million, up 318% year-over-year, driven by significant M&A activity and strong organic growth.

• Announced and pending acquisitions include Schwazze, Eaze, PharmaCann's Colorado retail assets, and a non-binding MOU for Hawthorne Gardening Company, expected to close in H1 2026.

• Integration of Deep Roots, Proper, and Wholesome completed, generating corporate overhead synergies.

• Ended Q4 with $122.5 million in cash, maintaining an acquisitive stance and supporting ongoing growth initiatives.

• Post-transaction, operating footprint expected to reach 10 states and over 160 dispensaries, with lower net leverage and strong cash position.

Financial highlights

• Q4 GAAP revenue reached $104.5 million, up 318% year-over-year and 26% on a pro forma basis, driven by acquisitions and new market launches.

• GAAP gross profit was $56.9 million, up 348% year-over-year; gross profit margin improved to 54.4%.

• Adjusted EBITDA was $29.5 million (28.2% of sales), up 347% year-over-year.

• Same-store sales increased 22% year-over-year and 11.3% excluding Minnesota.

• Ended Q4 with $122.5 million in cash and $1 million in marketable liquid securities.

Outlook and guidance

• All major transactions expected to close within the first half of 2026, expanding the retail platform and enabling further scalable growth.

• Integration initiatives are expected to yield further operating synergies, with more impact anticipated in 2026 results.

• Management expects to remain acquisitive, leveraging a strong cash position.

• Minnesota capacity expected to double, with tight supply conditions likely to persist for 24-36 months.