Vireo Growth Inc. Announces Third Quarter 2025 Results

Executive Summary

• GAAP revenue jumped 264% YoY to $91.7 M for Q3 2025, driven by recent M&A closures and organic growth.
• Completed refinancing of senior secured debt, expected to cut annual interest expense by ~$10 M.
• Cash balance rose to $117 M at quarter‑end; the company remains “acquisitive” in a distressed market.

Key Details

• Revenue & Profitability
• Q3 2025 GAAP revenue: $91,655,155 vs. $25,165,343 YoY (+264%).
• GAAP gross profit: $37,382,999 (40.8% margin) vs. $12,323,970 YoY (+204%).
• Adjusted EBITDA: $25.36 M (27.7% margin) vs. $6.39 M YoY (+297%).
• Operating Metrics
• GAAP operating income: $808,956 vs. $3.85 M YoY (‑79%).
• Adjusted operating income: $20.96 M vs. $5.16 M YoY (+304%).
• Liquidity & Capital Structure
• Cash on hand: $117,539,341 (up from $91,604,970).
• Senior secured debt refinancing reduces interest expense by ~$10 M annually.
• Long‑term debt net: $131.7 M; convertible debt net: $8.25 M.
• Acquisitions & Integration
• Completed acquisition of Schwazze senior secured convertible notes and entered a Restructuring Support Agreement to restructure Schwazze’s assets (46 dispensaries, 2 manufacturing facilities).
• Settlement with Verano Holdings Corp. valued at ~$10 M.
• Integrated recent acquisitions (accounting, HR, procurement, ERP) – overhead synergies realized; full integration expected by year‑end.
• Operational Highlights
• First adult‑use cannabis sale in Minnesota (Minneapolis Green Goods®); now operating 8 Green Goods™ dispensaries statewide.
• State‑by‑state Q3 retail revenue: MN $11.95 M, NY $0.99 M, MD $6.62 M, UT $11.48 M, NV $24.95 M, MO $19.97 M (total retail $75.95 M).
• Wholesale Q3 revenue: MN $66 K, NY $5.12 M, MD $3.75 M, UT $1.86 M, NV $0.02 M, MO $4.89 M (total wholesale $15.70 M).
• Financing Activity
• Proceeds from long‑term debt issuance: $146.79 M (net of costs).
• Debt principal repayments: $(124.22 M).
• Net cash provided by financing activities: $22.70 M.
• Investing Activity
• Acquisitions (cash‑free) – WholesomeCo, Deep Roots Holdings, Proper Holdings Management – total net cash outflow $(38.36 M) after proceeds from asset sales.
• Capital expenditures: $(18.46 M) for property & equipment.
• Conference Call
• Management call scheduled for Nov 12 2025, 8:30 a.m. ET (ID 7974705).

Notable Quotes

“Our third quarter results reflect continued progress against our objective to create a portfolio of prolific brands in cannabis… we will continue optimizing all areas of our business while remaining opportunistic with respect to further acquisitive growth opportunities.” – John Mazarakis, CEO