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GOLD 4191.30 +0.5% SILVER 57.23 +0.1% COPPER 6.57 +0.2% OIL 98.88 +0.9% PALLADIUM 1114.25 −1.3% MSV 0.570 +0.0% CCMM 0.520 +7.2% MON 0.385 −6.1% OMI 0.250 +0.0% BUFF 0.800 +2.6% FEO 0.640 −1.5% LIB 0.710 −1.4% NPR 0.620 +0.0% QZM 0.380 +0.0% BVA 0.780 +2.6% ONAU 0.530 +1.9% FMR 0.225 +0.0% GSVR 0.350 +2.9% PHNM 0.345 +1.5% SLG 5.65 −1.1% CASA 0.060 +0.0% GOLD 4191.30 +0.5% SILVER 57.23 +0.1% COPPER 6.57 +0.2% OIL 98.88 +0.9% PALLADIUM 1114.25 −1.3% MSV 0.570 +0.0% CCMM 0.520 +7.2% MON 0.385 −6.1% OMI 0.250 +0.0% BUFF 0.800 +2.6% FEO 0.640 −1.5% LIB 0.710 −1.4% NPR 0.620 +0.0% QZM 0.380 +0.0% BVA 0.780 +2.6% ONAU 0.530 +1.9% FMR 0.225 +0.0% GSVR 0.350 +2.9% PHNM 0.345 +1.5% SLG 5.65 −1.1% CASA 0.060 +0.0%
Earnings

Grown Rogue Reports Third Quarter 2025 Results

By The Northwire Desk — AI Analysis Nov 11, 2025 · 16:05 GRIN · 0.495 Grown Rogue International Inc.
GRIN · Price

Executive Summary

  • Grown Rogue International reported Q3 2025 pro‑forma revenue of $8.5 M (up 26% YoY) and pro‑forma Adjusted EBITDA of $1.7 M (up 25% YoY).
  • IFRS‑reported revenue fell to $5.4 M (‑23% YoY) with Adjusted EBITDA of only $0.1 M (‑92% YoY), reflecting the exclusion of New Jersey affiliate results from GAAP numbers.
  • The company added a $5 M bank loan (total debt $12 M, blended rate <8%) to fund growth initiatives, notably a new Minnesota cultivation project and continued expansion in New Jersey.

Key Details

  • Pro‑forma Financials (Q3 2025 vs. Q3 2024)
  • Revenue: $8.5 M vs. $6.7 M (+26%)
  • Adjusted EBITDA: $1.7 M vs. $1.4 M (+25%)

  • Pro‑forma EBITDA margin: 20.1% (down 2 bps)

  • IFRS Financials

  • Revenue: $5.4 M vs. $7.0 M (‑23%)
  • Adjusted EBITDA: $0.1 M vs. $1.7 M (‑92%)

  • Adjusted EBITDA margin: 2.6% vs. 23.8%

  • State‑level Performance

  • Oregon: Revenue $2.6 M (‑9% YoY); Adj. EBITDA $0.3 M (‑50% YoY); margin 11.6%.
  • Michigan: Revenue $2.5 M (‑26% YoY); Adj. EBITDA $1.0 M (‑46% YoY); margin 39.7%.

  • New Jersey (ABCO affiliate): Revenue $3.4 M (first full quarter); Adj. EBITDA $1.6 M; margin 46.6%.

  • Operational KPIs

  • Total flower harvested: 8,596 lb (up 23% YoY).
  • Cost per pound produced fell to $348 in Oregon (‑18%) and $368 in Michigan (‑10%).

  • Yield improvements across states; A‑grade flower ASPs down 28% YoY in Oregon but up 6% sequentially in Michigan.

  • Financing

  • Additional $5 M term loan drawn, raising total bank debt to $12 M at <8% blended rate.

  • Loan and operating cash flow earmarked for Minnesota build‑out and broader growth initiatives.

  • Strategic Initiatives

  • New Minnesota cultivation license approved (up to 30,000 sf canopy); conditional use permit secured; lease negotiations ongoing.
  • Continued product extensions: first cured resin vape cartridge in Oregon; redesigned pre‑packaged flower program in Michigan.

  • Expansion of branded/packaged sales in New Jersey (≈80% of revenue) to drive margin improvement across all markets.

  • Management Commentary

  • CEO Obie Strickler highlighted “disciplined, low‑cost model” and the importance of branding/packaging for future growth.

  • CFO Andrew Marchington noted that New Jersey results are currently reported under equity method; full consolidation expected in FY 2025 GAAP filing.

  • Conference Call

  • Date: Tuesday, Nov 11 2025, 5:00 p.m. ET (2:00 p.m. PT).
  • Webcast registration link provided; replay available until Nov 18 2025.

Notable Quotes

“Our disciplined, flower‑forward, low‑cost model positions us to win as regulated cannabis continues to evolve.” – Obie Strickler, CEO

“We are prioritizing a new‑build opportunity in Minnesota… the existing balance sheet and internally generated cash flow are expected to provide sufficient capital to fund the first phase of the Minnesota project.” – Obie Strickler, CEO

Read the original news release →

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