Grown Rogue Reports First Quarter 2026 Results

Grown Rogue reported Q1 2026 revenue of $9.2 million, a 28% year-over-year increase, with adjusted EBITDA of $1.6 million (17.1% margin). The company raised its full-year 2026 revenue guidance to $34–37 million from its prior $32–35 million, while keeping EBITDA guidance at $6–8 million. The quarter included a GAAP net loss of $2.2 million due to $1.5 million in non-cash fair value adjustments, versus net income of $0.7 million in Q1 2025. Cash holdings stood at $13.7 million at quarter-end. Operational updates highlighted Phase II expansion in New Jersey (first additional harvest expected this month), a 10% gross revenue uplift in Michigan, modest yield improvements in Oregon, and progress on new facilities in Minnesota (first revenue Q1 2027) and Illinois (operations expected later this quarter, pending approval).

This release confirms the company’s growth trajectory and demonstrates operational execution. Raising revenue guidance by 6% at the midpoint signals confidence in New Jersey’s ramp, which continues to offset pricing pressures in Oregon and Michigan. The quarterly revenue run rate of $9.2 million annualizes to $36.8 million, putting the new guidance range within reach. The GAAP net loss, stemming from non-cash charges, does not detract from the solid adjusted EBITDA performance. Still, the updated outlook merely fine-tunes the April 2026 guidance rather than unveiling a dramatic shift. Compared with the earlier full-year 2025 results, the news is an incremental positive. It underscores the value of the New Jersey asset but also highlights lingering margin challenges in legacy states. The market had already absorbed the multi-year growth plan; therefore, this announcement reinforces rather than resets expectations. No new strategic investors, unexpected capital raises, or transformative events are present.

Grown Rogue International is a multi-state cannabis operator with a “flower‑forward, low‑cost” cultivation model. Its flagship project is the New Jersey operation, operated through affiliate ABCO Garden State. New Jersey launched sales in December 2024 and has become the company’s largest revenue contributor, generating $11.3 million in its first full year. The company is doubling capacity there in 2026. Expansion into Minnesota (Phase I build‑out) and Illinois (turnkey facility lease) aims to replicate the low‑cost, branded‑product strategy in undersupplied markets.