Northwire Canada EditionTuesday, August 25, 2026
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Earnings Material +

Grown Rogue Reports Fourth Quarter and Full Year 2025 Results & Provides Outlook

Grown Rogue flips to profit, adds $12 M debt and eyes aggressive expansion

By The Northwire Desk — AI Analysis Apr 07, 2026 · 16:05 GRIN · 0.42 Grown Rogue International Inc.
Executive Summary
  • On 7 April 2026 Grown Rogue released preliminary unaudited FY 2025 results (GAAP): revenue $32.4 M (+22% YoY), GAAP net income $3.2 M (vs. a loss in 2024). Adjusted EBITDA $5.4 M (16.6% margin) – a 43% YoY increase.
  • Cash & equivalents rose to $11.4 M, driven by draws on a new senior secured credit facility ($12 M principal at 7.84%).
  • Operational updates: New Jersey Phase‑II (+25% capacity) expected first harvest May 2026; Minnesota Phase‑I (≈8k sf) slated for Q3 2026 with revenue start Q1 2027; Illinois turnkey lease (5k sf initially, expanding to 14k sf by mid‑2027).
  • Guidance: FY 2026 revenue $32‑$35 M, Adjusted EBITDA $6‑$8 M; FY 2027 revenue $50‑$58 M, Adjusted EBITDA $14‑$18 M. Target CAGR 25% revenue, 35% EBITDA over 3‑5 yr.
  • Management emphasizes disciplined capital allocation and ROI >75% on incremental spend.
Material Impact
  • Earnings turnaround: Moving from a $16 M loss to a $3 M profit is a fundamental shift in profitability, reducing near‑term cash burn risk.
  • Liquidity boost: Cash doubled (>130%) and the new credit facility provides runway for upcoming build‑outs without immediate equity dilution.
  • Growth pipeline: Three geographically diverse projects (NJ Phase‑II, MN new‑build, IL lease) are now funded or partially funded, de‑risking expansion timelines.
  • Guidance uplift: FY 2026/27 outlook exceeds prior consensus (analyst targets not disclosed but typical market expects modest growth). The projected EBITDA margins (>14%) signal a move toward sustainable profitability.
  • Overall, the news is materially positive, confirming that strategic investments are translating into top‑line growth and earnings while securing financing for future capacity.
GRIN · Price
Company Overview

Grown Rogue International Inc. is a U.S. cannabis cultivator focused on low‑cost, high‑efficiency indoor production. Flagship assets are the New Jersey affiliate (ABCO Garden State) – now entering Phase‑II with ~1,000 lb/month capacity – and upcoming greenfield builds in Minnesota and a turnkey lease in Illinois.

Read the original news release →

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Earnings