Earnings

Verano Announces Second Quarter 2025 Financial Results

By The Northwire Desk — AI Analysis Aug 07, 2025 · 07:00 VRNO · 1.04 VERANO HOLDINGS CORP.

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Verano Holdings Corp. reported financial results for the second quarter ended June 30, 2025, showing a decline in net revenue and gross profit compared to the prior year period, driven by price compression and competition.
The company reported a Net Loss of $19.15 million for Q2 2025, an improvement from the $21.76 million loss in Q2 2024, supported by operational efficiencies and a decrease in other income/expense.
Adjusted EBITDA reached $66.15 million (33% margin), while the company maintained a strong balance sheet with $69 million in cash and working capital of $224 million.

Revenue: $202.3 million (down from $222.4 million in Q2 2024 and $209.8 million in Q1 2025).
Gross Profit: $113.0 million (56% margin), down from $114.3 million (51% margin) in Q2 2024.
Operating Income: $26.2 million, up from $27.3 million in Q2 2024.
Net Loss: $(19.2) million, compared to $(21.8) million in Q2 2024.
Adjusted EBITDA: $66.2 million (33% margin), compared to $70.6 million (32% margin) in Q2 2024.
SG&A Expenses: $86.3 million (43% of revenue).
Operating Cash Flow: $11.0 million provided by operating activities.
Capital Expenditures: $10.0 million.
Balance Sheet (as of June 30, 2025):
- Cash and Cash Equivalents: $68.6 million.
- Total Current Assets: $371.4 million.
- Working Capital: $224.0 million.
- Total Debt (net of issuance costs): $403.0 million.
- Total Assets: $1.94 billion.
- Total Liabilities: $1.02 billion.
- Shareholders' Equity: $927.2 million.
Operational Updates:
- Promoted Richard Tarapchak as Chief Financial Officer.
- Opened three new dispensaries: MÜV New Smyrna Beach (FL), Zen Leaf Ashford (CT), and Zen Leaf Enfield (CT).
- Announced an exclusive partnership with Grow Sciences for Illinois market entry.
- Launched a bodega-style retail experience at Zen Leaf Cave Creek (AZ).
- Current footprint spans 13 states with 157 dispensaries and 15 production facilities.
Subsequent Appointments: James Leventis appointed Chief Strategy and Compliance Officer in July 2025.

“I am proud of the progress we made during the quarter to strengthen our foundation and advance key priorities, including streamlining our operations and improving margins,” said George Archos, Verano Chairman and Chief Executive Officer.
“As we focus on improving our wholesale business and accounts receivable strategy, given our pipeline of new store openings and product innovation, and our ongoing efficiency efforts, we anticipate a stronger second half of 2025 for Verano, and look forward to advancing key initiatives throughout the remainder of the year.” — George Archos

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