Northwire Canada EditionThursday, October 15, 2026
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Earnings

Grown Rogue Announces Selected Preliminary 2025 Financial Results, Reschedules Full Results Release and Conference Call

Grown Rogue Turns GAAP Profitable on New Jersey Ramp, But Accounting Delay Caps Near-Term Upside

By The Northwire Desk — AI Analysis Mar 31, 2026 · 17:01 GRIN · 0.42 Grown Rogue International Inc.
Executive Summary
  • Grown Rogue released preliminary, unaudited FY2025 GAAP financials on March 31, 2026, reporting $32.4M in revenue (+22% YoY) and a GAAP net income of $2.4M, marking a sharp reversal from a $16.1M net loss in 2024.
  • Adjusted EBITDA reached $5.3M (+39% YoY) with a 16.5% margin, while year-end cash and equivalents surged 133% to $11.4M.
  • Revenue growth was entirely driven by the New Jersey affiliate ($11.3M), which began sales in December 2024. Legacy markets contracted, with Oregon revenue falling 8% to $11.1M and Michigan falling 22% to $10.0M.
  • The full audited 2025 results and accompanying conference call were postponed to April 7, 2026, due to the administrative transition from IFRS to U.S. GAAP. A Form 12b-25 was filed, with management confirming no material deficiencies or auditor disagreements.
  • This release follows a clear operational trajectory established in Q3 2025 and the December 2025 New Jersey milestone, confirming that the company's low-cost, multi-state model is generating positive cash flow despite pricing headwinds in mature markets.
Material Impact
  • The confirmed GAAP profitability and $11.4M cash position represent a material improvement in financial stability, directly addressing the primary survival risk for micro-cap cannabis operators.
  • The 133% cash build significantly reduces near-term dilution risk and provides runway for the Illinois and Minnesota expansions announced in late 2025 and early 2026.
  • The administrative delay in filing the full 10-K introduces short-term uncertainty and may suppress immediate price appreciation until the April 7 release clarifies working capital trends, tax positions, and Q4 specifics.
  • The results are largely in line with the Q3 2025 pro-forma trajectory and the December New Jersey operational update, meaning the market has partially priced in the turnaround. The materiality stems from full-year confirmation rather than unexpected upside.
GRIN · Price
Company Overview
  • Grown Rogue is a multi-state cannabis cultivator and processor focused on low-cost, high-efficiency flower production and branded packaged goods.
  • The company operates in Oregon, Michigan, and New Jersey, with active expansion into Illinois and Minnesota.
  • Flagship growth driver: New Jersey affiliate (ABCO Garden State), which has achieved full sell-through, >600 lb monthly sales, and is expanding Phase 2 capacity to >1,000 lb/month.
  • Strategic model emphasizes acquiring or leasing distressed/turnkey facilities, implementing lean operational practices, and scaling value brands like Yeti to capture market share in competitive adult-use markets.
Read the original news release →

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Grown Rogue Accelerates Illinois Entry with Lease of Turnkey Facility

Financings Feb 18, 2026 · 07:00

Grown Rogue to Report Fourth Quarter and Full Year 2025 Financial Results and Host Conference Call on March 31, 2026

Earnings