Verano Announces Fourth Quarter and Full Year 2025 Financial Results

Executive Summary

• Verano Holdings reported Q4 2025 revenue of $207 M (‑5% YoY) and full‑year 2025 revenue of $822 M (‑6% YoY), with adjusted EBITDA of $56 M for the quarter and $229 M for the year.
• The company announced a new $195 M senior secured term loan and an upsized revolving credit facility to $100 M, providing additional liquidity and lower‑cost capital.
• Operational highlights include expansion to 160 dispensaries in 13 states, redomiciling to Nevada, settlement of Vireo litigation, acquisition of a conditional Texas vertical license, and several new product/partner launches.

Key Details

• Q4 2025 Financial Highlights
• Revenue (net of discounts): $207 M (+2% QoQ, ‑5% YoY)
• Gross profit: $106 M (51% of revenue)
• SG&A expense: $86 M (42% of revenue)
• Net loss: $(183) M (‑89% of revenue)
• Adjusted EBITDA: $56 M (27% of revenue)
• Cash from operating activities: $14 M

• Capital expenditures: $9 M

• Full‑Year 2025 Financial Highlights

• Revenue (net of discounts): $822 M (‑6% YoY)
• Gross profit: $413 M (50% of revenue)
• SG&A expense: $337 M (41% of revenue)
• Net loss: $(258) M (‑31% of revenue)
• Adjusted EBITDA: $229 M (28% of revenue)
• Cash from operating activities: $53 M

• Capital expenditures: $41 M

• Liquidity & Financing

• Closed a $195 M senior secured term loan; drew $50 M under existing revolving facility to retire higher‑cost debt.
• Revolving credit facility increased to $100 M, maturity extended to 28 Feb 2029; $25 M remains undrawn.

• As of 31 Dec 2025: cash & equivalents $83 M; total debt (net) $400 M; working capital $264 M.

• Operational / Strategic Highlights

• Expanded Ohio footprint to six dispensaries (Zen Leaf Antwerp).
• Opened Zen Leaf Charleston (6th WV dispensary) and MÜV Deltona (83rd FL dispensary, 160th nationwide).
• Launched HYPHEN all‑in‑one pod system; introduced Swift Lifts standalone brand.
• Secured exclusive partnerships with Raw Garden (NJ) and Flower by Edie Parker (FL).
• Awarded one of nine conditional vertical licenses in Texas, pending final state approval.
• Redomiciled from British Columbia to Nevada.

• Settled all litigation with Vireo Growth Inc.

• Guidance for 2026

• Expected capital expenditures: $30 M–$50 M, focused on cultivation efficiency, selective retail expansion, store enhancements, and technology/infrastructure investment.

• Conference Call

• Scheduled for March 12 2026 at 8:30 a.m. ET; webcast link provided.

Notable Quotes

“I am incredibly proud of our team for their resilience… we are well‑positioned to leverage a number of potential catalysts in what may be a game‑changing year for Verano and the industry in 2026.” – George Archos, Founder, Chairman & CEO.