Vireo Growth Inc. Announces Fourth Quarter 2025 Results
Executive Summary
- Vireo Growth reported Q4 2025 GAAP revenue of $104.5 M, a 317.7% YoY increase, driven by recent acquisitions.
- Adjusted EBITDA (non‑GAAP) rose to $29.5 M (+347% YoY); adjusted EBITDA margin improved to 28.2%.
- The company announced pending acquisitions of Eaze, Schwazze, PharmaCann retail assets, and an MOU for Hawthorne, all expected to close in H1 2026.
Key Details
- Financial Highlights (Q4 2025 vs Q4 2024)
- GAAP Revenue: $104.5 M vs $25.0 M (+317.7%)
- GAAP Gross Profit: $56.9 M vs $12.7 M (+348%) – margin 54.4% (up 380 bps)
- Adjusted EBITDA: $29.5 M vs $6.6 M (+347%) – margin 28.2% (up 180 bps)
-
Pro‑forma Revenue (including Mergers): $104.5 M vs $82.9 M (+26.1%)
-
Sequential Q4 2025 vs Q3 2025
- Revenue up 14.0% to $104.5 M
- Gross profit up 52.1% to $56.9 M (margin ↑ 1,360 bps)
-
Adjusted EBITDA up 16.1% to $29.5 M
-
Cash Position – End‑quarter cash of $122.5 M, total current assets $204.1 M; liquidity sufficient for further acquisitions.
-
Pending Acquisitions (expected H1 2026)
- PharmaCann Inc. – asset purchase; consideration ≈ $49 M in subordinate voting shares (subject to adjustments).
- Eaze Inc. – business combination; estimated equity consideration ≈ $47 M plus potential earn‑out in shares.
- Schwazze – acquisition announced (terms not disclosed, included in pending deals).
-
Hawthorne Gardening Co. LLC – non‑binding MOU with ScottsMiracle‑Grove.
-
Recent Completed Integrations – Integration of Deep Roots, Proper, and Wholesome completed; ERP system implemented; corporate overhead synergies realized.
-
Management Commentary – CEO John Mazarakis highlighted 11.3% same‑store sales growth (ex‑Minnesota) and 55% wholesale growth YoY; reaffirmed opportunistic acquisition strategy.
-
Balance Sheet Highlights (Dec 31 2025)
- Total assets: $817.2 M (up from $278.9 M).
- Cash & cash equivalents: $102.2 M (restricted cash $20.3 M).
-
Total liabilities: $509.7 M; long‑term debt $127.6 M, convertible debt $8.6 M.
-
Financing Activity (FY 2025) – Proceeds from long‑term debt $146.0 M; net cash provided by financing $18.4 M.
-
Conference Call – Management will discuss results on March 17 2026, 8:00 a.m. ET (call details provided).
Notable Quotes
“Fourth quarter performance remained in line with our expectations and reflected pro‑forma same‑store sales growth excluding Minnesota of 11.3% and wholesale growth of 55% over the prior year quarter.” – John Mazarakis, CEO
All non‑material boilerplate, forward‑looking disclaimer text, and “About” sections have been omitted for brevity.