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Vireo Growth
Vireo Growth (VREO) investor relations material
Vireo Growth Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary12 Nov, 2025
Executive summary
Q3 2025 GAAP revenue reached $91.7 million, up 264% year-over-year, driven by M&A and organic growth, with results aligned with management expectations.
Integration of recent acquisitions is nearly complete, with realized corporate overhead synergies and full integration expected by year-end.
First adult-use cannabis sales in Minnesota began in Q3, contributing to revenue growth and expected to drive future organic growth.
Ended Q3 with over $117 million in cash, positioning for further acquisitions in a distressed industry.
Announced acquisition of 86% of Schwazze's senior secured convertible notes, positioning to own the majority of Schwazze's assets and expand into Colorado and New Mexico.
Financial highlights
Q3 GAAP revenue reached $91.7 million, up 264% year-over-year, driven by M&A and organic growth.
Adjusted EBITDA for Q3 was $25.4 million, a 297% increase year-over-year, with margins above 25%.
Adjusted Gross Profit for Q3 was $50.8 million, up 300% year-over-year; margin improved by 500 bps to 55.4%.
Net loss for Q3 was $26.3 million, compared to a $4.9 million loss in the prior year period.
Ended Q3 with $117.5 million in cash and total current assets of $191.1 million (excluding certain assets held for sale and income taxes receivable).
Outlook and guidance
Expectation to achieve full integration of recent acquisitions by year-end and continue realizing synergies to improve gross and EBITDA margins.
Management expects to remain acquisitive, leveraging a strong cash position in a distressed market.
Refinancing of senior secured debt is expected to reduce annualized interest expense by $10 million.
Anticipates Minnesota's adult-use market to be a significant revenue growth catalyst, with new production coming online in Q1 2026.
Continued focus on optimizing operations and pursuing further M&A opportunities as 2025 ends.
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Next Vireo Growth earnings date
Q4 20251 Apr, 2026
Vireo Growth
Next Vireo Growth earnings date
Q4 20251 Apr, 2026
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Frequently asked questions
Vireo Growth Inc. is a U.S.-based cannabis company focused on the cultivation, manufacturing, processing, and distribution of medical and adult-use cannabis products. The company operates a network of retail dispensaries under the Green Goods brand, as well as other branded locations, primarily in Maryland and Minnesota. The company is headquartered in Minneapolis, Minnesota, and its shares are listed on the Canadian Securities Exchange.
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