Grown Rogue International (GRIN) Q3 2025 earnings summary

Executive summary

• Navigated industry volatility and regulatory changes, focusing on controllable factors like yield, cost, and operational excellence.

• Pro Forma Revenue and Adjusted EBITDA, including New Jersey affiliate, reached $8.5M and $1.7M, up 26% and 25% year-over-year, reflecting operational improvements and market expansion.

• Maintained disciplined growth, prioritizing quality, cost control, and a focused product strategy, with team integration and leadership as key drivers.

• Expanded into New Jersey and prepared for significant growth in Minnesota, leveraging early-mover advantages and actively pursuing distressed asset opportunities.

• IFRS revenue was $5.4M and Adjusted EBITDA was $0.1M, with reported margins impacted by non-consolidation of New Jersey results.

Financial highlights

• Achieved all-in four-wall production costs of $368 in Michigan and $348 in Oregon, with sub-$200 COGS for indoor production.

• Pro Forma Revenue grew to $8.5M from $6.7M year-over-year; Pro Forma Adjusted EBITDA rose to $1.7M from $1.4M.

• Yield improvements: Oregon saw a 23% year-over-year increase, with A flower yield up 21%.

• Michigan EBITDA rebounded above $1 million, while Oregon faced pricing pressure and inventory sell-downs.

• Cash and cash equivalents increased to $13.1M from $4.7M at year-end.

Outlook and guidance

• Minnesota prioritized for new builds, with phase one targeting 10,000 sq ft and potential to double canopy, targeting initial entry by early 2027.

• Anticipates Minnesota to generate surplus profits in early years and sees strong long-term opportunity.

• New Jersey phase two expansion to proceed room by room, with full facility expected operational by mid-2026.

• Ongoing evaluation of distressed asset acquisitions expected to contribute to growth in coming quarters.

• Continued investment in branded product development and packaging upgrades across all markets.