Vireo Growth (VREO) Q1 2026 earnings summary

Executive summary

• Closed multiple acquisitions, including Schwazze, Eaze, Hawthorne, and PharmaCann MSA, adding over $100 million in quarterly revenue and expanding to 10 states with 160+ dispensaries.

• Now ranks as the fourth largest cannabis company by revenue on a pro forma basis, with leading positions in Colorado, Utah, and Nevada, and significant market share in Minnesota and Missouri.

• Announced partnerships with FLUENT and Glass House to expand presence in Florida and California, enhancing retail scale and operational efficiency.

• Ended Q1 with $137.8 million in cash and remains focused on further acquisitions.

• Completed Eaze and Hawthorne acquisitions after quarter end.

Financial highlights

• Q1 2026 GAAP revenue was $106.2 million, up 333.5% year-over-year, primarily due to recent M&A activity.

• Pro forma Q1 revenue was $210.2 million, a 5% increase from the prior year quarter.

• Adjusted EBITDA reached $32.7 million (30.8% of sales), up $26.1 million and 390 basis points year-over-year.

• Pro forma Adjusted EBITDA was $42.2 million (20.1% of sales), up 29.8% from $32.5 million (16.2% of sales) in the prior year quarter.

• GAAP gross profit was $59.3 million, up 378.2% year-over-year; gross margin improved to 55.8%.

Outlook and guidance

• Positioned for a strong 2026, supported by a robust balance sheet, rescheduling tailwinds, and disciplined growth through accretive M&A and organic investment.

• Florida and New York are seen as key growth markets, with targets to scale each to over $100 million in revenue.

• Management expects to remain acquisitive and focused on integration and optimization of recent acquisitions.

• Evaluating the impact of recent U.S. Department of Justice cannabis rescheduling on operations and tax position.

• Expect sales and EBITDA in Minnesota to increase over the next 12 months, with capacity expansion imminent.