Vireo Growth Inc Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 1, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 14, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the VREOF SEC filings page.
Vireo Growth Inc (VREOF) reported $511.7M in revenue over the twelve months to Jun 30, 2026, up 316.7% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Revenue nearly tripled, but margin compression and overhead growth absorbed the added gross profit, leaving operations around break-even.
Revenue rose from$99.4M in FY2024 to$268.8M in FY2025, yet operating margin turned negative, meaning scale did not flow through to operations. Gross margin fell from51.1% to47.3% , consistent with a less favorable cost or revenue mix rather than clean fixed-cost absorption.
Positive EBITDA of
Assets expanded from
Financial Health Signals
Vireo Growth Inc does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Vireo Growth Inc scores 0.63, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($557.1M) relative to total liabilities ($509.8M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Vireo Growth Inc passes 3 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
Vireo Growth Inc reported a net loss of $68.1M while generating $3.7M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Vireo Growth Inc generated $209.3M in revenue in Q2 2026. This represents an increase of 335.1% from the same quarter a year earlier. Against the prior quarter it is up 97.1%.
Vireo Growth Inc's EBITDA was -$400K in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 42.9% from the same quarter a year earlier. Against the prior quarter it is down 103.1%.
Vireo Growth Inc reported -$100K in net income in Q2 2026. This represents an increase of 99.3% from the same quarter a year earlier. Against the prior quarter it is up 99.5%.
Vireo Growth Inc earned $0.00 per diluted share (EPS) in Q2 2026. This represents an increase of 100.0% from the same quarter a year earlier. Against the prior quarter it is up 100.0%.
Cash & Balance Sheet
Vireo Growth Inc recorded an outflow of $105.8M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 1144.7% from the same quarter a year earlier. Against the prior quarter it is down 9718.2%.
Vireo Growth Inc held $122.7M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Margins & Returns
Vireo Growth Inc's gross margin was 45.5% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 3.1 percentage points from the same quarter a year earlier. Against the prior quarter it is down 10.3 percentage points.
Vireo Growth Inc's operating margin was -3.0% in Q2 2026, reflecting core business profitability. This is up 1.1 percentage points from the same quarter a year earlier. Against the prior quarter it is down 11.5 percentage points.
Vireo Growth Inc's net profit margin was -0.1% in Q2 2026, showing the share of revenue converted to profit. This is up 30.9 percentage points from the same quarter a year earlier. Against the prior quarter it is up 19.1 percentage points.
Vireo Growth Inc's ROE was 0.0% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 5.5 percentage points from the same quarter a year earlier. Against the prior quarter it is up 6.9 percentage points.
Capital Allocation
Vireo Growth Inc invested $108.2M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 2824.3% from the same quarter a year earlier. Against the prior quarter it is up 901.9%.
Not reported for Q2 2026.
Not reported for Q2 2026.
VREOF Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $209.3M+335.1% | $106.2M+333.5% | $104.5M+317.7% | $91.7M+264.2% | $48.1M+91.6% | $24.5M+1.7% | $25.0M+3.5% | $25.2M+2.0% |
| Gross Profit | $95.3M+367.2% | $59.3M+378.2% | $56.9M+349.8% | $37.4M+203.3% | $20.4M+50.5% | $12.4M+1.3% | $12.7M+4.9% | $12.3M-6.6% |
| SG&A Expenses | $75.8M+356.6% | $30.8M+316.2% | $27.5M+320.8% | $29.7M+329.5% | $16.6M+119.5% | $7.4M+4.9% | $6.5M+4.5% | $6.9M+2.4% |
| Operating Income | -$6.3M-215.0% | $9.0M+350.0% | -$1.9M-120.7% | $809K-79.0% | -$2.0M-134.5% | $2.0M-58.0% | -$842K-115.6% | $3.9M-34.4% |
| EBITDA | -$400K+42.9% | $13.0M+400.0% | $10.2M+3480.4% | $2.9M-30.7% | -$700K-111.3% | $2.6M-51.8% | $286K-95.6% | $4.2M-33.1% |
| Interest Expense | $7.6M+61.7% | N/A | N/A | $6.9M-6.2% | $4.7M-37.5% | $7.6M-12.9% | $7.6M-10.4% | $7.4M-7.0% |
| Net Income | -$100K+99.3% | -$20.3M-212.3% | -$20.4M-30.0% | -$26.3M-433.8% | -$14.9M-2129.2% | -$6.5M+3.2% | -$15.7M-242.6% | -$4.9M+5.8% |
| EPS (Basic) | $0.00+100.0% | -$0.020.0% | -$0.01+87.5% | -$0.03-50.0% | -$0.80 | -$0.02+60.0% | -$0.08-166.7% | -$0.02+50.0% |
| EPS (Diluted) | $0.00+100.0% | -$0.02 | -$0.01 | -$0.03 | -$0.80 | -$0.02 | -$0.08-166.7% | -$0.02 |
| Diluted Shares (Avg) | 45M+141.9% | 1.08B | N/A | 950M | 19M-87.0% | 367M | N/A | 201M |
Not reported in any period shown, so not listed: Cost of Revenue, R&D Expenses, Income Tax.
VREOF Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.3B+93.2% | $928.8M+235.3% | $817.2M+193.0% | $678.9M+250.2% | $659.3M+238.7% | $277.0M+45.1% | $278.9M+52.2% | $193.9M+12.9% |
| Current Assets | $394.5M+26.1% | $258.3M+13.1% | $305.1M+32.4% | $308.0M+113.9% | $312.8M+110.4% | $228.4M+55.2% | $230.4M+54.8% | $144.0M+6.6% |
| Cash & Equivalents | $122.7M+15.6% | $137.8M+59.9% | $122.5M+33.7% | $117.5M+1514.6% | $106.1M+844.8% | $86.2M+583.9% | $91.6M+473.8% | $7.3M-45.2% |
| Short-Term Investments | $1.0M-0.4% | $1.0M | $1.0M | $1.0M | $1.0M | $0 | $0 | $0 |
| Inventory | $149.4M+137.0% | $76.1M+226.0% | $60.0M+176.9% | $53.9M+171.6% | $63.0M+213.7% | $23.3M+20.6% | $21.7M+12.3% | $19.8M+4.1% |
| Accounts Receivable | N/A | $14.1M+481.6% | $12.7M+342.5% | $11.2M+292.9% | $9.1M+304.5% | $2.4M-12.0% | $2.9M+27.2% | $2.8M-49.9% |
| Long-Term Investments | $11.7M-10.7% | $6.0M | $6.0M | $6.0M | $13.1M | $0 | $0 | $0 |
| Goodwill | $161.1M+121.8% | $123.8M | $87.5M | $97.3M | $72.6M | N/A | $0 | N/A |
| Total Liabilities | $831.2M+112.7% | $634.7M+180.1% | $509.8M+128.3% | $432.6M+111.2% | $390.8M+79.9% | $226.6M+6.2% | $223.3M+12.0% | $204.9M+11.0% |
| Current Liabilities | $390.7M+60.4% | $215.8M+56.8% | $191.7M+41.5% | $234.9M+82.4% | $243.5M+30.4% | $137.7M-25.3% | $135.5M-24.5% | $128.8M-22.2% |
| Non-Current Liabilities | $440.5M+199.2% | $418.9M+370.9% | $318.1M+262.2% | $197.7M+159.8% | $147.2M+383.3% | $89.0M+204.4% | $87.8M+342.7% | $76.1M+298.4% |
| Total Equity | $442.5M+64.7% | $294.1M+482.4% | $307.4M+453.9% | $246.3M+2338.5% | $268.6M+1290.7% | $50.5M+323.7% | $55.5M+445.9% | -$11.0M+14.4% |
| Retained Earnings | -$320.0M-26.5% | -$319.9M-34.4% | -$299.6M-29.5% | -$279.2M-29.4% | -$252.9M-20.0% | -$237.9M-13.2% | -$231.4M-13.8% | -$215.7M-8.5% |
Not reported in any period shown, so not listed: Long-Term Debt.
VREOF Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $2.4M+150.0% | $11.9M+450.0% | $18.7M+389.5% | -$6.7M-160.3% | -$4.8M-50203.9% | -$3.4M-185.6% | -$6.4M-1302.1% | -$2.6M-256.6% |
| Depreciation & Amortization | $5.9M+353.8% | $4.0M+566.7% | $11.9M+1774.7% | $2.1M+459.9% | $1.3M+228.0% | $600K-5.3% | $636K-2.3% | $379K-15.3% |
| Stock-Based Compensation | $7.5M+80.7% | $7.0M+366.7% | N/A | $4.0M+207.0% | $4.2M+6952.8% | $1.5M+734.3% | N/A | $1.3M+339.9% |
| Capital Expenditures | $108.2M+2824.3% | $10.8M+881.8% | $9.9M+262.6% | $13.7M+179.6% | $3.7M+16.0% | $1.1M+22.3% | $2.7M+16.6% | $4.9M+3112.9% |
| Free Cash Flow | -$105.8M-1144.7% | $1.1M+124.4% | $8.8M+196.0% | -$20.4M-172.9% | -$8.5M-165.7% | -$4.5M-115.4% | -$9.2M-228.2% | -$7.5M-597.5% |
| Investing Cash Flow | -$69.7M-305.0% | $8.0M+827.3% | -$9.4M-261.3% | -$14.7M-1044.4% | $34.0M+1166.0% | -$1.1M-4.8% | -$2.6M-1423.3% | -$1.3M-13.9% |
| Financing Cash Flow | $52.2M+661.3% | -$4.6M-411.1% | -$4.3M-104.6% | $32.9M+45859.4% | -$9.3M-609.8% | -$900K+19.7% | $93.4M+2730.2% | -$72K-105.0% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
VREOF Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 45.5%+3.1pp | 55.8%+5.2pp | 54.4%+3.9pp | 40.8%-8.2pp | 42.4%-11.6pp | 50.6%-0.2pp | 50.6%+0.7pp | 49.0%-4.5pp |
| Operating Margin | -3.0%+1.1pp | 8.5%+0.3pp | -1.8%+1.6pp | 0.9%-14.4pp | -4.2%-27.2pp | 8.2%-11.6pp | -3.4%-25.6pp | 15.3%-8.5pp |
| Net Margin | -0.1%+30.9pp | -19.1%+7.4pp | -19.5%+43.2pp | -28.7%-9.1pp | -31.0%-28.3pp | -26.5%+1.3pp | -62.7%-43.8pp | -19.6%+1.6pp |
| Return on Equity | 0.0%+5.5pp | -6.9%+6.0pp | -6.6%+21.6pp | -10.7% | -5.5% | -12.9% | -28.3% | N/A |
| Return on Assets | 0.0%+2.3pp | -2.2%+0.2pp | -2.5%+3.1pp | -3.9%-1.3pp | -2.3%-1.9pp | -2.4%+1.2pp | -5.6%-3.1pp | -2.5%+0.5pp |
| Current Ratio | 1.01-0.3x | 1.20-0.5x | 1.59-0.1x | 1.31+0.2x | 1.28+0.5x | 1.66+0.9x | 1.70+0.9x | 1.12+0.3x |
| Debt-to-Equity | 1.88+0.4x | 2.16-2.3x | 1.66-2.4x | 1.76 | 1.45 | 4.49 | 4.02 | N/A |
| Asset Turnover | 0.16+0.1x | 0.110.0x | 0.130.0x | 0.140.0x | 0.07-0.1x | 0.090.0x | 0.090.0x | 0.130.0x |
| FCF Margin | -50.5%-32.9pp | 1.0%+19.4pp | 8.4%+45.0pp | -22.3%+7.4pp | -17.7%-4.9pp | -18.4%-9.7pp | -36.6%-25.1pp | -29.7%-35.8pp |
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Vireo Growth Inc VREOF | FY2025 | $268.8M | -$68.1M | -25.3% | $557.1M | — |
| Verano Hldgs VRNOF | FY2025 | $821.5M | -$258K | 0.0% | $457.2M | — |
| Cresco Labs CRLBF | FY2025 | $655.8M | -$135.4M | -20.6% | $290.4M | — |
| Glass House Brands Inc GLASF | FY2025 | $182.0M | -$29.7M | -16.3% | $1.0B | — |
| Nika Pharmaceuticals NIKA | FY2025 | N/A | -$76K | N/A | $429.9M | — |
| Elite Pharmaceuticals Inc ELTP | FY2026 | $148.9M | $44.9M | 30.1% | $312.2M | — |
Where Vireo Growth Inc Ranks
Frequently Asked Questions
What is Vireo Growth Inc's annual revenue?
Vireo Growth Inc (VREOF) reported $268.8M in total revenue for fiscal year 2025. This represents a 170.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Vireo Growth Inc's revenue growing?
Vireo Growth Inc (VREOF) revenue grew by 170.4% year-over-year, from $99.4M to $268.8M in fiscal year 2025.
Is Vireo Growth Inc profitable?
No, Vireo Growth Inc (VREOF) reported a net income of -$68.1M in fiscal year 2025, with a net profit margin of -25.3%.
What is Vireo Growth Inc's EBITDA?
Vireo Growth Inc (VREOF) had EBITDA of $15.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Vireo Growth Inc's gross margin?
Vireo Growth Inc (VREOF) had a gross margin of 47.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Vireo Growth Inc's operating margin?
Vireo Growth Inc (VREOF) had an operating margin of -0.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Vireo Growth Inc's net profit margin?
Vireo Growth Inc (VREOF) had a net profit margin of -25.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Vireo Growth Inc's return on equity (ROE)?
Vireo Growth Inc (VREOF) has a return on equity of -22.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Vireo Growth Inc's free cash flow?
Vireo Growth Inc (VREOF) recorded an outflow of $24.6M in free cash flow during fiscal year 2025. This represents a -12.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Vireo Growth Inc's operating cash flow?
Vireo Growth Inc (VREOF) generated $3.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Vireo Growth Inc's total assets?
Vireo Growth Inc (VREOF) had $817.2M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Vireo Growth Inc's capital expenditures?
Vireo Growth Inc (VREOF) invested $28.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Vireo Growth Inc's current ratio?
Vireo Growth Inc (VREOF) had a current ratio of 1.59 as of fiscal year 2025, which is generally considered healthy.
What is Vireo Growth Inc's debt-to-equity ratio?
Vireo Growth Inc (VREOF) had a debt-to-equity ratio of 1.66 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Vireo Growth Inc's return on assets (ROA)?
Vireo Growth Inc (VREOF) had a return on assets of -8.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Vireo Growth Inc's P/E ratio?
Vireo Growth Inc (VREOF) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $557.1M as of Sep 1, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Vireo Growth Inc's price-to-sales ratio?
Vireo Growth Inc (VREOF) trades at 1.1x sales, its market capitalization divided by revenue of $511.7M revenue, trailing 12 months to June 30, 2026. The market capitalization is $557.1M as of Sep 1, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Vireo Growth Inc's Altman Z-Score?
Vireo Growth Inc (VREOF) has an Altman Z-Score of 0.63, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Vireo Growth Inc's Piotroski F-Score?
Vireo Growth Inc (VREOF) has a Piotroski F-Score of 3 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Vireo Growth Inc's earnings high quality?
Vireo Growth Inc (VREOF) reported a net loss of $68.1M while generating $3.7M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.