Verano Hldgs Financials

VRNOF

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Key Financial Metrics

Revenue

$878.6M

YoY-6.4%

Verano Hldgs generated $878.6M in revenue in fiscal year 2024. This represents a decrease of 6.4% from the prior year.

EBITDA

-$97.5M

YoY-143.2%

Verano Hldgs's EBITDA was -$97.5M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 143.2% from the prior year.

Free Cash Flow

$13.1M

YoY-82.1%

Verano Hldgs generated $13.1M in free cash flow in fiscal year 2024, representing cash available after capital expenditures. This represents a decrease of 82.1% from the prior year.

Net Income

-$341.9M

YoY-191.3%

Verano Hldgs reported -$341.9M in net income in fiscal year 2024. This represents a decrease of 191.3% from the prior year.

EPS (Diluted)

$-0.98

YoY-188.2%

Verano Hldgs earned $-0.98 per diluted share in fiscal year 2024. This represents a decrease of 188.2% from the prior year.

Cash & Debt

$87.8M

YoY-49.8%

Verano Hldgs held $87.8M in cash against $395.7M in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

N/A

Gross Margin

50.5%

YoY-0.1pp

Verano Hldgs's gross margin was 50.5% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is down 0.1 percentage points from the prior year.

Operating Margin

-27.0%

YoY-36.0pp

Verano Hldgs's operating margin was -27.0% in fiscal year 2024, reflecting core business profitability. This is down 36.0 percentage points from the prior year.

Net Margin

-38.9%

YoY-26.4pp

Verano Hldgs's net profit margin was -38.9% in fiscal year 2024, showing the share of revenue converted to profit. This is down 26.4 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$99.0M

YoY+172.6%

Verano Hldgs invested $99.0M in capital expenditures in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 172.6% from the prior year.

VRNOF Income Statement

Metric	FY24	FY24	FY24	FY23	FY22
Revenue	$878.6M-6.4%	$938.5M+6.7%	$879.4M+19.2%	$737.9M+222.9%	$228.5M
Cost of Revenue	$434.7M-6.2%	$463.2M+1.5%	$456.4M+12.2%	$406.8M+337.6%	$93.0M
Gross Profit	$443.9M-6.6%	$475.2M+12.3%	$423.1M+27.8%	$331.0M+144.2%	$135.6M
R&D Expenses	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$353.4M+6.5%	$331.9M-6.9%	$356.6M+31.6%	$270.9M+526.2%	$43.3M
Operating Income	-$237.2M-379.7%	$84.8M+152.6%	-$161.1M-349.0%	$64.7M-31.9%	$95.0M
Interest Expense	N/A	N/A	N/A	N/A	N/A
Income Tax	$41.9M-71.1%	$145.1M+37.6%	$105.5M+1.4%	$104.0M+145.9%	$42.3M
Net Income	-$341.9M-191.3%	-$117.3M+56.4%	-$269.2M-368.1%	-$57.5M-249.8%	$38.4M
EPS (Diluted)	$-0.98-188.2%	$-0.34+58.0%	$-0.81-305.0%	$-0.20-242.9%	$0.14

Metric	Q3'25	Q2'25	Q1'25	Q3'25	Q3'25	Q2'25	Q1'25	Q4'24
Revenue	$202.8M+0.3%	$202.3M-3.6%	$209.8M	N/A	$216.7M-2.6%	$222.4M+0.5%	$221.3M	N/A
Cost of Revenue	$107.6M+20.5%	$89.3M-19.0%	$110.2M	N/A	$107.6M-0.4%	$108.0M-0.3%	$108.3M	N/A
Gross Profit	$95.2M-15.7%	$113.0M+13.5%	$99.6M	N/A	$109.1M-4.6%	$114.3M+1.2%	$113.0M	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$80.6M-6.7%	$86.3M+2.1%	$84.6M	N/A	$92.3M+6.0%	$87.1M-3.6%	$90.3M	N/A
Operating Income	$9.3M-64.6%	$26.2M+74.7%	$15.0M	N/A	$16.8M-38.5%	$27.3M+20.3%	$22.7M	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$28.4M-19.1%	$35.2M+102.6%	$17.3M	N/A	$45.5M+49.0%	$30.5M+166.0%	$11.5M	N/A
Net Income	-$43.8M-128.9%	-$19.1M-66.3%	-$11.5M	N/A	-$42.6M-95.6%	-$21.8M-351.3%	-$4.8M	N/A
EPS (Diluted)	$-0.12-140.0%	$-0.05-66.7%	$-0.03	N/A	$-0.12-100.0%	$-0.06-500.0%	$-0.01	N/A

VRNOF Balance Sheet

Metric	FY24	FY24	FY24	FY23	FY22
Total Assets	$2.0B-14.2%	$2.3B-3.2%	$2.4B-6.0%	$2.5B	N/A
Current Assets	$357.5M-9.3%	$394.2M+23.9%	$318.3M+14.9%	$277.0M	N/A
Cash & Equivalents	$87.8M-49.8%	$174.8M+106.0%	$84.9M-14.4%	$99.1M	N/A
Inventory	$184.5M+18.4%	$155.8M-5.3%	$164.5M+16.9%	$140.7M	N/A
Accounts Receivable	$40.3M+3.3%	$39.0M+135.1%	$16.6M-4.8%	$17.4M	N/A
Goodwill	$246.2M+6.5%	$231.3M-14.0%	$269.1M-26.9%	$368.1M+2196.6%	$16.0M
Total Liabilities	$1.0B-3.8%	$1.1B+2.3%	$1.1B-1.2%	$1.1B	N/A
Current Liabilities	$198.0M-52.0%	$412.2M+6.6%	$386.6M-17.8%	$470.5M	N/A
Long-Term Debt	$395.7M+0.5%	$393.6M+1.3%	$388.5M+40.7%	$276.2M	N/A
Total Equity	$952.2M-23.2%	$1.2B-7.6%	$1.3B-9.5%	$1.5B	N/A
Retained Earnings	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'25	Q3'25	Q2'25	Q1'25	Q4'24
Total Assets	$1.9B-0.8%	$1.9B-1.4%	$2.0B-1.0%	$2.0B-14.1%	$2.3B+3.4%	$2.2B-3.3%	$2.3B-0.2%	$2.3B
Current Assets	$385.4M+3.8%	$371.4M+2.8%	$361.1M+1.0%	$357.5M+11.1%	$321.7M-10.0%	$357.6M-14.6%	$418.8M+6.2%	$394.2M
Cash & Equivalents	$82.6M+20.5%	$68.6M-18.6%	$84.2M-4.1%	$87.8M+35.1%	$65.0M-50.0%	$130.1M-32.9%	$193.8M+10.9%	$174.8M
Inventory	$219.7M+2.5%	$214.3M+11.5%	$192.3M+4.2%	$184.5M-4.9%	$194.0M+14.6%	$169.4M+1.9%	$166.2M+6.7%	$155.8M
Accounts Receivable	$32.5M+5.5%	$30.8M-23.1%	$40.0M-0.6%	$40.3M-14.2%	$46.9M+8.6%	$43.2M+3.1%	$41.9M+7.6%	$39.0M
Goodwill	$247.6M0.0%	$247.6M0.0%	$247.6M+0.6%	$246.2M-2.4%	$252.2M+9.0%	$231.3M0.0%	$231.3M0.0%	$231.3M
Total Liabilities	$1.0B+2.5%	$1.0B-1.1%	$1.0B-1.0%	$1.0B-5.4%	$1.1B+7.8%	$1.0B-5.4%	$1.1B-0.2%	$1.1B
Current Liabilities	$143.4M-3.0%	$147.8M-11.8%	$167.6M-15.3%	$198.0M-54.5%	$435.4M+20.7%	$360.6M-13.1%	$415.0M+0.7%	$412.2M
Long-Term Debt	$397.8M-0.5%	$399.8M-1.0%	$403.8M+2.1%	$395.7M-0.5%	$397.6M+1.5%	$391.7M+0.1%	$391.3M-0.6%	$393.6M
Total Equity	$885.9M-4.3%	$925.5M-1.7%	$941.6M-1.1%	$952.2M-21.8%	$1.2B-0.3%	$1.2B-1.4%	$1.2B-0.1%	$1.2B
Retained Earnings	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

VRNOF Cash Flow Statement

Metric	FY24	FY24	FY24	FY23	FY22
Operating Cash Flow	$112.2M+2.3%	$109.7M+16.3%	$94.3M-48.4%	$182.9M+155.3%	$71.6M
Capital Expenditures	$99.0M+172.6%	$36.3M-69.5%	$119.2M-15.6%	$141.3M+134.8%	$60.2M
Free Cash Flow	$13.1M-82.1%	$73.4M+395.6%	-$24.8M-159.7%	$41.6M+262.6%	$11.5M
Investing Cash Flow	-$133.3M-290.2%	-$34.1M+83.6%	-$207.9M+54.4%	-$455.8M-424.5%	-$86.9M
Financing Cash Flow	-$65.9M-559.3%	$14.4M-85.5%	$99.2M-72.1%	$355.7M+1307.7%	$25.3M
Dividends Paid	N/A	N/A	$0	$0-100.0%	$46K
Share Buybacks	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'25	Q3'25	Q2'25	Q1'25	Q4'24
Operating Cash Flow	N/A	N/A	$1.8M	N/A	N/A	N/A	$31.0M	N/A
Capital Expenditures	N/A	N/A	$13.9M	N/A	N/A	N/A	$9.7M	N/A
Free Cash Flow	N/A	N/A	-$12.1M	N/A	N/A	N/A	$21.3M	N/A
Investing Cash Flow	N/A	N/A	-$4.8M	N/A	N/A	N/A	-$9.7M	N/A
Financing Cash Flow	N/A	N/A	-$591K	N/A	N/A	N/A	-$2.3M	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

VRNOF Financial Ratios

Metric	FY24	FY24	FY24	FY23	FY22
Gross Margin	50.5%-0.1pp	50.6%+2.5pp	48.1%+3.3pp	44.9%-14.5pp	59.3%
Operating Margin	-27.0%-36.0pp	9.0%+27.4pp	-18.3%-27.1pp	8.8%-32.8pp	41.6%
Net Margin	-38.9%-26.4pp	-12.5%+18.1pp	-30.6%-22.8pp	-7.8%-24.6pp	16.8%
Return on Equity	N/A	N/A	N/A	N/A	N/A
Return on Assets	-17.2%-12.1pp	-5.1%+6.2pp	-11.2%-9.0pp	-2.3%	N/A
Current Ratio	1.81+0.8	0.96+0.1	0.82+0.2	0.59	N/A
Debt-to-Equity	0.42+0.1	0.32+0.0	0.29+0.1	0.19	N/A
FCF Margin	1.5%-6.3pp	7.8%+10.6pp	-2.8%-8.5pp	5.6%+0.6pp	5.0%

Metric	Q3'25	Q2'25	Q1'25	Q3'25	Q3'25	Q2'25	Q1'25	Q4'24
Gross Margin	47.0%-8.9pp	55.9%+8.4pp	47.5%	N/A	50.3%-1.1pp	51.4%+0.4pp	51.0%	N/A
Operating Margin	4.6%-8.4pp	13.0%+5.8pp	7.1%	N/A	7.7%-4.5pp	12.3%+2.0pp	10.2%	N/A
Net Margin	-21.6%-12.1pp	-9.5%-4.0pp	-5.5%	N/A	-19.6%-9.8pp	-9.8%-7.6pp	-2.2%	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-2.3%-1.3pp	-1.0%-0.4pp	-0.6%	N/A	-1.8%-0.9pp	-1.0%-0.8pp	-0.2%	N/A
Current Ratio	2.69+0.2	2.51+0.4	2.15+0.3	1.81+1.1	0.74-0.3	0.99-0.0	1.01+0.1	0.96
Debt-to-Equity	0.45+0.0	0.430.0	0.43+0.0	0.42+0.1	0.330.0	0.320.0	0.320.0	0.32
FCF Margin	N/A	N/A	-5.8%	N/A	N/A	N/A	9.6%	N/A

Frequently Asked Questions

What is Verano Hldgs's annual revenue?

Verano Hldgs (VRNOF) reported $878.6M in revenue for fiscal year 2024.

How fast is Verano Hldgs's revenue growing?

Verano Hldgs (VRNOF) revenue declined by 6.4% year-over-year, from $938.5M to $878.6M in fiscal year 2024.

Is Verano Hldgs profitable?

No, Verano Hldgs (VRNOF) reported a net income of -$341.9M in fiscal year 2024, with a net profit margin of -38.9%.

What is Verano Hldgs's earnings per share (EPS)?

Verano Hldgs (VRNOF) reported diluted earnings per share of $-0.98 for fiscal year 2024.

What is Verano Hldgs's EBITDA?

Verano Hldgs (VRNOF) had EBITDA of -$97.5M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Verano Hldgs have?

As of fiscal year 2024, Verano Hldgs (VRNOF) had $87.8M in cash and equivalents against $395.7M in long-term debt.

What is Verano Hldgs's gross margin?

Verano Hldgs (VRNOF) had a gross margin of 50.5% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Verano Hldgs's operating margin?

Verano Hldgs (VRNOF) had an operating margin of -27.0% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Verano Hldgs's net profit margin?

Verano Hldgs (VRNOF) had a net profit margin of -38.9% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Verano Hldgs's free cash flow?

Verano Hldgs (VRNOF) generated $13.1M in free cash flow during fiscal year 2024, representing cash available after capital expenditures.

What is Verano Hldgs's operating cash flow?

Verano Hldgs (VRNOF) generated $112.2M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Verano Hldgs's total assets?

Verano Hldgs (VRNOF) had $2.0B in total assets as of fiscal year 2024, including both current and long-term assets.

What are Verano Hldgs's capital expenditures?

Verano Hldgs (VRNOF) invested $99.0M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

What is Verano Hldgs's current ratio?

Verano Hldgs (VRNOF) had a current ratio of 1.81 as of fiscal year 2024, which is generally considered healthy.

What is Verano Hldgs's debt-to-equity ratio?

Verano Hldgs (VRNOF) had a debt-to-equity ratio of 0.42 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Verano Hldgs's return on assets (ROA)?

Verano Hldgs (VRNOF) had a return on assets of -17.2% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.