Verano Announces Second Quarter 2025 Financial Results
Verano Holdings Corp. (OTCQX: VRNOF) reported its Q2 2025 financial results, showing mixed performance with revenue declining but improved operational efficiency. The company generated $202.3 million in revenue, down from $222.4 million in Q2 2024, with a gross profit of $113 million (56% margin).
The quarter saw a net loss of $19.2 million, an improvement from the $21.8 million loss in Q2 2024. Adjusted EBITDA reached $66.2 million (33% of revenue), while operating cash flow improved to $11 million. The company expanded its retail presence with new dispensaries in Florida and Connecticut, maintaining operations across 13 states with 157 dispensaries and 15 production facilities.
Verano Holdings Corp. (OTCQX: VRNOF) ha comunicato i risultati finanziari del secondo trimestre 2025, evidenziando una performance mista con un calo dei ricavi ma un miglioramento dell'efficienza operativa. L'azienda ha generato 202,3 milioni di dollari di ricavi, in diminuzione rispetto ai 222,4 milioni del secondo trimestre 2024, con un utile lordo di 113 milioni di dollari (margine del 56%).
Nel trimestre si è registrata una perdita netta di 19,2 milioni di dollari, un miglioramento rispetto alla perdita di 21,8 milioni nel secondo trimestre 2024. L'EBITDA rettificato ha raggiunto 66,2 milioni di dollari (33% dei ricavi), mentre il flusso di cassa operativo è salito a 11 milioni di dollari. L'azienda ha ampliato la sua presenza retail con nuove dispensarie in Florida e Connecticut, mantenendo operazioni in 13 stati con 157 dispensarie e 15 strutture produttive.
Verano Holdings Corp. (OTCQX: VRNOF) informó sus resultados financieros del segundo trimestre de 2025, mostrando un desempeño mixto con una disminución en los ingresos pero una mejora en la eficiencia operativa. La compañía generó $202.3 millones en ingresos, por debajo de los $222.4 millones del segundo trimestre de 2024, con un beneficio bruto de $113 millones (margen del 56%).
El trimestre registró una pérdida neta de $19.2 millones, una mejora respecto a la pérdida de $21.8 millones en el segundo trimestre de 2024. El EBITDA ajustado alcanzó $66.2 millones (33% de los ingresos), mientras que el flujo de caja operativo mejoró a $11 millones. La empresa amplió su presencia minorista con nuevas dispensarias en Florida y Connecticut, manteniendo operaciones en 13 estados con 157 dispensarias y 15 instalaciones de producción.
Verano Holdings Corp. (OTCQX: VRNOF)는 2025년 2분기 재무 실적을 발표하며 매출은 감소했지만 운영 효율성은 개선된 혼합된 성과를 보였습니다. 회사는 2억 2,030만 달러의 매출을 기록했으며, 이는 2024년 2분기의 2억 2,240만 달러에서 감소한 수치입니다. 총이익은 1억 1,300만 달러(56% 마진)를 기록했습니다.
해당 분기 순손실은 1,920만 달러로, 2024년 2분기의 2,180만 달러 손실에서 개선되었습니다. 조정 EBITDA는 6,620만 달러(매출의 33%)에 달했으며, 영업 현금 흐름은 1,100만 달러로 개선되었습니다. 회사는 플로리다와 코네티컷에서 신규 판매점을 확장하며 13개 주에서 157개의 판매점과 15개의 생산 시설을 운영 중입니다.
Verano Holdings Corp. (OTCQX: VRNOF) a publié ses résultats financiers du deuxième trimestre 2025, affichant une performance mitigée avec une baisse des revenus mais une amélioration de l'efficacité opérationnelle. La société a généré 202,3 millions de dollars de revenus, en baisse par rapport à 222,4 millions de dollars au deuxième trimestre 2024, avec un profit brut de 113 millions de dollars (marge de 56%).
Le trimestre a enregistré une perte nette de 19,2 millions de dollars, une amélioration par rapport à la perte de 21,8 millions de dollars au deuxième trimestre 2024. L'EBITDA ajusté a atteint 66,2 millions de dollars (33% des revenus), tandis que le flux de trésorerie opérationnel s'est amélioré à 11 millions de dollars. La société a étendu sa présence dans la distribution avec de nouveaux points de vente en Floride et dans le Connecticut, maintenant ses opérations dans 13 états avec 157 points de vente et 15 installations de production.
Verano Holdings Corp. (OTCQX: VRNOF) meldete seine Finanzergebnisse für das zweite Quartal 2025 und zeigte eine gemischte Leistung mit rückläufigen Umsätzen, aber verbesserter operativer Effizienz. Das Unternehmen erzielte 202,3 Millionen US-Dollar Umsatz, was einem Rückgang gegenüber 222,4 Millionen US-Dollar im zweiten Quartal 2024 entspricht, mit einem Bruttogewinn von 113 Millionen US-Dollar (56% Marge).
Im Quartal wurde ein Nettoverlust von 19,2 Millionen US-Dollar verzeichnet, eine Verbesserung gegenüber dem Verlust von 21,8 Millionen US-Dollar im zweiten Quartal 2024. Das bereinigte EBITDA erreichte 66,2 Millionen US-Dollar (33% des Umsatzes), während der operative Cashflow sich auf 11 Millionen US-Dollar verbesserte. Das Unternehmen erweiterte seine Einzelhandelspräsenz mit neuen Verkaufsstellen in Florida und Connecticut und betreibt weiterhin in 13 Bundesstaaten 157 Verkaufsstellen und 15 Produktionsanlagen.
- Gross profit margin improved to 56% from 51% year-over-year
- Operating cash flow increased to $11M from $8M in Q2 2024
- Capital expenditures reduced to $10M from $19M year-over-year
- Net loss decreased to $19.2M from $21.8M in Q2 2024
- Retail footprint expanded with 3 new dispensaries
- Revenue declined 9% to $202.3M from $222.4M year-over-year
- SG&A expenses increased to 43% of revenue from 39% year-over-year
- Total debt remains high at $403M
- Quarterly sequential revenue decline from $209.8M to $202.3M
CHICAGO, Aug. 07, 2025 (GLOBE NEWSWIRE) -- Verano Holdings Corp. (Cboe CA: VRNO) (OTCQX: VRNOF) (“Verano” or the “Company”), a leading multi-state cannabis company, today announced its financial results for the second quarter ended June 30, 2025, which were prepared in accordance with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”).
Second Quarter 2025 Financial Highlights
| For the Three Months Ended, | ||||||||||||
| ($ in thousands) | June 30, 2025 | March 31, 2025 | June 30, 2024 | |||||||||
| Revenues, net of Discounts | 202,272 | 209,809 | 222,390 | |||||||||
| Gross Profit | 112,984 | 99,581 | 114,340 | |||||||||
| Income from Operations | 26,211 | 15,002 | 27,266 | |||||||||
| Net Loss Attributable to Verano Holdings Corp. & Subsidiaries | (19,150 | ) | (11,515 | ) | (21,764 | ) | ||||||
| Adjusted EBITDA1 | 66,153 | 54,398 | 70,599 | |||||||||
Second Quarter 2025 Financial Highlights
• Revenues, net of discounts, of
• Gross profit of
• SG&A expenses of
• Net Loss of
• Adjusted EBITDA1 of
• Net cash provided by operating activities of
• Capital expenditures of
Management Commentary
“I am proud of the progress we made during the quarter to strengthen our foundation and advance key priorities, including streamlining our operations and improving margins,” said George Archos, Verano Chairman and Chief Executive Officer. “Throughout the quarter, we generated more efficient and productive cultivation yields, delivered new product innovation, and improved retail performance in several key markets.”
Archos concluded: “As we focus on improving our wholesale business and accounts receivable strategy, given our pipeline of new store openings and product innovation, and our ongoing efficiency efforts, we anticipate a stronger second half of 2025 for Verano, and look forward to advancing key initiatives throughout the remainder of the year.”
Second Quarter 2025 Financial Overview
Revenues, net of discounts, for the second quarter 2025 were
Gross profit for the second quarter 2025 was
SG&A expenses for the second quarter 2025 were
Net loss for the second quarter 2025 was
Adjusted EBITDA1 for the second quarter 2025 was
Net cash provided by operating activities for the second quarter 2025 was
Capital expenditures for the second quarter 2025 were
Second Quarter 2025 Operational Highlights
- Promoted and appointed Richard Tarapchak as Chief Financial Officer.
- Expanded the Company's retail footprint by opening the following new dispensaries:
- MÜV™ New Smyrna Beach, the Company's 81st dispensary in Florida; and
- Zen Leaf™ Ashford and Zen Leaf™ Enfield, elevating the Company's Connecticut retail operations to seven dispensaries statewide.
- Announced an exclusive partnership with Grow Sciences, an award-winning cultivator of elite genetics in craft cannabis formats, to launch their suite of flower and extract products in the Illinois market.
- Introduced an innovative bodega-style retail experience at Zen Leaf Cave Creek in Phoenix, Arizona, featuring one of the largest assortments of directly accessible cannabis products in the U.S.
Subsequent Operational Highlights
- Promoted and appointed James Leventis as Chief Strategy and Compliance Officer in July.
- Current operations span 13 states, comprised of 157 dispensaries and 15 production facilities with more than 1.1 million square feet of cultivation capacity.
Balance Sheet and Liquidity
As of June 30, 2025, the Company’s current assets were
The Company’s total Class A subordinate voting shares outstanding was 361,779,913 as of June 30, 2025.
Conference Call and Webcast
A conference call and webcast with analysts and investors is scheduled for August 7, 2025 at 8:30 a.m. ET / 7:30 a.m. CT to discuss the results and answer investor and participant questions.
- Investors and participants can register in advance for the call by visiting: https://register-conf.media-server.com/register/BIe03c5bf6444142a68b7c5c47d0042813
- After registering, instructions will be shared on how to join the call for those who wish to dial in.
- On August 7, 2025, the live webcast can be accessed via the following link: https://edge.media-server.com/mmc/p/3ifjh87k
- The live and archived webcast will be available on the Events and Presentations page of the Company’s investor relations website at investors.verano.com.
_________________________
1Adjusted EBITDA and Adjusted EBITDA as a percentage of revenue (“Adjusted EBITDA Margin”) are non-U.S. GAAP financial measures. Each is derived from EBITDA, another non-U.S. GAAP financial measure, and is defined in this news release in the section below titled “Non-U.S. GAAP Financial Measures.” The most directly comparable U.S. GAAP financial measure to Adjusted EBITDA is net income (loss) and the most directly comparable measure to Adjusted EBITDA Margin is net income (loss) as a percentage of revenue (“net income (loss) margin”). The reconciliation of (i) Adjusted EBITDA to U.S. GAAP net income (loss) and (ii) Adjusted EBITDA Margin to net income (loss) margin is set forth below in the tables included in this news release.
Non-U.S. GAAP Financial Measures
Verano uses non-U.S. GAAP financial information to evaluate the performance of the Company. The terms “EBITDA,” “Adjusted EBITDA,” and “Adjusted EBITDA Margin” do not have any standardized meaning prescribed within U.S. GAAP and therefore may not be comparable to similar measures presented by other companies. Accordingly, this non-U.S. GAAP financial information is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with U.S. GAAP.
The Company calculates EBITDA as net income (loss) before interest expense, income tax expense, depreciation, and amortization and Adjusted EBITDA as net income (loss) before net interest expense, income tax expense, depreciation and amortization and also excludes certain one-time extraordinary items and Adjusted EBITDA Margin as net income (loss) before net interest expense, income tax expense, depreciation and amortization and exclusion of certain one-time extraordinary items as a percentage of revenue. The calculations of the non-U.S. GAAP financial measures used in this news release and the reconciliations to the most comparable U.S. GAAP financial numbers are included in the tables below.
Management believes that this non-U.S. GAAP financial information is useful as a supplement to comparable U.S. GAAP financial information because it provides consistency and comparability with past financial performance and assists in comparisons with other companies, some of which use similar non-GAAP information to supplement their U.S. GAAP results. Management reviews these non-U.S. GAAP financial measures on a regular basis and uses them, together with financial measures included in the Company’s financial statements, to evaluate and manage the performance of the Company’s operations. These measures should be evaluated only in conjunction with the comparable U.S. GAAP financial numbers reported by the Company.
About Verano
Verano Holdings Corp. (Cboe CA: VRNO) (OTCQX: VRNOF), one of the U.S. cannabis industry’s leading companies based on historical revenue, geographic scope and brand performance, is a vertically integrated, multi-state operator embracing a mission of saying Yes to plant progress and the bold exploration of cannabis. Verano provides a superior cannabis shopping experience in medical and adult use markets under the Zen Leaf™ and MÜV™ dispensary banners, including Cabbage Club™, an innovative annual membership program offering exclusive benefits for cannabis consumers. Verano produces a comprehensive suite of high-quality, regulated cannabis products sold under its diverse portfolio of trusted consumer brands including Verano™, (the) Essence™, MÜV™, Savvy™, BITS™, Encore™, and Avexia™. Verano’s active operations span 13 U.S. states, comprised of 15 production facilities with over 1.1 million square feet of cultivation capacity. Learn more at Verano.com.
Contacts:
Investors
Verano
Aaron Miles
Chief Investment Officer
Investors@verano.com
Media
Verano
Steve Mazeika
VP, Communications
steve.mazeika@verano.com
312-348-4430
Forward Looking Statements
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company’s beliefs regarding future events, plans, strategies, or objectives, many of which, by their nature, are inherently uncertain and outside of the Company’s control. Generally, such forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “future”, “scheduled”, “estimates”, “forecasts”, “projects,” “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”. Forward-looking statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking statements herein, including, without limitation, the risk factors described in the Company’s annual report on Form 10-K for the year ended December 31, 2024 and any subsequent quarterly reports on Form 10-Q, in each case, filed with the U.S. Securities and Exchange Commission at www.sec.gov. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information or forward-looking statements that are contained or referenced herein, except as may be required in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to the Company or persons acting on its behalf is expressly qualified in its entirety by this notice regarding forward-looking information and statements.
Financial Information Tables
The following tables include select financial results and the reconciliations of the non-U.S. GAAP financial measures to the respective most directly comparable U.S. GAAP financial measures for the presented periods.
VERANO HOLDINGS CORP.
Highlights from Unaudited Interim Condensed Consolidated Statements of Operations
| For the Three Months Ended, | |||||||||||
| ($ in thousands) | June 30, 2025 | March 31, 2025 | June 30, 2024 | ||||||||
| Revenues, net of Discounts | $ | 202,272 | $ | 209,809 | $ | 222,390 | |||||
| Cost of Goods Sold, net | 89,288 | 110,228 | 108,050 | ||||||||
| Gross Profit | $ | 112,984 | $ | 99,581 | $ | 114,340 | |||||
| Gross Profit % | 56 | % | 47 | % | 51 | % | |||||
| Operating Expenses: | |||||||||||
| Selling, General and Administrative Expenses | 86,345 | 84,579 | 87,074 | ||||||||
| Loss on Impairment of Intangibles – License & Fixed Assets | 428 | — | — | ||||||||
| Total Operating Expenses | 86,773 | 84,579 | 87,074 | ||||||||
| Income from Operations | $ | 26,211 | $ | 15,002 | $ | 27,266 | |||||
| Other Income (Expense) | |||||||||||
| Loss on Disposal of Property, Plant and Equipment | (212 | ) | (84 | ) | — | ||||||
| Gain on Deconsolidation | — | 4,739 | — | ||||||||
| Gain (Loss) on Debt Extinguishment | 2,947 | (63 | ) | (3,068 | ) | ||||||
| Interest Expense, net | (14,207 | ) | (13,562 | ) | (14,237 | ) | |||||
| Other Income (Expense), net | 1,263 | (198 | ) | (1,195 | ) | ||||||
| Total Other Income (Expense), net | (10,209 | ) | (9,168 | ) | (18,500 | ) | |||||
| Income Before Provision for Income Taxes | $ | 16,002 | $ | 5,834 | $ | 8,766 | |||||
| Provision for Income Tax Expense | (35,152 | ) | (17,349 | ) | (30,530 | ) | |||||
| Net Loss Attributable to Verano Holdings Corp. & Subsidiaries | $ | (19,150 | ) | $ | (11,515 | ) | $ | (21,764 | ) | ||
VERANO HOLDINGS CORP.
Highlights from Condensed Consolidated Balance Sheets
| June 30, 2025 | December 31, 2024 | ||||||
| ($ in thousands) | (Unaudited) | ||||||
| Cash and Cash Equivalents | $ | 68,569 | $ | 87,796 | |||
| Other Current Assets | 302,787 | 269,713 | |||||
| Property, Plant and Equipment, net | 511,212 | 537,964 | |||||
| Intangible Assets, net | 700,515 | 734,005 | |||||
| Goodwill | 247,600 | 246,230 | |||||
| Other Long-Term Assets | 111,024 | 113,248 | |||||
| Total Assets | $ | 1,941,707 | $ | 1,988,956 | |||
| Total Current Liabilities | 147,832 | 197,968 | |||||
| Total Long-Term Liabilities | 868,420 | 840,169 | |||||
| Shareholders' Equity | 927,232 | 952,174 | |||||
| Non-Controlling Interest | (1,777 | ) | (1,355 | ) | |||
| Total Liabilities and Shareholders' Equity | $ | 1,941,707 | $ | 1,988,956 | |||
VERANO HOLDINGS CORP.
Reconciliation of Net Loss to EBITDA (Non-U.S. GAAP) and Adjusted EBITDA (Non-U.S. GAAP, Unaudited)
| For the Three Months Ended, | |||||||||||
| ($ in thousands) | June 30, 2025 | March 31, 2025 | June 30, 2024 | ||||||||
| Net Loss Attributable to Verano Holdings Corp. & Subsidiaries | $ | (19,150 | ) | $ | (11,515 | ) | $ | (21,764 | ) | ||
| Interest Expense, net | 14,207 | 13,562 | 14,237 | ||||||||
| Income Tax Expense | 35,152 | 17,349 | 30,530 | ||||||||
| Depreciation and Amortization | 31,488 | 31,791 | 35,733 | ||||||||
| EBITDA | $ | 61,697 | $ | 51,187 | $ | 58,736 | |||||
| COGS Add-backs: | |||||||||||
| Acquisition, Transaction and Other Non-operating Costs | 1,990 | 2,282 | — | ||||||||
| Employee Stock Compensation | 250 | 648 | 680 | ||||||||
| SG&A Add-backs: | |||||||||||
| Acquisition, Transaction and Other Non-operating Costs | 1,365 | 1,269 | 2,570 | ||||||||
| Employee Stock Compensation | 3,089 | 2,655 | 3,636 | ||||||||
| Acquisition Adjustments and Other Income & Expense, net | (2,238 | ) | (3,643 | ) | 4,977 | ||||||
| Adjusted EBITDA1 | $ | 66,153 | $ | 54,398 | $ | 70,599 | |||||
| Net Loss Margin | (9) % | (5) % | (10) % | ||||||||
| Adjusted EBITDA Margin1 | 33 | % | 26 | % | 32 | % | |||||
FAQ
What were Verano's (VRNOF) Q2 2025 revenue and earnings?
How many dispensaries does Verano operate as of Q2 2025?
What caused Verano's revenue decline in Q2 2025?
How much cash does Verano have on its balance sheet?
What new dispensaries did Verano open in Q2 2025?
