Verano Announces Third Quarter 2025 Financial Results
Verano Holdings (OTCQX: VRNOF) reported third quarter 2025 results for the period ended September 30, 2025. Revenue was $203.0M, down from $216.7M a year earlier. Gross profit was $95.2M (47% of revenue), down from $109.1M (50%). The company recorded a net loss of $(43.8)M (22% of revenue) and Adjusted EBITDA of $53.1M (26% of revenue).
Operational items: net cash from operations was $26M; capital expenditures were $8M (vs. $57M prior year); cash was $82.6M and total debt was $401M. The company secured a US$75M revolving facility, drew US$50M to repay higher-rate debt, and shareholders approved redomiciling to Nevada on October 27, 2025.
Verano Holdings (OTCQX: VRNOF) ha comunicato i risultati del terzo trimestre 2025 per il periodo chiuso al 30 settembre 2025. Entrate erano 203,0 milioni di dollari, in calo rispetto a 216,7 milioni di dollari dell'anno precedente. Utile lordo era di 95,2 milioni di dollari (47% delle entrate), in calo rispetto a 109,1 milioni di dollari (50%). L'azienda ha registrato una perdita netta di (43,8) milioni di dollari (22% delle entrate) e un EBITDA rettificato di 53,1 milioni di dollari (26% delle entrate).
Voci operative: la cassa operativa netta è stata di 26 milioni di dollari; gli investimenti in capitale sono stati di 8 milioni di dollari (rispetto ai 57 milioni dello scorso anno); la liquidità era di 82,6 milioni di dollari e il debito totale era di 401 milioni di dollari. L'azienda ha ottenuto una linea di credito revolving statunitense da 75 milioni di dollari, ha richiamato 50 milioni di dollari per rimborsare debiti con tassi più elevati, e gli azionisti hanno approvato la ridomiciliazione in Nevada il 27 ottobre 2025.
Verano Holdings (OTCQX: VRNOF) informó los resultados del tercer trimestre de 2025 para el periodo que terminó el 30 de septiembre de 2025. Ingresos fueron 203,0 millones de dólares, frente a 216,7 millones de dólares un año antes. Utilidad bruta fue de 95,2 millones de dólares (47% de los ingresos), frente a 109,1 millones (50%). La empresa registró una pérdida neta de (43,8) millones de dólares (22% de los ingresos) y un EBITDA ajustado de 53,1 millones de dólares (26% de los ingresos).
Elementos operativos: el flujo neto de efectivo de operaciones fue de 26 millones de dólares; las inversiones en capital fueron de 8 millones de dólares (vs. 57 millones el año anterior); la liquidez fue de 82,6 millones de dólares y la deuda total fue de 401 millones. La empresa aseguró una línea de revolving de 75 millones de dólares, retiró 50 millones de dólares para pagar deuda con tasas más altas, y los accionistas aprobaron la redomiciliación a Nevada el 27 de octubre de 2025.
Verano Holdings (OTCQX: VRNOF)는 2025년 9월 30일 종료된 기간에 대한 2025년 3분기 실적을 발표했습니다. 매출은 2억 3,000만 달러로 전년 동기 2억 1,670만 달러에서 감소했습니다. 총이익은 9,520만 달러(매출의 47%)로 전년의 1억 910만 달러(50%)에서 감소했습니다. 회사는 매출에서 순손실은 (4,380만) 달러(매출의 22%), 조정 EBITDA는 5,310만 달러(매출의 26%)을 기록했습니다.
운영 항목: 영업활동 순현금흐름은 2,600만 달러였고, 자본지출은 800만 달러(전년 대비 5,700만 달러)였으며, 현금은 8,26천만 달러였고 총부채는 4억 1천만 달러였습니다. 회사는 7,500만 달러의 회전신용한도를 확보했고, 더 높은 금리의 부채를 상환하기 위해 5,000만 달러를 인출했으며, 주주들은 2025년 10월 27일 네바다로의 거주지 변경을 승인했습니다.
Verano Holdings (OTCQX: VRNOF) a publié les résultats du troisième trimestre 2025 pour la période se terminant le 30 septembre 2025. Chiffre d'affaires : 203,0 millions de dollars, en baisse par rapport à 216,7 millions l'année précédente. Marge brute : 95,2 millions de dollars (47% du chiffre d'affaires), en baisse par rapport à 109,1 millions (50%). L'entreprise a enregistré une perte nette de (43,8) millions de dollars (22% du chiffre d'affaires) et un EBITDA ajusté de 53,1 millions de dollars (26% du chiffre d'affaires).
Éléments opérationnels : le flux de trésorerie opérationnel net était de 26 millions de dollars; les dépenses d'investissement s'élevaient à 8 millions de dollars (contre 57 millions l'année précédente); la trésorerie était de 82,6 millions de dollars et la dette totale de 401 millions. L'entreprise a obtenu une ligne de crédit renouvelable de 75 millions de dollars, a tiré 50 millions pour rembourser une dette à taux plus élevé, et les actionnaires ont approuvé la redomiciliation au Nevada le 27 octobre 2025.
Verano Holdings (OTCQX: VRNOF) hat die Ergebnisse des dritten Quartals 2025 für den Zeitraum zum 30. September 2025 gemeldet. Umsatz betrug 203,0 Mio. USD, gegenüber 216,7 Mio. USD im Vorjahr. Bruttogewinn betrug 95,2 Mio. USD (47% des Umsatzes), gegenüber 109,1 Mio. USD (50%). Das Unternehmen verzeichnete einen Nettoverlust von (43,8) Mio. USD (22% des Umsatzes) und einen bereinigten EBITDA von 53,1 Mio. USD (26% des Umsatzes).
Operativer Bereich: der Nettocashflow aus dem operativen Geschäft betrug 26 Mio. USD; Investitionen in Sachanlagen 8 Mio. USD (gegenüber 57 Mio. USD im Vorjahr); liquide Mittel 82,6 Mio. USD und gesamtVerbindlichkeiten 401 Mio. USD. Das Unternehmen sicherte eine revolvierende Kreditlinie über 75 Mio. USD, zog 50 Mio. USD ab, um teureren Schulden zu tilgen, und die Aktionäre genehmigten die Ne domicilierung nach Nevada am 27. Oktober 2025.
Verano Holdings (OTCQX: VRNOF) أعلنت نتائج الربع الثالث 2025 للفترة المنتهية في 30 سبتمبر 2025. الإيرادات كانت 203.0 مليون دولار، انخفاض من 216.7 مليون دولار قبل عام. الربح الإجمالي كان 95.2 مليون دولار (47% من الإيرادات)، انخفاض من 109.1 مليون دولار (50%). أُسجلت خسارة صافية قدرها (43.8) مليون دولار (22% من الإيرادات) و EBITDA المعدل قدره 53.1 مليون دولار (26% من الإيرادات).
العناصر التشغيلية: النقد الصافي من العمليات كان 26 مليون دولار؛ الإنفاق الرأسمالي كان 8 ملايين دولار (مقابل 57 مليون دولار في العام السابق)؛ النقدية المتاحة كانت 82.6 مليون دولار والديون الإجمالية 401 مليون دولار. أفريقيا الشركة تمكّنت من تسهيل خط ائتماني دوّار بقيمة 75 مليون دولار، سحب 50 مليون دولار لسداد ديون ذات فائدة أعلى، والمساهمون وافقوا على إعادة توطين الشركة في نيفادا في 27 أكتوبر 2025.
Verano Holdings (OTCQX: VRNOF) 报告了截至 2025 年 9 月 30 日的 2025 年第三季度业绩。收入 为 2.03 亿美元，较上一年同期的 2.167 亿美元下降。毛利 为 9520 万美元（占收入的 47%），较上一年的 1.091 亿美元（50%）下降。公司记录了一个净亏损为 (4380) 万美元（占收入的 22%）和一个 经调整的 EBITDA 为 5310 万美元（占收入的 26%）。
运营事项：来自经营活动的净现金流为 2600 万美元；资本支出为 800 万美元（较去年同期的 5700 万美元）；现金为 8260 万美元，总负债为 4.01 亿美元。公司获得了 7500 万美元的循环信贷额度，提取 5000 万美元以偿还更高利率的债务，股东已在 2025 年 10 月 27 日批准将总部迁往内华达州。
- Adjusted EBITDA of $53.1M (26% of revenue)
- Net cash provided by operations of $26M
- Drew $50M from a US$75M revolver to retire higher-rate debt
- Shareholders approved redomicile to Nevada on Oct 27, 2025
- Gross profit margin down 300 bps from 50% to 47% year-over-year
- Net loss of $43.8M or (22%) of revenue
- Total debt of $401M versus cash of $82.6M
- Capital expenditures fell to $8M from $57M year-over-year
CHICAGO, Oct. 29, 2025 (GLOBE NEWSWIRE) -- Verano Holdings Corp. (Cboe CA: VRNO) (OTCQX: VRNOF) (“Verano” or the “Company”), a leading multi-state cannabis company, today announced its financial results for the third quarter ended September 30, 2025, which were prepared in accordance with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”).
Third Quarter 2025 Financial Highlights
| For the Three Months Ended, | ||||||||
| ($ in thousands) | September 30, 2025 | June 30, 2025 | September 30, 2024 | |||||
| Revenues, net of Discounts | 202,810 | 202,272 | 216,683 | |||||
| Gross Profit | 95,237 | 112,984 | 109,097 | |||||
| Income from Operations | 9,277 | 26,211 | 16,770 | |||||
| Net Loss Attributable to Verano Holdings Corp. & Subsidiaries | (43,832 | ) | (19,150 | ) | (42,567 | ) | ||
| Adjusted EBITDA1 | 53,109 | 66,153 | 64,458 | |||||
Third Quarter 2025 Financial Highlights
- Revenues, net of discounts of
$203 million . - Gross profit of
$95 million or47% of revenue. - SG&A expenses of
$81 million or40% of revenue. - Net Loss of
$(44) million or (22)% of revenue. - Adjusted EBITDA1 of
$53 million or26% of revenue. - Net cash provided by operating activities of
$26 million . - Capital expenditures of
$8 million .
Management Commentary
“This quarter reflects our hard work positioning Verano ahead of long-term growth opportunities by investing in infrastructure, generating efficiencies, improving wholesale and brand performance, and strengthening our capital structure and financial foundation for the future,” said George Archos, Verano founder, Chairman and Chief Executive Officer.
“With more exciting new product innovation planned for the busy retail holiday season, together with our valued partners and talented teams across the country, we look forward to closing the year on a high note and hitting the ground running in what we hope will be a transformative year for Verano and the industry in 2026.”
Third Quarter 2025 Financial Overview
Revenues, net of discounts, for the third quarter 2025 were
Gross profit for the third quarter 2025 was
SG&A expenses for the third quarter 2025 were
Net loss for the third quarter 2025 was
Adjusted EBITDA1 for the third quarter 2025 was
Net cash provided by operating activities for the third quarter 2025 was
Capital expenditures for the third quarter 2025 were
Third Quarter 2025 Operational Highlights
- Proposed redomiciling of the Company from British Columbia, Canada to the State of Nevada.
- Expanded the Company's retail footprint by opening MÜV™ Crystal River, the Company's 82nd dispensary in Florida.
- Secured a revolving credit facility of US
$75,000,000 , from which the Company drew US$50,000,000 t o retire US$50,000,000 of higher interest rate debt from its existing senior secured credit facility without incurring any prepayment penalty, with the remaining US$25,000,000 available to draw for strategic initiatives.
Subsequent Operational Highlights
- Raised Ohio retail footprint to six locations with the opening of Zen Leaf Antwerp.
- Expanded vape product portfolio with exclusive, first-to-market launch of HYPHEN all-in-one pod system.
- On October 27th, 2025, the Company's shareholders approved the redomiciling of the Company to Nevada, and its Board of Directors subsequently approved completing the redomicile.
- Due to an employee strike at the British Columbia Registrar of Companies, the Company is unable to provide a definitive date on when the completion will occur, but will plan to finalize the redomicile as expediently as possible.
- Current operations span 13 states, comprised of 158 dispensaries and 15 production facilities with more than 1.1 million square feet of cultivation capacity.
Balance Sheet and Liquidity
As of September 30, 2025, the Company’s current assets were
The Company’s total Class A subordinate voting shares outstanding was 361,815,879 as of September 30, 2025.
Conference Call and Webcast
A conference call and webcast with analysts and investors is scheduled for October 29, 2025 at 8:30 a.m. ET / 7:30 a.m. CT to discuss the results.
- Investors and participants can register in advance for the call by visiting: https://register-conf.media-server.com/register/BI0122898845f54044bfa55206a0105ded
- After registering, instructions will be shared on how to join the call for those who wish to dial in.
- On October 29, the live webcast can be accessed via the following link: https://edge.media-server.com/mmc/p/q42h988w
- 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, amortization, 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
Vice President, 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) | September 30, 2025 | June 30, 2025 | September 30, 2024 | ||||||||
| Revenues, net of Discounts | $ | 202,810 | $ | 202,272 | $ | 216,683 | |||||
| Cost of Goods Sold, net | 107,573 | 89,288 | 107,586 | ||||||||
| Gross Profit | $ | 95,237 | $ | 112,984 | $ | 109,097 | |||||
| Gross Profit % | 47 | % | 56 | % | 50 | % | |||||
| Operating Expenses: | |||||||||||
| Selling, General and Administrative Expenses | 80,560 | 86,345 | 92,327 | ||||||||
| Loss on Impairment of Fixed Assets & Held for Sale Assets | 5,400 | 428 | — | ||||||||
| Total Operating Expenses | 85,960 | 86,773 | 92,327 | ||||||||
| Income from Operations | $ | 9,277 | $ | 26,211 | $ | 16,770 | |||||
| Other Income (Expense) | |||||||||||
| Loss on Disposal of Property, Plant and Equipment | (620 | ) | (212 | ) | (604 | ) | |||||
| Gain (Loss) on Debt Extinguishment | (946 | ) | 2,947 | — | |||||||
| Interest Expense, net | (13,212 | ) | (14,207 | ) | (12,771 | ) | |||||
| Other Income (Expense), net | (9,890 | ) | 1,263 | (484 | ) | ||||||
| Total Other Income (Expense), net | (24,668 | ) | (10,209 | ) | (13,859 | ) | |||||
| Income (Loss) Before Provision for Income Taxes | $ | (15,391 | ) | $ | 16,002 | $ | 2,911 | ||||
| Provision for Income Tax Expense | (28,441 | ) | (35,152 | ) | (45,478 | ) | |||||
| Net Loss Attributable to Verano Holdings Corp. & Subsidiaries | $ | (43,832 | ) | $ | (19,150 | ) | $ | (42,567 | ) | ||
VERANO HOLDINGS CORP.
Highlights from Condensed Consolidated Balance Sheets
| September 30, 2025 | December 31, 2024 | ||||||
| ($ in thousands) | (Unaudited) | ||||||
| Cash and Cash Equivalents | $ | 82,623 | $ | 87,796 | |||
| Other Current Assets | 302,802 | 269,713 | |||||
| Property, Plant and Equipment, net | 499,798 | 537,964 | |||||
| Intangible Assets, net | 683,771 | 734,005 | |||||
| Goodwill | 247,600 | 246,230 | |||||
| Other Long-Term Assets | 108,756 | 113,248 | |||||
| Total Assets | $ | 1,925,350 | $ | 1,988,956 | |||
| Total Current Liabilities | 143,411 | 197,968 | |||||
| Total Long-Term Liabilities | 897,854 | 840,169 | |||||
| Shareholders' Equity | 885,862 | 952,174 | |||||
| Non-Controlling Interest | (1,777 | ) | (1,355 | ) | |||
| Total Liabilities and Shareholders' Equity | $ | 1,925,350 | $ | 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) | September 30, 2025 | June 30, 2025 | September 30, 2024 | |||||||||
| Net Loss Attributable to Verano Holdings Corp. & Subsidiaries | $ | (43,832 | ) | $ | (19,150 | ) | $ | (42,567 | ) | |||
| Interest Expense, net | 13,212 | 14,207 | 12,771 | |||||||||
| Income Tax Expense | 28,441 | 35,152 | 45,478 | |||||||||
| Depreciation and Amortization | 31,560 | 31,488 | 36,865 | |||||||||
| EBITDA | $ | 29,381 | $ | 61,697 | $ | 52,547 | ||||||
| COGS Add-backs: | ||||||||||||
| Acquisition, Transaction and Other Non-operating Costs | 2,146 | 1,990 | 3,280 | |||||||||
| Employee Stock Compensation | 400 | 250 | 733 | |||||||||
| SG&A Add-backs: | ||||||||||||
| Acquisition, Transaction and Other Non-operating Costs | 1,003 | 1,365 | 2,138 | |||||||||
| Employee Stock Compensation | 2,122 | 3,089 | 4,057 | |||||||||
| Acquisition Adjustments and Other Income & Expense, net | 18,057 | (2,238 | ) | 1,703 | ||||||||
| Adjusted EBITDA1 | $ | 53,109 | $ | 66,153 | $ | 64,458 | ||||||
| Net Loss Margin | (22 | )% | (9 | )% | (20 | )% | ||||||
| Adjusted EBITDA Margin1 | 26 | % | 33 | % | 30 | % | ||||||
FAQ
What were Verano (VRNOF) third quarter 2025 revenues and net loss?
How large was Verano's Adjusted EBITDA and margin in Q3 2025 (VRNOF)?
What liquidity and debt position did Verano (VRNOF) report on Sep 30, 2025?
What is the status of Verano's redomicile and when was it approved (VRNOF)?
Did Verano (VRNOF) take any financing actions in Q3 2025?
How did Verano's capital expenditures change year-over-year in Q3 2025 (VRNOF)?
