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Grown Rogue International Inc. reported higher sales but a swing to loss for the quarter ended March 31, 2026. Revenue rose to $9.2 million, up about 28% from $7.2 million a year earlier, driven mainly by strong growth in New Jersey and supported by Oregon and Michigan.
Gross profit increased to $4.0 million, but cost of goods sold grew faster than revenue, partly due to mix and higher lease costs in cost of sales. Operating expenses fell about 5% to $3.9 million, helped by a sharp drop in share-based compensation, although general and administrative expenses increased with expansion-related headcount and infrastructure.
Non‑operating items turned sharply negative, led by a $2.2 million unrealized loss on a Vireo Growth warrant asset, only partially offset by gains on a newly recognized warrant liability and an interest rate swap. Interest and accretion expense more than doubled to about $0.55 million on a larger Western Alliance Bank credit facility. After $0.5 million of income tax expense influenced by Section 280E positions, the company posted a net loss of $2.2 million versus prior‑year net income of $0.7 million.
Cash and cash equivalents increased to $13.7 million, supported by positive operating cash flow of $2.5 million and $3.0 million of proceeds from selling a 20% non‑controlling interest in GRMA, partly offset by higher capital spending and debt repayments. Long‑term debt was $12.7 million, and the uncertain tax liability related to cannabis tax treatment rose to $9.3 million. The company continued expanding in Illinois through GRMA and a pending purchase of a 49% interest in Sea Craft, alongside ongoing construction of a New Jersey facility and a change in functional currency to the U.S. dollar.
Grown Rogue International Inc. filed an amended annual report to correct the audit opinion date on its 2025 financial statements to April 7, 2026; no financial figures were changed. The company now reports under U.S. GAAP after transitioning from IFRS.
For the year ended December 31, 2025, Grown Rogue generated $32.4 million in revenue and earned net income of $3.2 million, compared with a loss in 2024. Cash and cash equivalents rose to $11.4 million, total assets reached $62.7 million, and shareholders’ equity increased to $23.9 million.
Grown Rogue International Inc. filed a current report stating it will release its first quarter 2026 financial results after market close on Tuesday, May 12, 2026. The company will hold a conference call and webcast that same day at 5:00 p.m. Eastern Time to discuss results and provide a corporate update.
Grown Rogue International Inc. amendment to a Schedule 13G/A reports that Jesse Strickler beneficially owns 37,926,249 Subordinate Voting Shares, representing 15.0% of the class. The filing states there were 249,502,938 Subordinate Voting Shares outstanding as of June 30, 2025, and the ownership total includes shares and options exercisable within 60 days.
The filing breaks the position down: 34,292,916 shares held directly by Mr. Strickler, 2,433,333 options exercisable within 60 days held by Mr. Strickler, 500,000 shares held by his spouse, and 700,000 spouse options exercisable within 60 days. The filing is signed by Jesse Strickler.
Grown Rogue International Inc. reports that Jesse Strickler beneficially owns 37,664,749 shares of Common Stock as of December 31, 2024, equal to 16.7% of the outstanding class.
The total includes 34,231,416 shares held directly, 2,433,333 shares issuable on options exercisable within 60 days, 500,000 shares held by Mr. Strickler's spouse and 500,000 option shares exercisable within 60 days by the spouse. Shares outstanding were 222,446,113 as of that date.
Grown Rogue International Inc. files its annual report outlining a multi-state cannabis cultivation and branding business focused on high-quality, low-cost flower. The company operates indoor and outdoor facilities in Oregon and Michigan, has launched production in New Jersey, and is advancing projects in Illinois and Minnesota.
Grown Rogue describes branded products, proprietary genetics, and nitrogen‑sealed packaging, alongside consulting and licensing opportunities. The filing emphasizes heavy regulation, U.S. federal illegality under the Controlled Substances Act, banking and tax constraints, intense competition, and significant legal, regulatory, and market risks that could materially affect operations and share value.
Grown Rogue International Inc. reported strong preliminary, unaudited results for 2025 and outlined a detailed growth plan. Revenue rose to $32.4 million, up 22% from 2024, while GAAP net income swung to a $3.2 million profit from a large prior-year loss, helped by derivative fair-value gains. Adjusted EBITDA increased to $5.4 million with a 16.6% margin and cash and equivalents grew to $11.4 million, supported in part by new debt financing.
Performance was mixed by market: revenue declined in Oregon and Michigan but climbed sharply in New Jersey after consolidation of that operation under GAAP. Management converted all reporting to U.S. GAAP, consolidated its New Jersey subsidiary, and introduced formal guidance and 3–5 year growth targets, including planned capacity expansions in Illinois and Minnesota and higher consolidated gross margin objectives.
Grown Rogue International Inc. announced preliminary, unaudited full-year 2025 results and rescheduled the release of its audited financials and conference call to April 7, 2026 while completing its first U.S. GAAP year-end as a U.S. domestic issuer.
For 2025, preliminary GAAP revenue was $32.4 million, up from $26.6 million in 2024, a 22% increase. Preliminary GAAP net income was $2.4 million, compared with a $16.1 million loss in 2024, aided by gains from changes in fair value of derivative liabilities. EBITDA was $2.8 million versus $1.8 million, and Adjusted EBITDA was $5.3 million versus $3.8 million, with Adjusted EBITDA margin improving to 16.5% from 14.8%.
Segment results show 2025 revenue of $11.1 million in Oregon and $10.0 million in Michigan, down year over year, while New Jersey revenue rose to $11.3 million from $0.3 million as that market ramped. Cash and cash equivalents were $11.4 million as of December 31, 2025, up from $4.9 million, helped in part by debt financing. The company filed a Form 12b-25 to extend its Form 10-K deadline and stated the delay is due to the complexity of converting from IFRS to U.S. GAAP, not to any material deficiencies or auditor disagreements.
Grown Rogue International, Inc. filed a Form 12b-25 notifying the SEC it will miss its Annual Report on Form 10-K for the period ended December 31, 2025. The company states it ceased to qualify as a foreign private issuer and, effective January 1, 2026, must convert its financial statements from IFRS to U.S. GAAP. Management says final accounting adjustments for the transition prevent timely filing without unreasonable effort or expense and that it expects to file within the additional time allowed by Rule 12b-25.
Grown Rogue International is expanding into Illinois through a structured deal around Sea Craft, LLC, which holds an adult-use craft grow license. Its affiliate GRMA agreed to buy 49% of Sea Craft for $1.0 million, paid via two-year secured promissory notes bearing 10% interest, and obtained an option to acquire the remaining interests at a performance-based price capped at $1.0 million.
After regulatory approval, GRMA plans to provide Sea Craft with a $1.0–$2.0 million loan facility at 10% interest maturing on March 11, 2029 to fund startup and working capital. GRMA also raised $3.0 million of preferred equity carrying a 15% cumulative return; these preferred units are convertible for three years into GRMA common units on a one-for-one basis or into Grown Rogue subordinate voting shares at $0.65 per share, then automatically convert into common units thereafter.
Together with Sea Craft’s $1.0 million existing cash, management highlights about $4.0 million of project capital to reactivate a leased 66,000-square-foot Dwight, Illinois facility, with operations targeted to begin in the second quarter of 2026 and product availability aimed for the fourth quarter of 2026.