Canada · Delayed Price · Currency is CAD Vireo Growth Earnings Call Transcripts
Fiscal Year 2025
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Q4 revenue surged 318% year-over-year, driven by acquisitions and strong organic growth, with same-store sales up 22% and adjusted EBITDA improving significantly. Major acquisitions and integration efforts expanded the footprint to 10 states, positioning for further scalable growth.
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Q3 revenue surged 264% year-over-year, driven by recent M&A and organic growth, with adjusted EBITDA margin rising to 27.3%. Integration of acquisitions is on track, and the Schwazze deal expands the footprint to eight states. Strong cash position supports ongoing growth strategies.
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Q2 revenue surged 91.4% year-over-year, driven by three mergers, with adjusted EBITDA margin at 25%. Post-quarter refinancing lowered annual interest expense by $10 million and boosted cash to over $100 million. Focus remains on organic growth, operational efficiency, and disciplined M&A.
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Q1 2025 revenue grew 1.9% year-over-year to $24.5M, with strong cash reserves and adjusted gross margin of 51.8%. Pending mergers are on track to close in Q2, expected to boost profitability and market reach.
Fiscal Year 2024
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Record full-year revenue and gross margin were driven by strong Maryland and Minnesota performance, while New York is being repositioned for premium flower. Pending mergers, new cultivation investments, and the launch of adult use in Minnesota are expected to drive a transformational 2025.
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A transformative all-stock merger combines five companies, including four top local operators and a tech platform, creating a scaled, diversified cannabis operator across seven states. The deal, supported by a $75M equity raise, enhances financial strength and market leadership.
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Q3 revenue grew 6.2% year-over-year, led by strong Maryland sales and operational improvements. New $10M financing supports Minnesota adult use launch and retail expansion, while Maryland continues to gain market share, especially in vapes.
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Second quarter revenue grew 42.5% year-over-year, driven by strong Maryland and Minnesota performance, with significant margin expansion and improved operating income. Debt extension and note conversion enhanced financial flexibility, while preparations for Minnesota's adult-use launch continue.