Verano Announces Third Quarter 2025 Financial Results

Core Insights - Verano Holdings Corp. reported its financial results for Q3 2025, showing a mixed performance with revenues slightly increasing from the previous quarter but declining year-over-year due to price compression and competition [1][5][6]. Financial Performance - Revenues for Q3 2025 were $202.8 million, a decrease of 6.4% from $216.7 million in Q3 2024 but an increase from $202.3 million in Q2 2025 [2][5]. - Gross profit was $95.2 million, representing 47% of revenue, down from 50% in Q3 2024 and 56% in Q2 2025, attributed to revenue declines and increased costs [6][8]. - The company reported a net loss of $43.8 million, or 22% of revenue, compared to a net loss of $42.6 million, or 20% of revenue in Q3 2024 [8][9]. - Adjusted EBITDA for Q3 2025 was $53.1 million, or 26% of revenue, down from $64.5 million, or 30% of revenue in Q3 2024 [9][30]. Operational Highlights - The company has expanded its retail footprint, opening its 82nd dispensary in Florida and increasing its Ohio locations to six [15]. - Verano secured a $75 million revolving credit facility, drawing $50 million to retire higher interest debt [15]. - The company is planning new product innovations for the upcoming retail holiday season, aiming for a strong finish to 2025 [4][5]. Balance Sheet and Liquidity - As of September 30, 2025, Verano's current assets totaled $385 million, with cash and cash equivalents at $83 million [13]. - The company had total debt of $401 million and working capital of $242 million [13][28]. Future Outlook - Management expressed optimism about long-term growth opportunities and plans for a transformative year in 2026, supported by infrastructure investments and brand performance improvements [4][5].