Vireo Growth Inc. Announces Third Quarter 2025 Results

Core Insights - Vireo Growth Inc. reported a significant increase in Q3 GAAP revenue, reaching $91.7 million, a 264% year-over-year growth, attributed to M&A transactions and organic growth [1][2] - The company completed a refinancing of senior secured debt, expected to reduce annualized interest expenses by $10 million [1] - Vireo ended Q3 with $117 million in cash and plans to pursue acquisitions in a distressed market environment [1] Financial Performance - Q3 GAAP Revenue: $91.7 million (up 264% from $25.2 million in Q3 2024) [2] - Q3 GAAP Gross Profit: $37.4 million (up 204.1% from $12.3 million in Q3 2024) [2] - Q3 Adjusted Gross Profit: $50.8 million (up 300% from $12.7 million in Q3 2024) [2] - Q3 GAAP Operating Income: $0.8 million (down 79% from $3.9 million in Q3 2024) [2] - Q3 Adjusted Operating Income: $21.0 million (up 303.8% from $5.2 million in Q3 2024) [2] - Q3 Adjusted EBITDA: $25.4 million (up 297% from $6.4 million in Q3 2024) [2] Recent Developments - Vireo recorded its first sale of adult-use cannabis in Minnesota on September 16, 2025, expanding its product offerings across eight dispensaries [4] - The company announced the acquisition of senior secured convertible notes from Schwazze, aiming to restructure its operations and capital structure [5] - A settlement agreement with Verano Holdings Corp. was reached, valued at approximately $10 million, resolving all outstanding litigation [6] Operational Integration - By the end of Q3, Vireo had largely completed the integration of recent acquisitions, including streamlining various operational functions and implementing a new Enterprise Resource Planning system [7] Balance Sheet and Liquidity - As of September 30, 2025, total current assets were $191.1 million, with cash on hand of $117.5 million [8] - Total current liabilities were $60.8 million, indicating a strong liquidity position [8]