Verano Announces Fourth Quarter and Full Year 2025 Financial Results

Core Insights - Verano Holdings Corp. reported sequential revenue and margin improvement in Q4 2025, achieving top three market share positions across all competing categories by the end of 2025 [1][5] Financial Highlights Fourth Quarter 2025 - Revenues, net of discounts, were $207 million, a 2% increase from Q3 2025 but a 5% decrease year-over-year [6][7] - Gross profit was $106 million, representing 51% of revenue, up from 47% in Q3 2025 but down from 49% in Q4 2024 [8] - SG&A expenses were $86 million, or 42% of revenue, an increase from 40% in Q3 2025 and 38% in Q4 2024 [9] - Net loss was $(183) million, or (89)% of revenue, an improvement from $(273) million, or (125)% of revenue in Q4 2024 [10] - Adjusted EBITDA was $56 million, or 27% of revenue, consistent with guidance [10] Full Year 2025 - Total revenue for 2025 was $822 million, down 6% from $879 million in 2024 [12] - Gross profit for the year was $413 million, or 50% of revenue, down from 51% in 2024 [13] - SG&A expenses totaled $337 million, or 41% of revenue, a decrease from 40% in 2024 [14] - Net loss for the year was $(258) million, or (31)% of revenue, an improvement from $(342) million, or (39)% of revenue in 2024 [15] - Adjusted EBITDA for the year was $229 million, or 28% of revenue [15] Operational Highlights - The company secured a $195 million credit facility, demonstrating its ability to access lower-cost capital [1] - Verano expanded its retail footprint, opening new dispensaries in multiple states, including Florida and West Virginia [22] - The company redomiciled from Canada to Nevada, positioning itself for potential U.S. capital markets inclusion [5] - Verano launched new product innovations and secured strategic partnerships with notable cannabis brands [22] Balance Sheet and Liquidity - As of December 31, 2025, current assets were $405 million, including cash and cash equivalents of $83 million [20] - Total debt, net of issuance costs, was $400 million, with working capital of $264 million [20]