Verano Earnings + Call Notes

U.S. cannabis operator shares Q125 results.

Verano Earnings

$210M Revs; est. $212.6M
$54.4M AEBITDA; est. $60.8M
$99.6M GP; est. $107.3M
$15M OI; est. $24.2M
47.4% GM; est. 50.5%
($11.5M) NI; est. ($20.6M)

Revenues, net of discounts, of $210M, -5% year-over-year, -4% vs. prior quarter
Gross profit of $100M, or 47% of revenue.
SG&A expenses of $85 million or 40% of revenue.
Net Loss of $(12) million or (5)% of revenue.
AEBITDA of $54 million or 26% of revenue.
Net cash provided by operating activities of $2M.
Capital expenditures of $14M.

Management Commentary

“I am very pleased with the progress we made during the first quarter executing our strategic priorities leveraging innovation, automation and differentiation, while driving efficiencies across the business.

Throughout the first quarter, we strengthened our core business by optimizing our footprint, implementing cutting-edge automation technology—which increased productivity and reduced costs by streamlining operations—and generated savings while expanding our product portfolio and retail footprint, which is a testament to our team’s operational excellence.”

As we continue navigating industry dynamics, I am confident in our ability to advance the strategic priorities we’ve outlined for the year that aim to strengthen our foundation and core business, and I look forward to propelling Verano towards a bright future.” George Archos, CEO

Call Notes