Verano Announces First Quarter 2025 Financial Results
CHICAGO, May 08, 2025 (GLOBE NEWSWIRE) — Verano Holdings Corp. (Cboe CA: VRNO) (OTCQX: VRNOF) (“Verano” or the “Company”), a leading multi-state cannabis company, today announced its financial results for the first quarter ended March 31, 2025, which were prepared in accordance with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”).
First Quarter 2025 Financial Highlights
First Quarter 2025 Financial Highlights
- Revenues, net of discounts, of $210 million, a decrease of 5% year-over-year, and a decrease of 4% versus the prior quarter.
- Gross profit of $100 million or 47% of revenue.
- SG&A expenses of $85 million or 40% of revenue.
- Net Loss of $(12) million or (5)% of revenue.
- Adjusted EBITDA¹ of $54 million or 26% of revenue.
- Net cash provided by operating activities of $2 million.
- Capital expenditures of $14 million.
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,” said George Archos, Verano founder, chairman and Chief Executive Officer. “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 still expanding our product portfolio and retail footprint, which is a testament to our team’s operational excellence.”
Archos concluded: “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.”
