Verano Reviews $210M in Q1 2025 Income

[PRESS RELEASE] – CHICAGO, Would possibly 8, 2025 – Verano Holdings Corp., a number one multistate hashish corporate, introduced its monetary effects for the primary quarter ended March 31, 2025, which have been ready in response to U.S. usually authorized accounting rules (GAAP).

First Quarter 2025 Monetary Highlights

• Revenues, web of reductions, of $210 million, a lower of five% year-over-year, and a lower of four% as opposed to the prior quarter
• Gross benefit of $100 million or 47% of income
• SG&A bills of $85 million or 40% of income
• Internet Lack of $(12) million or (5)% of income
• Adjusted EBITDA¹ of $54 million or 26% of income
• Internet money supplied via working actions of $2 million
• Capital expenditures of $14 million

Control Observation

“I’m very happy with the development we made right through the primary quarter executing our strategic priorities leveraging innovation, automation and differentiation, whilst using efficiencies around the trade,” Verano founder, chairman and CEO George Archos stated. “Right through the primary quarter, we reinforced our core trade via optimizing our footprint, enforcing state of the art automation era—which larger productiveness and diminished prices via streamlining operations—and generated financial savings whilst nonetheless increasing our product portfolio and retail footprint, which is a testomony to our group’s operational excellence.

“As we proceed navigating business dynamics, I’m assured in our talent to advance the strategic priorities we’ve defined for the yr that intention to improve our basis and core trade, and I stay up for propelling Verano in opposition to a brilliant long run.”

First Quarter 2025 Monetary Review

Revenues, web of reductions, for the primary quarter 2025 had been $210 million, down from $221 million for the primary quarter of 2024, and down from $218 million for the fourth quarter of 2024. The lower in income for the primary quarter 2025 in comparison to the primary quarter 2024 was once pushed essentially via an build up in promotional job and value compression in key markets, which was once partly offset via Ohio adult-use gross sales, sturdy efficiency in Florida, and contributions from Arizona and Virginia operations bought from The Cannabist Co. Holdings Inc. in 2024.

Gross benefit for the primary quarter 2025 was once $100 million or 47% of income, down from $113 million or 51% of income for the primary quarter 2024, and down from $108 million or 49% of income for the fourth quarter 2024. The lower in gross benefit for the primary quarter 2025 in comparison to the primary quarter 2024 was once essentially because of general income declines and larger promotional job.

SG&A bills for the primary quarter 2025 had been $85 million or 40% of income, down from $90 million or 41% of income for the primary quarter 2024, and up from $84 million or 38% of income for the fourth quarter 2024. The lower in SG&A bills for the primary quarter 2025 in comparison to the primary quarter 2024 was once pushed essentially via a lower in amortization and ongoing efficiencies generated around the trade, partly offset via further SG&A prices related to the Cannabist acquisitions and new retailer openings.

Internet loss for the primary quarter 2025 was once $(12) million or (5)% of income, as opposed to $(5) million or (2)% of income within the first quarter 2024. The rise in web loss for the primary quarter 2025 in comparison to the primary quarter 2024 was once pushed via an general decline in income, web of reductions, and gross benefit, coupled with an build up in source of revenue tax provision in comparison to the prior yr duration.

Adjusted EBITDA¹ for the primary quarter 2025 was once $54 million or 26% of income.

Internet money supplied via working actions for the primary quarter 2025 was once $2 million, down from $31 million for the primary quarter 2024, which was once essentially as a result of larger source of revenue tax bills in comparison to the prior yr duration.

Capital expenditures for the primary quarter 2025 had been $14 million, up from $10 million for the primary quarter 2024.

First Quarter 2025 Operational Highlights

• Expanded the corporate’s retail footprint via opening the next new dispensaries:
  • MÜV North Miami Seaside, raising the corporate’s Florida operations to 80 dispensaries statewide; and
  • Zen Leaf Ashford, the corporate’s 6th dispensary in Connecticut.
• Introduced new merchandise and line extensions within the business’s fastest-growing classes to reply to marketplace call for and increasing shopper developments, together with:
  • Savvy Strut 2-gram all-in-one vapes, incorporating NFC chip era to offer customers with offers and promotions with the faucet of a smartphone; and
  • Savvy 100 Evidence diamond-infused barrel-style pre-roll joints.
• Secured an extra $12 million in financing via leveraging the corporate’s owned CPG actual property in Nevada and Arizona.

Next Operational Highlights

• Introduced the promotion and appointment of Richard Tarapchak as leader monetary officer in April.
• Expanded retail operations in Florida with the outlet of MÜV New Smyrna Seaside, elevating the corporate’s present statewide retail footprint to 81 dispensaries.
• Present operations span 13 states, produced from 155 dispensaries and 15 manufacturing amenities with greater than 1.1 million sq. toes of cultivation capability.

Steadiness Sheet and Liquidity

As of March 31, 2025, the corporate’s present property had been $361 million, together with money and money equivalents of $84 million. The Corporate had operating capital of $193 million and overall debt, web of issuance prices, of $421 million.

The corporate’s overall Magnificence A subordinate vote casting stocks remarkable was once 359,718,318 as of March 31, 2025.

¹Adjusted EBITDA and Adjusted EBITDA as a share of income (“Adjusted EBITDA Margin”) are non-U.S. GAAP monetary measures. Each and every is derived from EBITDA, any other non-U.S. GAAP monetary measure, and is outlined on this information liberate within the segment underneath titled “Non-U.S. GAAP Monetary Measures.” Probably the most without delay similar U.S. GAAP monetary measure to adjusted EBITDA is web source of revenue (loss) and essentially the most without delay similar measure to adjusted EBITDA margin is web source of revenue (loss) as a share of income (“web source of revenue (loss) margin”). The reconciliation of (i) adjusted EBITDA to U.S. GAAP web source of revenue (loss) and (ii) adjusted EBITDA margin to web source of revenue (loss) margin is about forth underneath within the tables incorporated on this information liberate.

Non-U.S. GAAP Monetary Measures

Verano makes use of non-U.S. GAAP monetary data to guage the efficiency of the corporate. The phrases “EBITDA,” “Adjusted EBITDA” and “Adjusted EBITDA Margin” would not have any standardized which means prescribed inside of U.S. GAAP and subsequently might not be similar to an identical measures offered via different corporations. Accordingly, this non-U.S. GAAP monetary data is meant to offer more information and will have to no longer be regarded as in isolation or as an alternative choice to measures of efficiency ready in response to U.S. GAAP.

The corporate calculates EBITDA as web source of revenue (loss) earlier than pastime expense, source of revenue tax expense, depreciation, and amortization and Adjusted EBITDA as web source of revenue (loss) earlier than web pastime expense, source of revenue tax expense, depreciation and amortization and likewise excludes sure one-time peculiar pieces. The calculations of the non-U.S. GAAP monetary measures used on this information liberate and the reconciliations to essentially the most similar U.S. GAAP monetary numbers are incorporated within the tables underneath.

Control believes that this non-U.S. GAAP monetary data comes in handy as a complement to similar U.S. GAAP monetary data as it supplies consistency and comparison with previous monetary efficiency and assists in comparisons with different corporations, a few of which use an identical non-GAAP data to complement their U.S. GAAP effects. Control opinions those non-U.S. GAAP monetary measures regularly and makes use of them, in conjunction with monetary measures incorporated within the corporate’s monetary statements, to guage and arrange the efficiency of the corporate’s operations. Those measures will have to be evaluated simplest together with the similar U.S. GAAP monetary numbers reported via the corporate.

[PRESS RELEASE] – CHICAGO, Would possibly 8, 2025 – Verano Holdings Corp., a number one multistate hashish corporate, introduced its monetary effects for the primary quarter ended March 31, 2025, which have been ready in response to U.S. usually authorized accounting rules (GAAP).

First Quarter 2025 Monetary Highlights

• Revenues, web of reductions, of $210 million, a lower of five% year-over-year, and a lower of four% as opposed to the prior quarter
• Gross benefit of $100 million or 47% of income
• SG&A bills of $85 million or 40% of income
• Internet Lack of $(12) million or (5)% of income
• Adjusted EBITDA¹ of $54 million or 26% of income
• Internet money supplied via working actions of $2 million
• Capital expenditures of $14 million

Control Observation

“I’m very happy with the development we made right through the primary quarter executing our strategic priorities leveraging innovation, automation and differentiation, whilst using efficiencies around the trade,” Verano founder, chairman and CEO George Archos stated. “Right through the primary quarter, we reinforced our core trade via optimizing our footprint, enforcing state of the art automation era—which larger productiveness and diminished prices via streamlining operations—and generated financial savings whilst nonetheless increasing our product portfolio and retail footprint, which is a testomony to our group’s operational excellence.

“As we proceed navigating business dynamics, I’m assured in our talent to advance the strategic priorities we’ve defined for the yr that intention to improve our basis and core trade, and I stay up for propelling Verano in opposition to a brilliant long run.”

First Quarter 2025 Monetary Review

Revenues, web of reductions, for the primary quarter 2025 had been $210 million, down from $221 million for the primary quarter of 2024, and down from $218 million for the fourth quarter of 2024. The lower in income for the primary quarter 2025 in comparison to the primary quarter 2024 was once pushed essentially via an build up in promotional job and value compression in key markets, which was once partly offset via Ohio adult-use gross sales, sturdy efficiency in Florida, and contributions from Arizona and Virginia operations bought from The Cannabist Co. Holdings Inc. in 2024.

Gross benefit for the primary quarter 2025 was once $100 million or 47% of income, down from $113 million or 51% of income for the primary quarter 2024, and down from $108 million or 49% of income for the fourth quarter 2024. The lower in gross benefit for the primary quarter 2025 in comparison to the primary quarter 2024 was once essentially because of general income declines and larger promotional job.

SG&A bills for the primary quarter 2025 had been $85 million or 40% of income, down from $90 million or 41% of income for the primary quarter 2024, and up from $84 million or 38% of income for the fourth quarter 2024. The lower in SG&A bills for the primary quarter 2025 in comparison to the primary quarter 2024 was once pushed essentially via a lower in amortization and ongoing efficiencies generated around the trade, partly offset via further SG&A prices related to the Cannabist acquisitions and new retailer openings.

Internet loss for the primary quarter 2025 was once $(12) million or (5)% of income, as opposed to $(5) million or (2)% of income within the first quarter 2024. The rise in web loss for the primary quarter 2025 in comparison to the primary quarter 2024 was once pushed via an general decline in income, web of reductions, and gross benefit, coupled with an build up in source of revenue tax provision in comparison to the prior yr duration.

Adjusted EBITDA¹ for the primary quarter 2025 was once $54 million or 26% of income.

Internet money supplied via working actions for the primary quarter 2025 was once $2 million, down from $31 million for the primary quarter 2024, which was once essentially as a result of larger source of revenue tax bills in comparison to the prior yr duration.

Capital expenditures for the primary quarter 2025 had been $14 million, up from $10 million for the primary quarter 2024.

First Quarter 2025 Operational Highlights

• Expanded the corporate’s retail footprint via opening the next new dispensaries:
  • MÜV North Miami Seaside, raising the corporate’s Florida operations to 80 dispensaries statewide; and
  • Zen Leaf Ashford, the corporate’s 6th dispensary in Connecticut.
• Introduced new merchandise and line extensions within the business’s fastest-growing classes to reply to marketplace call for and increasing shopper developments, together with:
  • Savvy Strut 2-gram all-in-one vapes, incorporating NFC chip era to offer customers with offers and promotions with the faucet of a smartphone; and
  • Savvy 100 Evidence diamond-infused barrel-style pre-roll joints.
• Secured an extra $12 million in financing via leveraging the corporate’s owned CPG actual property in Nevada and Arizona.

Next Operational Highlights

• Introduced the promotion and appointment of Richard Tarapchak as leader monetary officer in April.
• Expanded retail operations in Florida with the outlet of MÜV New Smyrna Seaside, elevating the corporate’s present statewide retail footprint to 81 dispensaries.
• Present operations span 13 states, produced from 155 dispensaries and 15 manufacturing amenities with greater than 1.1 million sq. toes of cultivation capability.

Steadiness Sheet and Liquidity

As of March 31, 2025, the corporate’s present property had been $361 million, together with money and money equivalents of $84 million. The Corporate had operating capital of $193 million and overall debt, web of issuance prices, of $421 million.

The corporate’s overall Magnificence A subordinate vote casting stocks remarkable was once 359,718,318 as of March 31, 2025.

¹Adjusted EBITDA and Adjusted EBITDA as a share of income (“Adjusted EBITDA Margin”) are non-U.S. GAAP monetary measures. Each and every is derived from EBITDA, any other non-U.S. GAAP monetary measure, and is outlined on this information liberate within the segment underneath titled “Non-U.S. GAAP Monetary Measures.” Probably the most without delay similar U.S. GAAP monetary measure to adjusted EBITDA is web source of revenue (loss) and essentially the most without delay similar measure to adjusted EBITDA margin is web source of revenue (loss) as a share of income (“web source of revenue (loss) margin”). The reconciliation of (i) adjusted EBITDA to U.S. GAAP web source of revenue (loss) and (ii) adjusted EBITDA margin to web source of revenue (loss) margin is about forth underneath within the tables incorporated on this information liberate.

Non-U.S. GAAP Monetary Measures

Verano makes use of non-U.S. GAAP monetary data to guage the efficiency of the corporate. The phrases “EBITDA,” “Adjusted EBITDA” and “Adjusted EBITDA Margin” would not have any standardized which means prescribed inside of U.S. GAAP and subsequently might not be similar to an identical measures offered via different corporations. Accordingly, this non-U.S. GAAP monetary data is meant to offer more information and will have to no longer be regarded as in isolation or as an alternative choice to measures of efficiency ready in response to U.S. GAAP.

The corporate calculates EBITDA as web source of revenue (loss) earlier than pastime expense, source of revenue tax expense, depreciation, and amortization and Adjusted EBITDA as web source of revenue (loss) earlier than web pastime expense, source of revenue tax expense, depreciation and amortization and likewise excludes sure one-time peculiar pieces. The calculations of the non-U.S. GAAP monetary measures used on this information liberate and the reconciliations to essentially the most similar U.S. GAAP monetary numbers are incorporated within the tables underneath.

Control believes that this non-U.S. GAAP monetary data comes in handy as a complement to similar U.S. GAAP monetary data as it supplies consistency and comparison with previous monetary efficiency and assists in comparisons with different corporations, a few of which use an identical non-GAAP data to complement their U.S. GAAP effects. Control opinions those non-U.S. GAAP monetary measures regularly and makes use of them, in conjunction with monetary measures incorporated within the corporate’s monetary statements, to guage and arrange the efficiency of the corporate’s operations. Those measures will have to be evaluated simplest together with the similar U.S. GAAP monetary numbers reported via the corporate.