Vireo Growth Inc. Announces Q4 2025 Results: Major Revenue Surge, M&A Activity, and Expanded State Operations
Vireo Growth Inc. Announces Q4 2025 Results: Major Revenue Surge, M&A Activity, and Expanded State Operations
Key Financial Highlights
- Q4 2025 GAAP Revenue: \$104.5 million, up 317.7% year-over-year.
- Q4 2025 GAAP Gross Profit: \$56.9 million, up 348.0% year-over-year. Gross profit margin improved to 54.4%.
- Adjusted EBITDA (Non-GAAP): \$29.5 million, up 347.0% year-over-year. Adjusted EBITDA margin expanded to 28.2%.
- Pro Forma Q4 2025 Revenue: \$104.5 million, up 26.1% vs. pro forma Q4 2024.
- Pro Forma Adjusted EBITDA: \$29.5 million, up 30.0% vs. pro forma Q4 2024.
- Cash Position: Closed Q4 2025 with \$122.5 million in cash.
- Same Store Sales: Pro forma same store sales up 22% year-over-year, and up 11.3% excluding Minnesota.
- Wholesale Revenue: Up 5% year-over-year; up 55% according to management commentary.
Strategic M&A Activity
- Pending Acquisitions:
- Eaze Inc.: Expected closing consideration of ~\$47 million in subordinate voting shares, subject to adjustments and potential earnout based on future financial performance.
- PharmaCann Retail Assets (Colorado): Estimated value of \$49 million in shares, liabilities assumed, and subject to adjustments.
- Schwazze (Medicine Man Technologies Inc.): Pending asset acquisition.
- Hawthorne Gardening Company LLC: Non-binding MOU with ScottsMiracle-Gro for potential acquisition.
- Integrations Completed: Deep Roots, Proper, and Wholesome acquisitions fully integrated with streamlined operations and new ERP system. Corporate overhead synergies already realized.
- Active M&A Strategy: Management remains acquisitive, seeking further growth opportunities.
State-by-State Revenue Performance – Q4 2025 vs. Q4 2024 (Pro Forma)
| State |
Q4 2025 Retail Revenue |
Q4 2024 Retail Revenue (Pro Forma) |
Change |
% Change |
| MN |
\$18.86M |
\$11.22M |
\$7.64M |
+68% |
| NY |
\$0.92M |
\$1.31M |
-\$0.38M |
-29% |
| MD |
\$6.93M |
\$6.85M |
\$0.08M |
+1% |
| UT |
\$12.01M |
\$10.68M |
\$1.33M |
+12% |
| NV |
\$27.93M |
\$23.79M |
\$4.14M |
+17% |
| MO |
\$21.32M |
\$18.33M |
\$3.00M |
+16% |
| Total Retail |
\$87.97M |
\$72.17M |
\$15.81M |
+22% |
Total Wholesale Revenue: \$16.54M, up \$5.85M (+55%) from pro forma Q4 2024.
Total Q4 2025 Revenue: \$104.5M, up \$21.66M (+26%) vs. pro forma Q4 2024.
Balance Sheet and Liquidity
- Total Current Assets (excl. Schwazze notes, assets held for sale, income taxes receivable): \$104.1 million.
- Cash on Hand: \$122.5 million.
- Total Current Liabilities (excl. uncertain tax liabilities): \$71.6 million.
- Shares Outstanding: 1,177,624,278 subordinate voting shares, share price \$0.60.
- Stockholders’ Equity: \$307.42 million, up from \$55.56 million at year-end 2024.
- Total Assets: \$817.15 million (2025), up from \$278.86 million (2024).
- Total Liabilities: \$509.73 million (2025), up from \$223.30 million (2024).
Conference Call & Webcast
Vireo management hosted a conference call with analysts on March 17, 2026, at 8:00 a.m. ET to discuss Q4 results. Webcast available via company’s Investor Relations site.
Management Commentary
CEO John Mazarakis: “Fourth quarter performance remained in line with our expectations and reflected pro forma same store sales growth excluding Minnesota of 11.3% and wholesale growth of 55% over the prior year quarter. As we begin the new year, we will continue optimizing all areas of our business while remaining opportunistic with respect to further acquisition related growth opportunities.”
Risks and Forward-Looking Statements
- Pending deals for Eaze, PharmaCann, Schwazze, and Hawthorne are not guaranteed and are subject to regulatory and third-party approvals, and closing conditions.
- The MOU with ScottsMiracle-Gro for Hawthorne is non-binding; no assurance of a definitive agreement.
- Risks include regulatory changes, market conditions, legal proceedings, federal and state laws regarding cannabis, execution of business strategy, and ability to raise additional financing.
- Financial outlooks are preliminary and may differ materially from actual results.
Summary of Potential Price-Sensitive Information
- Extraordinary Revenue Growth: The 318% surge in GAAP revenue and 347% increase in adjusted EBITDA year-over-year are likely to be viewed positively by investors.
- Large Pending M&A Transactions: Announced acquisitions (Eaze, PharmaCann, Schwazze, Hawthorne) valued at over \$100M in aggregate, if closed, would significantly expand Vireo’s footprint and capabilities.
- Strong Cash Position: With \$122.5M in cash and a low current liability ratio, Vireo maintains strong liquidity, supporting ongoing expansion and acquisitions.
- State Expansion: Revenue growth in Nevada, Missouri, Utah, and Minnesota highlights successful state-level strategies.
- Risks: Potential delays or failures in closing large acquisitions, regulatory changes, and legal uncertainties could impact share value.
Disclaimer
This article is for informational purposes only. It does not constitute investment advice. Forward-looking statements and financial outlooks are subject to risks and uncertainties and may differ materially from actual results. Investors should review official filings and consult their financial advisors before making investment decisions.
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