Grown Rogue International Inc. Reports Strong Preliminary 2025 Results, Delays Full Financial Disclosure
Grown Rogue International Inc. Reports Strong Preliminary 2025 Results, Delays Full Financial Disclosure
Key Highlights
- Preliminary, unaudited 2025 financial results show robust growth:
- Revenue up 22% year-over-year to \$32.4 million (2024: \$26.6 million)
- Net income swings positive at \$2.4 million, compared to a loss of \$16.1 million in 2024
- EBITDA rises 56% to \$2.8 million (2024: \$1.8 million)
- Adjusted EBITDA up 39% to \$5.3 million (2024: \$3.8 million)
- Adjusted EBITDA margin improves to 16.5%, up 170bps
- Cash and cash equivalents more than double to \$11.4 million (2024: \$4.9 million)
- Strategic expansion drives results:
- New Jersey business ramps up rapidly, delivering \$11.3 million in revenue (from \$0.3 million in 2024)
- Oregon and Michigan segments face pricing pressures, with revenues declining 8% and 22% respectively
- Corporate/Other segment revenue drops to zero (from \$1.3 million), reflecting changes in service contracts
- Accounting transition and reporting delay:
- Full 2025 financial results and conference call postponed to April 7, 2026, due to complexities in transitioning from IFRS to U.S. GAAP
- Delay not due to any material deficiencies or auditor disagreements
- This is the first year Grown Rogue is reporting as a U.S. domestic issuer
- Upcoming conference call:
- Scheduled for April 7, 2026, at 5:00 p.m. ET / 2:00 p.m. PT
- Webcast and dial-in details provided for investor participation
- Expansion and growth initiatives:
- 2026 growth plans include further expansion in New Jersey, Illinois, and Minnesota
- Operations now span Oregon, Michigan, New Jersey, with Illinois underway
- Specialization in designer-quality indoor cannabis flower, leveraging craft values and scalable production
Detailed Financial Performance
Grown Rogue International Inc. has released selected preliminary, unaudited financial results for 2025, indicating strong performance and operational execution despite market challenges. Revenue increased by 22%, driven by the successful ramp-up in New Jersey, which started sales only in December 2024 and quickly became a major revenue contributor. Net income turned positive, primarily due to favorable changes in the fair value of derivative liabilities, a notable shift from the previous year’s substantial loss. EBITDA and Adjusted EBITDA also showed significant growth, with Adjusted EBITDA margin improving, reflecting better operational efficiency.
The company has seen a substantial increase in cash and cash equivalents, which was partly influenced by debt financing completed during the year. This provides a stronger liquidity position heading into further market expansion.
Segment Revenue Breakdown
| Segment |
2025 Revenue (US\$M) |
2024 Revenue (US\$M) |
YoY Change |
| Oregon |
\$11.1 |
\$12.1 |
-8% |
| Michigan |
\$10.0 |
\$12.9 |
-22% |
| New Jersey |
\$11.3 |
\$0.3 |
n.m. |
| Corporate/Other |
\$0.0 |
\$1.3 |
n.m. |
The surge in New Jersey revenue is a key driver of overall growth, offsetting declines in Oregon and Michigan due to pricing pressure. The Company’s rapid New Jersey ramp is especially noteworthy for investors as it marks successful entry and scaling in a new market.
Adjusted EBITDA Reconciliation (Summary)
Adjusted EBITDA for 2025 was \$5.3 million, up from \$3.8 million in 2024. The reconciliation includes add-backs for share-based compensation, acquisition costs, and startup costs for new markets. These figures are subject to final audit and may change.
Shareholder Information and Potential Price Sensitivities
- Delayed Financial Reporting: The postponement of full audited results is due to accounting complexities, not any material deficiency or auditor dispute. The market may react to the delay, but management assures transparency and completion within a week.
- Transition to U.S. GAAP: This first-time transition may affect comparability and reported numbers. Investors should be aware of potential changes in the final audited figures.
- Strong New Jersey Ramp: The rapid scaling in New Jersey is a positive surprise and could be regarded as price-sensitive, signaling successful expansion and future growth potential.
- Cash Position: Dramatic increase in cash reserves improves financial flexibility and may support further expansion or reduce risk, positively impacting share value.
- Upcoming Conference Call: Investors should participate in the April 7 call for more details on 2025 audited results and 2026 outlook, including new market initiatives in Illinois and Minnesota.
Company Outlook
CEO Obie Strickler acknowledges the administrative challenges of converting accounting standards and expresses commitment to improving on future filings. The business update next week will include plans for further expansion in New Jersey, Illinois, and Minnesota, which could drive future revenue and share price.
Grown Rogue continues to position itself as a leader in designer-quality indoor cannabis flower production, blending craft values with scalable, capital-efficient operations. This strategy is designed to ensure competitiveness and sustained growth in the evolving cannabis market.
Conference Call Details
- Date: Tuesday, April 7, 2026
- Time: 5:00 p.m. ET / 2:00 p.m. PT
- Webcast: Registration required
- Dial-in: 1-800-836-8184 (North America Toll-Free)
- Replay: Available until April 14, 2026, via dial-in (+1) 888 660 6345, replay code: 74762#
- Webcast archive: Available on the Investor Relations website for 90 days
Contact Information
Disclaimer
This article is for informational purposes only and does not constitute investment advice. All financial figures are preliminary and unaudited, subject to change upon completion of year-end reporting and audit procedures. Forward-looking statements are based on management’s current expectations and may be affected by risks and uncertainties. Investors are advised to review official filings and consult with their financial advisors before making any investment decisions.
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