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Vireo Growth Inc. — Third Quarter 2026 Earnings Summary

VREOF
  • GAAP revenue surged 177% year-over-year to $253.7 million in Q3 2026, driven by acquisitions, while net loss narrowed to $24.0 million from $26.3 million in the prior year period.
  • Adjusted EBITDA rose 68.1% to $42.7 million, though margins contracted to 16.8% from 27.7% YoY due to integration and acquisition costs.
  • Management provided sequential guidance for Q4 2026 ($250–$265M revenue, $45–$48M EBITDA) and Q1 2027 ($280–$300M revenue, $53–$56M EBITDA), excluding pending deals that could add up to $60M in revenue and $8M in EBITDA.
  • Strategic expansion continues with the closed FLUENT acquisition, announced Planet 13 merger, and new agreements in Ohio, Pennsylvania, and Illinois, targeting ~270 dispensaries across 15 states upon completion.
  • Capital management included a $2.5M share repurchase program, a new $85M credit facility for non-cannabis operations, and a $60M refinancing of NY/FL real estate debt.