Verano Posts $202M Q2 Revenue

Verano Holdings Corp. Q2 2025 Summary

• Overview: Verano Holdings Corp. reported its Q2 2025 financial results, reflecting ongoing efforts to streamline operations and enhance profitability despite market challenges.

• Financial Highlights:

  • Revenue: $202 million, down from $222 million in Q2 2024 and $210 million in Q1 2025.
  • Gross Profit: $113 million (56% of revenue), up from Q1 2025 ($100 million) but down from Q2 2024 ($114 million).
  • SG&A Expenses: $86 million (43% of revenue), slightly down from Q2 2024 ($87 million).
  • Net Loss: $19 million, improving from Q2 2024’s $22 million loss.
  • Adjusted EBITDA: $66 million (33% of revenue), indicating strong underlying profitability.

• Management Insights:

  • CEO George Archos highlighted progress in operational efficiency, cultivation yields, new products, and retail performance.
  • Expects a stronger second half of 2025 driven by improved wholesale strategies and new store openings.

• Operational Updates:

  • Appointed Richard Tarapchak as CFO and James Leventis as Chief Strategy and Compliance Officer.
  • Expanded retail presence with new dispensaries in Florida and Connecticut.
  • Partnered with Grow Sciences to launch premium cannabis products in Illinois.
  • Introduced a new retail concept in Phoenix, enhancing customer experience.

• Balance Sheet:

  • Cash and cash equivalents: $69 million as of June 30, 2025.
  • Working capital: $224 million; total debt: $403 million.
  • 361 million Class A shares outstanding.

• Forward Outlook:

  • Operations span 13 states with 157 dispensaries and 15 production facilities.
  • Optimism for H2 2025 performance driven by operational efficiencies and strategic initiatives.