---
schema_version: "secwatch.filing_event.v1"
accession: "0001279569-26-000282"
form_type: "8-K"
ticker: "GRUSF"
cik: "0001463000"
company_name: "Grown Rogue International Inc."
filed_at: "2026-04-07T23:59:59+00:00"
generated_at: "2026-05-15T07:00:06.899933+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Grown Rogue FY2025 revenue $32.4M (+22% YoY), Adj. EBITDA $5.4M; provides guidance

## Summary
- Full-year 2025 revenue $32.4M (+22% YoY), GAAP net income $3.2M includes $5.9M non-cash derivative gain.
- Adjusted EBITDA $5.4M (16.5% margin) vs $3.8M in 2024; Q4 Adj. EBITDA $1.2M (13.4% margin).
- New Jersey Phase II expansion adding ~25% capacity; first harvest May 2026. Minnesota Phase I online late Q3 2026.
- Closed $12M senior secured credit at 7.84%; ended year with $11.4M cash. Illinois turnkey facility announced post-year-end.
- Preliminary Q1 2026 revenue growth >20% YoY; Michigan wholesale tax caused December/January ordering disruption.

## SEC filing metadata
- accession: 0001279569-26-000282
- form_type: 8-K
- ticker: GRUSF
- cik: 0001463000
- company_name: Grown Rogue International Inc.
- filed_at: 2026-04-07T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1463000/000127956926000282/0001279569-26-000282-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1463000/000127956926000282/form8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001279569-26-000282
- JSON: https://secwatch.observer/filing/0001279569-26-000282.json
- Plain text: https://secwatch.observer/filing/0001279569-26-000282.txt

## Key facts
- Earnings Releases
  Grown Rogue International Inc. reported Q4 2025 results: revenue $8.8 million, net income ($2.1) million. Guidance initiated.
  - Period: Q4 2025
  - Revenue: $8.8 million
  - Net income: ($2.1) million
  - Guidance: initiated
  - Result: preliminary results
  source text: Revenue for Q4 2025 was $8.8 million and GAAP net loss was ($2.1) million and Adjusted EBITDA (non-GAAP) was $1.2 million (13.4% margin).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1463000/000127956926000282/0001279569-26-000282-index.htm
- Earnings Releases
  Grown Rogue International Inc. reported the year ended December 31, 2025 results: revenue $32.4 million, net income $3.2 million. Guidance initiated.
  - Period: the year ended December 31, 2025
  - Revenue: $32.4 million
  - Net income: $3.2 million
  - Guidance: initiated
  - Result: preliminary results
  source text: Revenue of $32.4 million for the full year 2025, up 22% from $26.6 million in 2024, with growth driven by the late-2024 entry into the New Jersey market, partly offset by the termination of the Vireo consulting agreement in September of 2024 and substantial pricing pressure that contributed to revenue declines of 22% in Michigan and 8% in Oregon. • Adjusted EBITDA (non-GAAP) of $5.4 million (16.5% margin) for 2025, up 42% from $3.8 million in 2024, with contributions from New Jersey partly offset by pricing pressure in Michigan and Oregon and higher corporate overhead associated with growth initiatives. • GAAP net income of $3.2 million for 2025, including a non-cash gain of approximately $5.9 million related to the fair value of derivative liabilities.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1463000/000127956926000282/0001279569-26-000282-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.