Verano Q3 revenue up 10% YoY to $228M; net loss widens to $43M

Verano Holdings Corp.

2022-Q3 EPS reported -$0.16 revenue$653,485,000

Q3 2022 revenue $228M, up 10% YoY and 2% QoQ; growth driven by adult-use sales in New Jersey.
Gross profit $123M (54% margin) vs 48% a year ago; improvement from top-line growth and lower inventory step-up.
Net loss widened to $(43)M from $(13)M in Q3 2021; Adjusted EBITDA $82M (36% of revenue) vs $76M (34%) in prior quarter.
Opened 11 new MÜV dispensaries in Florida; expanded Verano signature flower to 4 new markets; launched Savvy brand across 7 markets.
Subsequent to quarter: refinanced $350M credit facility for enhanced flexibility and lower capital costs.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 1.0

Verano Holdings Corp. reported the third quarter ended September 30, 2022 results: revenue $228 million, net income $(43) million.

Period: the third quarter ended September 30, 2022
Revenue: $228 million
Net income: $(43) million
Result: reported results

Exact text from the filing

• Q3 2022 revenue increased 2% versus the prior quarter and 10% year-over-year to $228 million. ◦ Revenue growth versus the year-ago period was driven by strength from adult-use sales in New Jersey. • Q3 2022 gross profit was $123 million or 54% of revenue, compared to $98 million or 44% of revenue in the prior quarter, and $98 million or 48% of revenue in the third quarter 2021. ◦ Gross profit growth versus the year-ago period was driven by top-line growth and a lower comparative impact related to the inventory step-up from acquisitions. • Q3 2022 SG&A was $86 million or 38% of revenue, compared to $100 million or 45% of revenue in the prior quarter, and $76 million or 37% of revenue in the third quarter 2021. ◦ SG&A growth versus the year-ago period was primarily driven by an increase in retail locations. • Q3 2022 net loss was $(43) million, compared to a loss of $(10) million in the prior quarter, and $(13) million in the year-ago period.

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Source: SEC EDGAR

accession 0001628280-22-029590

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