Verano Q3 revenue $228M (+10% YoY); net loss $43M; Adj EBITDA $82M (36% margin)

Verano Holdings Corp.

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

Q3 2022 revenue $228M, +10% YoY; gross profit $123M (54% margin) vs 44% in prior quarter.
Net loss $43M vs $10M loss in Q2 2022 and $13M loss in Q3 2021.
Adjusted EBITDA $82M (36% of revenue) vs $76M (34%) in prior quarter.
Opened 11 new MÜV dispensaries in Florida; acquired Sierra Well (Nevada).
Refinanced $350M credit facility post-quarter for improved flexibility and lower cost.

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 0.95

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

Period: 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 0001628280-22-029721

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