Verano Q1 revenue up 12% YoY to $227M; net loss $9M, Adjusted EBITDA margin 31%

Verano Holdings Corp.

2023-Q1 EPS reported -$0.03 revenue$227,060,000

Revenue $227M (+12% YoY), gross profit $109M (48% margin).
Net loss $9M vs $0.2M loss in Q1 2022; Adjusted EBITDA $71M (31% margin) down from $87M (43%).
Cash flow from ops $17M, free cash flow $8M; capital expenditure $9M.
Guidance: free cash flow $50-75M; capex tightened to $35-50M.
Opened 4 new MÜV dispensaries in FL, Zen Leaf in PA & WV, CT adult use launch.

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 0.9

Verano Holdings Corp. reported first quarter ended March 31, 2023 results: revenue $227 million, net income $(9) million. Guidance reaffirmed.

Period: first quarter ended March 31, 2023
Revenue: $227 million
Net income: $(9) million
Guidance: reaffirmed
Result: reported results

Exact text from the filing

First Quarter 2023 Financial Highlights For the Three Months Ended ($ in thousands) March 31, 2023 December 31, 2022 March 31, 2022 Revenues, net of discounts $ 227,060 $ 225,927 $ 202,235 Gross Profit 109,185 103,336 98,617 Income (Loss) from Operations 33,782 (206,977) 11,062 Net Loss Attributable to Verano Holdings Corp. & Subsidiaries (9,237) (216,110) (214) Adjusted EBITDA 2 70,635 78,713 87,202 • Revenue of $227 million increased 12% year-over-year and increased 1% versus the prior quarter. • Gross profit of $109 million or 48% of revenue. • SG&A expense of $75 million or 33% of revenue. • Net loss of $(9) million. • Adjusted EBITDA 2 of $71 million or 31% of revenue. • Cash Flow from Operations of $17 million. • Capital expenditures of $9 million. • Free Cash Flow 1 of $8 million.

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Source: SEC EDGAR

accession 0001628280-23-017007

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