---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-23-017007"
form_type: "8-K"
ticker: "VRNO"
cik: "0001848416"
company_name: "Verano Holdings Corp."
filed_at: "2023-05-10T23:59:59+00:00"
generated_at: "2026-06-15T07:04:33.046212+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001628280-23-017007
- form_type: 8-K
- ticker: VRNO
- cik: 0001848416
- company_name: Verano Holdings Corp.
- filed_at: 2023-05-10T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1848416/000162828023017007/0001628280-23-017007-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1848416/000162828023017007/vrnof-20230510.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-23-017007
- JSON: https://secwatch.observer/filing/0001628280-23-017007.json
- Plain text: https://secwatch.observer/filing/0001628280-23-017007.txt

## Key facts
- Earnings Releases
  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: $(9) million
  - Guidance: reaffirmed
  - Result: reported results
  source text: First Quarter 2023 Financial Highlights For the Three Months Ended ($ 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1848416/000162828023017007/0001628280-23-017007-index.htm

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