---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-24-011507"
form_type: "8-K/A"
ticker: "VRNO"
cik: "0001848416"
company_name: "Verano Holdings Corp."
filed_at: "2024-03-15T23:59:59+00:00"
generated_at: "2026-06-04T17:53:21.718020+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Verano revises 2023 results: $9M impairment, net loss $117M, revenue $938M

## Summary
- Fixed asset impairment of $9M on Massachusetts cultivation facility; net loss increased by $5M after tax.
- FY2023 revenue $938M (+7% YoY), net loss $117M (improved from $269M loss in 2022).
- Adj. EBITDA $305M (32% margin); net cash from ops $110M, free cash flow $73M.
- Q4 revenue $237M (+5% YoY, -1% seq.); net loss $77M; adj. EBITDA $73M.
- Q1 2024 guidance: revenue decline 5-7% vs prior year due to NJ dispensary growth.

## SEC filing metadata
- accession: 0001628280-24-011507
- form_type: 8-K/A
- ticker: VRNO
- cik: 0001848416
- company_name: Verano Holdings Corp.
- filed_at: 2024-03-15T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1848416/000162828024011507/0001628280-24-011507-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1848416/000162828024011507/vrnof-20240229.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-24-011507
- JSON: https://secwatch.observer/filing/0001628280-24-011507.json
- Plain text: https://secwatch.observer/filing/0001628280-24-011507.txt

## Key facts
- Earnings Releases
  Verano Holdings Corp. reported the fiscal year ended December 31, 2023 results: revenue $938 million, net income $(117) million.
  - Period: the fiscal year ended December 31, 2023
  - Revenue: $938 million
  - Net income: $(117) million
  - Result: reported results
  source text: Full Year 2023 Financial Highlights • Revenue of $938 million, an increase of 7% year-over-year. • Gross profit of $475 million or 51% of revenue. • SG&A expense of $332 million or 35% of revenue. • Net loss of $(117) million or (13)% of revenue. • Adjusted EBITDA 2 of $305 million or 32% of revenue. • Net cash provided by operating activities of $110 million. • Capital expenditures of $36 million. • Free cash flow 1 of $73 million.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1848416/000162828024011507/0001628280-24-011507-index.htm
- Earnings Releases
  Verano Holdings Corp. reported the fourth quarter ended December 31, 2023 results: revenue $237 million, net income $(77) million.
  - Period: the fourth quarter ended December 31, 2023
  - Revenue: $237 million
  - Net income: $(77) million
  - Result: reported results
  source text: Fourth Quarter 2023 Financial Highlights • Revenue of $237 million, an increase of 5% year-over-year, and decrease of 1% versus the prior quarter. • Gross profit of $118 million or 50% of revenue. • SG&A expense of $86 million or 36% of revenue. • Net loss of $(77) million or (33)% of revenue. • Adjusted EBITDA 2 of $73 million or 31% of revenue. • Net cash provided by operating activities of $32 million. • Capital expenditures of $10 million. • Free cash flow 1 of $23 million.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1848416/000162828024011507/0001628280-24-011507-index.htm

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