Verano Q3 revenue drops 6% YoY to $203M; net loss $44M, Adj EBITDA $53M

Verano Holdings Corp.

2025-Q3 EPS reported -$0.21 revenue$614,891,000

Revenue $202.8M, down from $216.7M YoY; gross profit margin 47% vs 50% a year ago.
Net loss attributable $43.8M (22% of revenue); includes $5M impairment and $10M legal contingencies.
Adjusted EBITDA $53.1M (26% of revenue), down from $64.5M in Q3 2024.
Shareholders approved redomicile from Canada to Nevada; board approved, pending BC registrar strike.
Secured $75M revolver; drew $50M to retire higher-rate debt; working capital $242M, cash $83M.

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