Verano Q4 rev $207M, net loss $183M; closes $195M credit facility at 9.5%

Verano Holdings Corp.

Q4 2025 revenue $207M (+2% QoQ, -5% YoY); Adj. EBITDA $56M (27% margin).
Full year 2025 revenue $822M (-6% YoY); net loss $258M; Adj. EBITDA $229M.
Closed $195M senior secured term loan with Needham Bank at 9.5% floating rate, maturing 2029.
Drew $50M from revolver to repay 2022 facility; year-end total debt net $400M.
2026 capex guidance $30-50M; highlights include Texas conditional license and Vireo settlement.

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