Verano Q2 revenue $218M (+8% YoY), net loss narrows to $13M, adj. EBITDA $51M

Verano Holdings Corp.

Revenue $218M, up 5% QoQ and 8% YoY; gross profit $100M (46% of revenue).
Net loss $(13)M improved from $(19)M in Q2 2025; adjusted EBITDA $51M (24% of revenue).
Operating cash flow $31M, up from $11M in Q2 2025; capex guidance tightened to $40-50M for 2026.
Cash $85M, total debt $393M; working capital $295M; 163 dispensaries across 13 states.
Completed 1-for-5 reverse stock split; $20M stock repurchase authorization announced.

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