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Vireo Growth cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$106M in Q2 2026 · −$116M over twelve months

Operating cash flow$2.4M
Capital spending−$108M
Free cash flow−$106M

Analysis

In Q2 2026, Vireo Growth generated $2.4M of operating cash flow and spent $108M on capital projects, leaving free cash flow of −$106M. That is $97.3M less than in Q2 2025 (−$8.5M).

Over the twelve months to Jun 30, 2026, operating cash flow was $26.2M; the largest uses were capital spending ($143M), other financing ($40K); besides operations, cash came from net borrowing (+) / repaid (−) ($76.3M), other investing ($56.7M); the cash balance rose by $16.6M.

Operating cash flow was $2.4M against net income of −$100K. The largest differences: receivables −$13.0M, stock-based pay +$7.5M, prepaid and other assets +$6.2M.

Free cash flow

Vireo Growth: free cash flow by quarterVireo Growth: free cash flow by quarter−$7.5MQ3 2024−$9.2MQ4 2024−$4.5MQ1 2025−$8.5MQ2 2025−$20.4MQ3 2025$8.8MQ4 2025$1.1MQ1 2026−$106MQ2 2026
Operating cash flow less capital spending.
Vireo Growth: operating cash flow against capital spendingVireo Growth: operating cash flow against capital spendingOperating cash flowCapital spending−$2.6M$4.9MQ3 2024−$6.4M$2.7MQ4 2024−$3.4M$1.1MQ1 2025−$4.8M$3.7MQ2 2025−$6.7M$13.7MQ3 2025$18.7M$9.9MQ4 2025$11.9M$10.8MQ1 2026$2.4M$108MQ2 2026
Latest (Q2 2026): Operating cash flow $2.4M, Capital spending $108M.

Capital allocation, year by year

Vireo Growth: where the cash came from (up) and went (down), by fiscal yearVireo Growth: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingFY2021: Operating cash flow −$30.5MFY2021: Net borrowing $25.4MFY2021: Shares issued $1.2MFY2021: Asset sales $15.1MFY2021: Capital spending −$18.0M$41.7MFY2021FY2022: Operating cash flow −$18.1MFY2022: Net borrowing $23.7MFY2022: Shares issued $7KFY2022: Asset sales $791KFY2022: Capital spending −$5.6M$24.5MFY2022FY2023: Operating cash flow −$966KFY2023: Net borrowing $5.3MFY2023: Asset sales $942KFY2023: Capital spending −$5.0M$6.2MFY2023FY2024: Operating cash flow −$10.2MFY2024: Net borrowing $13.1MFY2024: Shares issued $16KFY2024: Capital spending −$11.7M$13.1MFY2024FY2025: Operating cash flow $3.7MFY2025: Net borrowing $18.3MFY2025: Shares issued $122KFY2025: Asset sales $250KFY2025: Capital spending −$28.3M$22.3MFY2025
Over these 5 years operating cash flow totalled −$56.1M; the largest uses were capital spending ($68.6M) and operating cash flow ($59.8M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$104M
Debtnone
Net cash$104M

Vireo Growth's operations bring cash in ($26.2M over twelve months), and it spends more than that on capital projects: a gap of $116M funded from its $104M of cash and investments and from borrowing. That is a choice to invest, not a cash runway running down.

Where the cash came from and went

Vireo Growth: sources (+) and uses (−) of cash, Q2 2026Vireo Growth: sources (+) and uses (−) of cash, Q2 2026Capital spending−$108MOther financing$87.1MOther investing$38.5MNet borrowing (+) / repaid (−)−$34.9MCash drawn (+) / kept (−)$15.1MOperating cash flow$2.4M
Vireo Growth: sources (+) and uses (−) of cash, TTM to Q2 2026Vireo Growth: sources (+) and uses (−) of cash, TTM to Q2 2026Capital spending−$143MNet borrowing (+) / repaid (−)$76.3MOther investing$56.7MOperating cash flow$26.2MCash drawn (+) / kept (−)−$16.6MOther financing−$40K

From profit to cash

Vireo Growth: net income to operating cash flow, Q2 2026Vireo Growth: net income to operating cash flow, Q2 2026Net income−$100KDepreciation & amortization$5.9MStock-based pay$7.5MDeferred taxes−$5.7MReceivables−$13.0MInventory−$5.4MPrepaid and other assets$6.2MOperating cash flow$2.4M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026$2.4M−$108M—−$34.9M—$15.1M−$106M
Q1 2026$11.9M−$10.8M$18.2M−$4.6M—−$15.3M$1.1M
Q4 2025$18.7M−$9.9M—−$4.3M$31K−$5.0M$8.8M
Q3 2025−$6.7M−$13.7M—$32.9M−$9K−$11.4M−$20.4M
Q2 2025−$4.8M−$3.7M—−$9.1M$77K−$19.9M−$8.5M
Q1 2025−$3.4M−$1.1M—−$900K$23K$5.4M−$4.5M
Q4 2024−$6.4M−$2.7M—$3.4M—−$84.3M−$9.2M
Q3 2024−$2.6M−$4.9M—−$87K—$3.9M−$7.5M

Vireo Growth: income statement and cash flow

Vireo Growth, Q2 2026: revenue $209M (+335% year over year), operating margin -3.0%. The chart follows the revenue to costs, profit and cash.

Vireo Growth: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.