Filing Flows › Vireo Growth (VREOF) › Q1 2025
Vireo Growth (VREOF) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 9, 2025
Vireo Growth (VREOF) reported revenue of $24.5M for the first quarter 2025 (Q1 2025), +2% from a year earlier and -2% from the quarter before. Operating margin was 8.2%, net loss $6.5M (26.5% of revenue).
Vireo Growth, Q1 2025: revenue $24.5M (+2% year over year), operating margin 8.2%, net loss $6.5M, operating cash flow −$3.4M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $24.5M | -2% | +2% |
| Operating profit | $2.0M | — | — |
| Net earnings | −$6.5M | — | — |
| Operating cash flow | −$3.4M | — | — |
What changed
Revenue was $24.5M in Q1 2025, up 2% year over year and down 2% from the previous quarter. Retail was the largest line at 79% of revenue. Wholesale added $819K year over year (up 18%), 198% of the total change. Retail declined 2%.
Gross margin was 50.6%, down 0.2 points from a year earlier. Operating profit was $2.0M, a 8.2% margin (down 11.6 points year over year). Operating profit fell $2.8M even though revenue rose $413K versus a year earlier, so costs grew faster than sales. Operating expenses grew 39% against revenue growth of 2%. The fastest-growing cost line was Other operating costs (+592%). The quarter ended with a net loss of $6.5M, narrower than the previous quarter's $15.7M loss. Net interest and other expense of $6.8M was the main reason.
Operating cash flow was −$3.4M. Non-cash charges added back $600K of depreciation and amortization and $1.5M of share-based compensation. Working capital and other items added $1.0M. Capital expenditures of $1.1M exceeded it, leaving free cash flow of −$4.5M.
Questions
What was Vireo Growth's revenue in the first quarter 2025?
Vireo Growth (VREOF) reported revenue of $24.5M for the first quarter 2025 (Q1 2025), +2% from a year earlier and -2% from the quarter before.
Was Vireo Growth profitable in the first quarter 2025?
Operating profit was $2.0M (8.2% of revenue) and net loss $6.5M.
Source: Vireo Growth 10-Q on SEC EDGAR.