Filing Flows › Vireo Growth (VREOF) › Q1 2026 › vs Q4 2025
Vireo Growth (VREOF) Q1 2026 vs Q4 2025 (quarter over quarter)
Vireo Growth's revenue rose $1.7M (+2%) from $105M in Q4 2025 to $106M in Q1 2026. The biggest changes: Retail +$1.9M (+2%); Wholesale −$236K (-1%).
Vireo Growth, Q1 2026: revenue $106M (+334% year over year), operating margin 8.5%, net loss $20.3M, operating cash flow $11.9M. The chart draws each line against Q4 2025, the increases inside each band.
Margins
| Q1 2026 | Q4 2025 | Change | |
|---|---|---|---|
| Free cash flow margin | 1.0% | 8.4% | -7.4 pts |
Every line
| Line | Q1 2026 | Q4 2025 | Change | % |
|---|---|---|---|---|
| Retail | $89.9M | $88.0M | $1.9M | +2% |
| Wholesale | $16.3M | $16.5M | −$236K | -1% |
| Revenue | $106M | $105M | $1.7M | +2% |
| Net loss | $20.3M | $20.4M | −$72K | -0.4% |
| Costs & expenses | $126M | $125M | $1.6M | +1% |
| Operating costs | $97.2M | $106M | −$9.1M | -9% |
| Interest & other, net | $13.2M | $10.2M | $3.0M | +29% |
| Income tax | $16.1M | $8.3M | $7.8M | +93% |
| Cost of revenue | $46.9M | $47.6M | −$728K | -2% |
| SG&A | $30.8M | $31.6M | −$777K | -2% |
| Other operating costs | $19.5M | $27.1M | −$7.6M | -28% |
| Operating cash sources | $32.2M | $39.0M | −$6.8M | -17% |
| Depreciation & amortization | $4.0M | $11.9M | −$7.9M | -66% |
| Share-based compensation | $7.0M | $9.0M | −$2.0M | -23% |
| Working capital & other | $21.2M | $18.1M | $3.1M | +17% |
| Net loss absorbed | $20.3M | $20.4M | −$72K | -0.4% |
| Operating cash flow | $11.9M | $18.7M | −$6.8M | -36% |
| Free cash flow (OCF − capex) | $1.1M | $8.8M | −$7.7M | -87% |
| Capital expenditures | $10.8M | $9.9M | $938K | +10% |
Questions
How much did Vireo Growth's revenue grow quarter over quarter in Q1 2026?
Vireo Growth's revenue rose $1.7M (+2%) from $105M in Q4 2025 to $106M in Q1 2026.
What drove Vireo Growth's revenue change in Q1 2026?
Retail +$1.9M (+2%); Wholesale −$236K (-1%).