Filing Flows › Vireo Growth (VREOF) › Q1 2026
Vireo Growth (VREOF) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 12, 2026
Vireo Growth (VREOF) reported revenue of $106M for the first quarter 2026 (Q1 2026), +333% from a year earlier and +2% from the quarter before. Operating margin was 8.5%, net loss $20.3M (19.1% of revenue).
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 follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $106M | +2% | +333% |
| Operating profit | $9.0M | — | +350% |
| Net earnings | −$20.3M | — | — |
| Operating cash flow | $11.9M | -36% | — |
| Free cash flow | $1.1M | -87% | — |
What changed
Revenue was $106.2M in Q1 2026, up 333% year over year and up 2% from the previous quarter. Retail was the largest line at 85% of revenue. Retail added $70.7M year over year (up 368%), 87% of the total change.
Gross margin was 55.8%, up 5.2 points from Q1 2025. Operating profit was $9.0M, a 8.5% margin (up 0.3 points year over year). Of the extra revenue versus Q1 2025, 9% reached operating profit, above the 8% margin then. Operating expenses grew 384% against revenue growth of 333%. The fastest-growing cost line was Other operating costs (+550%). The quarter ended with a net loss of $20.3M, narrower than the previous quarter's $20.4M loss. Net interest and other expense of $13.2M was the main reason.
Operating cash flow was $11.9M. Non-cash charges added back $4.0M of depreciation and amortization and $7.0M of share-based compensation. Working capital and other items added $21.2M. Capital expenditures of $10.8M left free cash flow of $1.1M.
Questions
What was Vireo Growth's revenue in the first quarter 2026?
Vireo Growth (VREOF) reported revenue of $106M for the first quarter 2026 (Q1 2026), +333% from a year earlier and +2% from the quarter before.
Was Vireo Growth profitable in the first quarter 2026?
Operating profit was $9.0M (8.5% of revenue) and net loss $20.3M.
Source: Vireo Growth 10-Q on SEC EDGAR.