Filing Flows › Vireo Growth (VREOF) › Q2 2025
Vireo Growth (VREOF) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 13, 2025
Vireo Growth (VREOF) reported revenue of $48.1M for the second quarter 2025 (Q2 2025), +92% from a year earlier and +96% from the quarter before. Operating margin was -4.2%, net loss $14.9M (31.0% of revenue).
Vireo Growth, Q2 2025: revenue $48.1M (+92% year over year), operating margin -4.2%, net loss $14.9M, operating cash flow −$4.8M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $48.1M | +96% | +92% |
| Operating profit | −$2.0M | -200% | — |
| Net earnings | −$14.9M | — | — |
| Operating cash flow | −$4.8M | — | — |
What changed
Revenue was $48.1M in Q2 2025, up 92% year over year and up 96% from the previous quarter. Retail was the largest line at 76% of revenue. Retail added $16.0M year over year (up 77%), 69% of the total change.
Gross margin was 42.4%, down 11.6 points from a year earlier. Operating costs exceeded revenue by $2.0M, an operating margin of -4.2%. Operating expenses grew 189% against revenue growth of 92%. The fastest-growing cost line was Other operating costs (+5069%). The quarter ended with a net loss of $14.9M, wider than the previous quarter's $6.5M loss. Net interest and other expense of $8.1M was the main reason.
Operating cash flow was −$4.8M. Non-cash charges added back $1.3M of depreciation and amortization and $4.2M of share-based compensation. Working capital and other items added $4.6M. Capital expenditures of $3.7M exceeded it, leaving free cash flow of −$8.5M.
Questions
What was Vireo Growth's revenue in the second quarter 2025?
Vireo Growth (VREOF) reported revenue of $48.1M for the second quarter 2025 (Q2 2025), +92% from a year earlier and +96% from the quarter before.
Was Vireo Growth profitable in the second quarter 2025?
Operating loss was $2.0M (-4.2% of revenue) and net loss $14.9M.
Source: Vireo Growth 10-Q on SEC EDGAR.