Filing Flows › Vireo Growth (VREOF) › Q3 2025
Vireo Growth (VREOF) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 12, 2025
Vireo Growth (VREOF) reported revenue of $91.7M for the third quarter 2025 (Q3 2025), +264% from a year earlier and +91% from the quarter before. Operating margin was 0.9%, net loss $26.3M (28.7% of revenue).
Vireo Growth, Q3 2025: revenue $91.7M (+264% year over year), operating margin 0.9%, net loss $26.3M, operating cash flow −$6.7M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $91.7M | +91% | +264% |
| Operating profit | $809K | — | — |
| Net earnings | −$26.3M | — | — |
| Operating cash flow | −$6.7M | — | — |
What changed
Revenue was $91.7M in Q3 2025, up 264% year over year and up 91% from the previous quarter. Retail was the largest line at 83% of revenue. Retail added $56.2M year over year (up 285%), 85% of the total change.
Gross margin was 40.8%, down 8.2 points from a year earlier. Operating profit was $809K, a 0.9% margin (down 14.4 points year over year). Operating profit fell $3.0M even though revenue rose $66.5M versus a year earlier, so costs grew faster than sales. Operating expenses grew 332% against revenue growth of 264%. The fastest-growing cost line was Other operating costs (+342%). The quarter ended with a net loss of $26.3M, wider than the previous quarter's $14.9M loss. Net interest and other expense of $13.8M was the main reason.
Operating cash flow was −$6.7M. Non-cash charges added back $2.3M of depreciation and amortization and $4.0M of share-based compensation. Working capital and other items added $13.3M. Capital expenditures of $13.7M exceeded it, leaving free cash flow of −$20.4M.
Questions
What was Vireo Growth's revenue in the third quarter 2025?
Vireo Growth (VREOF) reported revenue of $91.7M for the third quarter 2025 (Q3 2025), +264% from a year earlier and +91% from the quarter before.
Was Vireo Growth profitable in the third quarter 2025?
Operating profit was $809K (0.9% of revenue) and net loss $26.3M.
Source: Vireo Growth 10-Q on SEC EDGAR.