Filing Flows › Verano Holdings (VRNO) › Q1 2025
Verano Holdings (VRNO) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 8, 2025
Verano Holdings (VRNO) reported revenue of $210M for the first quarter 2025 (Q1 2025), -5% from a year earlier and -4% from the quarter before. Operating margin was 7.2%, net loss $11.5M (5.5% of revenue).
Verano Holdings, Q1 2025: revenue $210M (-5% year over year), operating margin 7.2%, net loss $11.5M, operating cash flow $1.8M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $210M | -4% | -5% |
| Operating profit | $15.0M | — | — |
| Net earnings | −$11.5M | — | — |
| Operating cash flow | $1.8M | -96% | -94% |
What changed
Revenue was $209.8M in Q1 2025, down 5% year over year and down 4% from the previous quarter.
Gross margin was 47.5%, down 3.6 points from a year earlier. Operating profit was $15.0M, a 7.2% margin (down 3.1 points year over year). Operating expenses fell 6% while revenue fell 5%. The quarter ended with a net loss of $11.5M, narrower than the previous quarter's $272.7M loss. Net interest and other expense of $9.2M was the main reason.
Operating cash flow was $1.8M (down 94% year over year). Non-cash charges added back $31.8M of depreciation and amortization and $3.3M of share-based compensation. Working capital and other items used $21.8M. Capital expenditures of $13.9M exceeded it, leaving free cash flow of −$12.1M.
Questions
What was Verano Holdings' revenue in the first quarter 2025?
Verano Holdings (VRNO) reported revenue of $210M for the first quarter 2025 (Q1 2025), -5% from a year earlier and -4% from the quarter before.
Was Verano Holdings profitable in the first quarter 2025?
Operating profit was $15.0M (7.2% of revenue) and net loss $11.5M.
Source: Verano Holdings 10-Q on SEC EDGAR.