Filing Flows › Verano Holdings (VRNO) › Q1 2026
Verano Holdings (VRNO) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 30, 2026
Verano Holdings (VRNO) reported revenue of $208M for the first quarter 2026 (Q1 2026), -0.8% from a year earlier and +0.8% from the quarter before. Operating margin was 6.3%, net loss $17.8M (8.6% of revenue).
Verano Holdings, Q1 2026: revenue $208M (-0.8% year over year), operating margin 6.3%, net loss $17.8M, operating cash flow $18.6M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $208M | +0.8% | -0.8% |
| Operating profit | $13.1M | — | -13% |
| Net earnings | −$17.8M | — | — |
| Operating cash flow | $18.6M | +35% | +941% |
| Free cash flow | $3.6M | -17% | — |
What changed
Revenue was $208.2M in Q1 2026, down 1% year over year and up 1% from the previous quarter.
Gross margin was 47.5%, up 0.1 points from Q1 2025. Operating profit was $13.1M, a 6.3% margin (down 0.9 points year over year). Operating expenses grew 2% against a revenue fall of 1%. The quarter ended with a net loss of $17.8M, narrower than the previous quarter's $183.4M loss. Net interest and other expense of $19.3M was the main reason.
Operating cash flow was $18.6M (up 941% year over year). Non-cash charges added back $29.2M of depreciation and amortization and $2.2M of share-based compensation. Working capital and other items added $5.0M. Capital expenditures of $14.9M left free cash flow of $3.6M.
Questions
What was Verano Holdings' revenue in the first quarter 2026?
Verano Holdings (VRNO) reported revenue of $208M for the first quarter 2026 (Q1 2026), -0.8% from a year earlier and +0.8% from the quarter before.
Was Verano Holdings profitable in the first quarter 2026?
Operating profit was $13.1M (6.3% of revenue) and net loss $17.8M.
Source: Verano Holdings 10-Q on SEC EDGAR.