Filing Flows › Verano Holdings (VRNO) › Q2 2025
Verano Holdings (VRNO) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 7, 2025
Verano Holdings (VRNO) reported revenue of $202M for the second quarter 2025 (Q2 2025), -9% from a year earlier and -4% from the quarter before. Operating margin was 13.0%, net loss $19.1M (9.5% of revenue).
Verano Holdings, Q2 2025: revenue $202M (-9% year over year), operating margin 13.0%, net loss $19.1M, operating cash flow $10.9M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $202M | -4% | -9% |
| Operating profit | $26.2M | +75% | — |
| Net earnings | −$19.1M | — | — |
| Operating cash flow | $10.9M | +510% | +38% |
| Free cash flow | $431K | — | — |
What changed
Revenue was $202.3M in Q2 2025, down 9% year over year and down 4% from the previous quarter.
Gross margin was 55.9%, up 4.4 points from a year earlier. Operating profit was $26.2M, a 13.0% margin (up 0.7 points year over year). Operating expenses fell 0% while revenue fell 9%. The quarter ended with a net loss of $19.1M, wider than the previous quarter's $11.5M loss. Net interest and other expense of $10.2M was the main reason.
Operating cash flow was $10.9M (up 38% year over year). Non-cash charges added back $31.5M of depreciation and amortization and $3.3M of share-based compensation. Working capital and other items used $4.8M. Capital expenditures of $10.5M left free cash flow of $431K.
Questions
What was Verano Holdings' revenue in the second quarter 2025?
Verano Holdings (VRNO) reported revenue of $202M for the second quarter 2025 (Q2 2025), -9% from a year earlier and -4% from the quarter before.
Was Verano Holdings profitable in the second quarter 2025?
Operating profit was $26.2M (13.0% of revenue) and net loss $19.1M.
Source: Verano Holdings 10-Q on SEC EDGAR.