Company generates revenue growth for second consecutive quarter driven by retail performance and announces
First Quarter 2026 Financial Highlights
| For the Three Months Ended, | ||||||||||||
| ($ in thousands) | ||||||||||||
| Revenues, net of Discounts | 208,178 | 206,613 | 209,809 | |||||||||
| Gross Profit | 98,976 | 105,695 | 99,581 | |||||||||
| Income (Loss) from Operations | 13,099 | (157,583 | ) | 15,002 | ||||||||
| Net Loss Attributable to | (17,823 | ) | (183,411 | ) | (11,515 | ) | ||||||
| Adjusted EBITDA1 | 49,004 | 55,534 | 54,398 | |||||||||
First Quarter 2026 Financial Highlights
- Revenues, net of discounts, of
$208 million , an increase of 1% versus the prior quarter, and a decrease of 1% year-over-year. - Gross profit of
$99 million or 48% of revenue. - SG&A expenses of
$86 million or 41% of revenue. - Net Loss of
$(18) million or (9)% of revenue. - Adjusted EBITDA1 of
$49 million or 24% of revenue. - Net cash provided by operating activities of
$19 million . - Capital expenditures of
$15 million .
Management Commentary
"Following last week’s historic rescheduling announcement and a strong first quarter highlighted by sequential revenue growth, 2026 has the potential to be a transformative year for Verano and the entire industry,” said
Archos concluded: "As we aim to drive further momentum for the business in 2026, Verano is well-positioned to quickly capitalize on a final Schedule III designation - a game-changing catalyst delivered by
First Quarter 2026 Financial Overview
Revenues, net of discounts, for the first quarter 2026 were
Gross profit for the first quarter 2026 was
SG&A expenses for the first quarter 2026 were
Net loss for the first quarter 2026 was
Adjusted EBITDA1 for the first quarter 2026 was
Net cash provided by operating activities for the first quarter 2026 was
Capital expenditures for the first quarter 2026 were
2026 Guidance
- The Company reiterates its 2026 capital expenditures guidance range of
$30 million to$50 million .
First Quarter 2026 Operational Highlights
- Strengthened national product portfolio in fast-growing pre-roll category with the launch of Swift Lifts as a standalone brand.
- Elevated
Florida retail footprint with the opening MÜV Deltona and MÜV Lehigh Acres. - Upsized the revolving credit facility commitment to
$100,000,000 and extended maturity date toFebruary 28, 2029 . - Closed on a
$195,000,000 senior secured term loan and drew the remaining$50,000,000 under its existing revolving credit facility to payoff and terminate the Company’s 2022 credit facility.
Subsequent Operational Highlights
- Expanded
Florida retail footprint with the opening of MÜV Miramar Beach, the Company's 85thFlorida dispensary and 162nd location nationwide. - Celebrated historic cannabis rescheduling announcement on
April 23, 2026 . - Announced
$20 million share repurchase authorization. - Current operations span 13 states, comprised of 162 dispensaries and 14 production facilities with more than 1.1 million square feet of cultivation capacity.
Balance Sheet and Liquidity
As of
The Company’s total issued and outstanding shares of common stock was 364,343,003 as of
Conference Call and Webcast
A conference call and webcast with analysts and investors is scheduled for
- Investors and participants can register in advance for the call by visiting: https://register-conf.media-server.com/register/BI59a4e1bd550347449ec24169cf6f0f9e
- After registering, instructions will be shared on how to join the call for those who wish to dial in.
- On
April 30, 2026 , the live webcast can be accessed via the following link: https://edge.media-server.com/mmc/p/q8eaghaj/ - The live and archived webcast will be available on the Events and Presentations page of the Company’s investor relations website at investors.verano.com.
_________________________
1Adjusted EBITDA and Adjusted EBITDA as a percentage of revenue (“Adjusted EBITDA Margin”) are non-
Non-
Verano uses non-
The Company calculates EBITDA as net income (loss) before interest expense, income tax expense, depreciation and amortization; Adjusted EBITDA as net income (loss) before net interest expense, income tax expense, depreciation and amortization and also excludes certain one-time extraordinary items and Adjusted EBITDA Margin as net income (loss) before net interest expense, income tax expense, depreciation and amortization and exclusion of certain one-time extraordinary items as a percentage of revenue. The calculations of the non-
Management believes that this non-
About Verano
Contacts:
Investors
Verano
Chief Investment Officer
Investors@verano.com
Media
Verano
Vice President, Communications
steve.mazeika@verano.com
Forward Looking Statements
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company’s beliefs regarding future events, plans, strategies, or objectives, many of which, by their nature, are inherently uncertain and outside of the Company’s control. Generally, such forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “future”, “scheduled”, “estimates”, “forecasts”, “projects,” “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”. Forward-looking statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking statements herein, including, without limitation, the risk factors described in the Company’s annual report on Form 10-K for the year ended
Financial Information Tables
The following tables include select financial results and the reconciliations of the non-
Highlights from Consolidated Statements of Operations
| For the Three Months Ended, | ||||||||||||
| ($ in thousands) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||
| Revenues, net of Discounts | $ | 208,178 | $ | 206,613 | $ | 209,809 | ||||||
| Cost of Goods Sold, net | 109,202 | 100,918 | 110,228 | |||||||||
| Gross Profit | $ | 98,976 | $ | 105,695 | $ | 99,581 | ||||||
| Gross Profit % | 48 | % | 51 | % | 47 | % | ||||||
| Operating Expenses: | ||||||||||||
| Selling, General and Administrative Expenses | 85,877 | 85,838 | 84,579 | |||||||||
| Loss on Impairment of Intangibles – | — | 86,591 | — | |||||||||
| Loss on Impairment of Intangibles – License & Fixed Assets | — | 90,849 | — | |||||||||
| Total Operating Expenses | 85,877 | 263,278 | 84,579 | |||||||||
| Income (Loss) from Operations | $ | 13,099 | $ | (157,583 | ) | $ | 15,002 | |||||
| Other Income (Expense) | ||||||||||||
| Loss on Disposal of Property, Plant and Equipment | (27 | ) | (1,034 | ) | (84 | ) | ||||||
| Gain on Deconsolidation | — | — | 4,739 | |||||||||
| Loss on Debt Extinguishment | (5,738 | ) | — | (63 | ) | |||||||
| Interest Expense, net | (12,312 | ) | (12,608 | ) | (13,562 | ) | ||||||
| Other Expense, net | (1,222 | ) | (1,450 | ) | (198 | ) | ||||||
| Total Other Income (Expense), net | (19,299 | ) | (15,092 | ) | (9,168 | ) | ||||||
| Income (Loss) Before Provision for Income Taxes | $ | (6,200 | ) | $ | (172,675 | ) | $ | 5,834 | ||||
| Provision for Income Tax Expense | (11,623 | ) | (10,736 | ) | (17,349 | ) | ||||||
| Net Loss Attributable to | $ | (17,823 | ) | $ | (183,411 | ) | $ | (11,515 | ) | |||
Highlights from Consolidated Balance Sheets
| As of | ||||||||
| ($ in thousands) | (Unaudited) | (Audited) | ||||||
| Cash and Cash Equivalents | $ | 74,026 | $ | 82,724 | ||||
| Other Current Assets | 320,495 | 321,927 | ||||||
| Property, Plant and Equipment, net | 488,106 | 492,473 | ||||||
| Intangible Assets, net | 564,575 | 579,090 | ||||||
| 161,009 | 161,009 | |||||||
| Other Long-Term Assets | 100,137 | 104,371 | ||||||
| Total Assets | $ | 1,708,348 | $ | 1,741,594 | ||||
| Total Current Liabilities | 118,911 | 140,261 | ||||||
| Total Long-Term Liabilities | 902,867 | 898,954 | ||||||
| Shareholders' Equity | 688,347 | 704,156 | ||||||
| Non-Controlling Interest | (1,777 | ) | (1,777 | ) | ||||
| Total Liabilities and Shareholders' Equity | $ | 1,708,348 | $ | 1,741,594 | ||||
Reconciliation of Net Loss to EBITDA (Non-
| For the Three Months Ended, | ||||||||||||
| ($ in thousands) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||
| Net Loss Attributable to | $ | (17,823 | ) | $ | (183,411 | ) | $ | (11,515 | ) | |||
| Interest Expense, net | 12,312 | 12,608 | 13,562 | |||||||||
| Income Tax Expense | 11,623 | 10,736 | 17,349 | |||||||||
| Depreciation and Amortization | 29,188 | 29,316 | 31,791 | |||||||||
| EBITDA | $ | 35,300 | $ | (130,751 | ) | $ | 51,187 | |||||
| COGS Add-backs: | ||||||||||||
| Acquisition, Transaction and Other Non-operating Costs | — | 1,378 | 2,282 | |||||||||
| Employee Stock Compensation | 232 | 432 | 648 | |||||||||
| SG&A Add-backs: | ||||||||||||
| Acquisition, Transaction and Other Non-operating Costs | 3,155 | 1,820 | 1,269 | |||||||||
| Employee Stock Compensation | 1,977 | 1,910 | 2,655 | |||||||||
| Impairments | — | 177,440 | — | |||||||||
| Acquisition Adjustments and Other (Income) & Expense, net | 8,340 | 3,305 | (3,643 | ) | ||||||||
| Adjusted EBITDA2 | $ | 49,004 | $ | 55,534 | $ | 54,398 | ||||||
| Net Loss Margin | (9 | )% | (89 | )% | (5 | )% | ||||||
| Adjusted EBITDA Margin2 | 24 | % | 27 | % | 26 | % | ||||||
