Verano Announces Fourth Quarter and Full Year 2024 Financial Results
Verano Holdings reported its Q4 and full year 2024 financial results, showing mixed performance. Q4 revenue was $218 million, down 8% year-over-year but up 1% from Q3. Full-year 2024 revenue reached $879 million, a 6% decrease from 2023.
The company reported a significant net loss of $(273) million in Q4 and $(342) million for the full year, primarily due to fixed and intangible asset impairments. Despite challenges, Q4 showed $63 million in Adjusted EBITDA (29% of revenue) and $44 million in operating cash flow.
Operational highlights include entering the Virginia market, opening 17 new dispensaries across six markets, and launching new products. The company currently operates 153 dispensaries and 15 production facilities across 13 states, with over 1.1 million square feet of cultivation capacity.
Verano Holdings ha riportato i risultati finanziari del quarto trimestre e dell'intero anno 2024, mostrando una performance mista. I ricavi del quarto trimestre sono stati di 218 milioni di dollari, in calo dell'8% rispetto all'anno precedente, ma in aumento dell'1% rispetto al terzo trimestre. I ricavi complessivi dell'anno 2024 hanno raggiunto 879 milioni di dollari, con una diminuzione del 6% rispetto al 2023.
La società ha registrato una significativa perdita netta di 273 milioni di dollari nel quarto trimestre e 342 milioni di dollari per l'intero anno, principalmente a causa di svalutazioni di attività fisse e immateriali. Nonostante le difficoltà, il quarto trimestre ha mostrato un EBITDA rettificato di 63 milioni di dollari (29% dei ricavi) e 44 milioni di dollari di flusso di cassa operativo.
I punti salienti operativi includono l'ingresso nel mercato della Virginia, l'apertura di 17 nuovi dispensari in sei mercati e il lancio di nuovi prodotti. Attualmente, la società gestisce 153 dispensari e 15 impianti di produzione in 13 stati, con oltre 1,1 milioni di piedi quadrati di capacità di coltivazione.
Verano Holdings informó sus resultados financieros del cuarto trimestre y del año completo 2024, mostrando un rendimiento mixto. Los ingresos del cuarto trimestre fueron de 218 millones de dólares, una disminución del 8% en comparación con el año anterior, pero un aumento del 1% con respecto al tercer trimestre. Los ingresos del año completo 2024 alcanzaron 879 millones de dólares, una disminución del 6% en comparación con 2023.
La compañía reportó una pérdida neta significativa de 273 millones de dólares en el cuarto trimestre y 342 millones de dólares para el año completo, principalmente debido a deterioros de activos fijos e intangibles. A pesar de los desafíos, el cuarto trimestre mostró un EBITDA ajustado de 63 millones de dólares (29% de los ingresos) y 44 millones de dólares en flujo de caja operativo.
Los aspectos destacados operativos incluyen la entrada en el mercado de Virginia, la apertura de 17 nuevos dispensarios en seis mercados y el lanzamiento de nuevos productos. Actualmente, la compañía opera 153 dispensarios y 15 instalaciones de producción en 13 estados, con más de 1,1 millones de pies cuadrados de capacidad de cultivo.
Verano Holdings는 2024년 4분기 및 전체 연도 재무 결과를 보고하며 혼합된 성과를 보여주었습니다. 4분기 수익은 2억 1800만 달러로, 전년 대비 8% 감소했지만 3분기 대비 1% 증가했습니다. 2024년 전체 수익은 8억 7900만 달러에 도달하여 2023년 대비 6% 감소했습니다.
회사는 4분기에 2억 7300만 달러의 상당한 순손실을 기록했으며, 전체 연도에는 3억 4200만 달러의 손실이 발생했습니다. 이는 주로 고정 자산 및 무형 자산의 손상 때문입니다. 어려움에도 불구하고 4분기에는 6300만 달러의 조정 EBITDA(수익의 29%)와 4400만 달러의 운영 현금 흐름을 기록했습니다.
운영 하이라이트에는 버지니아 시장 진입, 6개 시장에 걸쳐 17개의 새로운 약국 개설 및 신제품 출시가 포함됩니다. 현재 회사는 13개 주에서 153개의 약국과 15개의 생산 시설을 운영하고 있으며, 110만 평방 피트 이상의 재배 용량을 보유하고 있습니다.
Verano Holdings a publié ses résultats financiers pour le quatrième trimestre et l'année complète 2024, montrant une performance mitigée. Les revenus du quatrième trimestre se sont élevés à 218 millions de dollars, en baisse de 8 % par rapport à l'année précédente, mais en hausse de 1 % par rapport au troisième trimestre. Les revenus de l'année complète 2024 ont atteint 879 millions de dollars, soit une diminution de 6 % par rapport à 2023.
L'entreprise a enregistré une perte nette significative de 273 millions de dollars au quatrième trimestre et de 342 millions de dollars pour l'année complète, principalement en raison d'amortissements d'actifs corporels et incorporels. Malgré les défis, le quatrième trimestre a montré un EBITDA ajusté de 63 millions de dollars (29 % des revenus) et un flux de trésorerie opérationnel de 44 millions de dollars.
Les points saillants opérationnels incluent l'entrée sur le marché de la Virginie, l'ouverture de 17 nouveaux dispensaires dans six marchés et le lancement de nouveaux produits. Actuellement, l'entreprise exploite 153 dispensaires et 15 installations de production dans 13 États, avec une capacité de culture de plus de 1,1 million de pieds carrés.
Verano Holdings hat die finanziellen Ergebnisse für das vierte Quartal und das Gesamtjahr 2024 veröffentlicht, die eine gemischte Leistung zeigen. Der Umsatz im vierten Quartal betrug 218 Millionen Dollar, was einem Rückgang von 8% im Vergleich zum Vorjahr entspricht, aber einem Anstieg von 1% im Vergleich zum dritten Quartal. Der Gesamtumsatz für 2024 erreichte 879 Millionen Dollar, was einem Rückgang von 6% im Vergleich zu 2023 entspricht.
Das Unternehmen berichtete über einen erheblichen Nettoverlust von 273 Millionen Dollar im vierten Quartal und 342 Millionen Dollar für das gesamte Jahr, hauptsächlich aufgrund von Abwertungen von Sach- und immateriellen Vermögenswerten. Trotz der Herausforderungen zeigte das vierte Quartal ein bereinigtes EBITDA von 63 Millionen Dollar (29% des Umsatzes) und 44 Millionen Dollar an operativem Cashflow.
Zu den betrieblichen Höhepunkten gehören der Eintritt in den Markt von Virginia, die Eröffnung von 17 neuen Apotheken in sechs Märkten und die Einführung neuer Produkte. Das Unternehmen betreibt derzeit 153 Apotheken und 15 Produktionsstätten in 13 Bundesstaaten, mit einer Anbaukapazität von über 1,1 Millionen Quadratfuß.
- Operating cash flow increased to $44M in Q4 2024 from $32M in Q4 2023
- Expanded retail footprint with 17 new dispensaries
- Q4 revenue up 1% quarter-over-quarter to $218M
- Strong Adjusted EBITDA margin at 29% in Q4 2024
- Q4 net loss of $(273M), significantly worse than $(77M) in Q4 2023
- Full-year revenue declined 6% to $879M
- Gross profit margin decreased to 49% in Q4 from 50% year-over-year
- SG&A expenses increased to 40% of revenue in 2024 from 35% in 2023
CHICAGO, Feb. 27, 2025 (GLOBE NEWSWIRE) -- Verano Holdings Corp. (Cboe CA: VRNO) (OTCQX: VRNOF) (“Verano” or the “Company”), a leading multi-state cannabis company, today announced its financial results for the fourth quarter and full year ended December 31, 2024, which were prepared in accordance with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”).
Fourth Quarter and Full Year 2024 Financial Highlights
| For the Three Months Ended, | For the Year Ended, | |||||||||||||||||||
| ($ in thousands) | December 31, 2024 | September 30, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | |||||||||||||||
| Revenues, net of Discounts | 218,206 | 216,683 | 237,189 | 878,585 | 938,452 | |||||||||||||||
| Gross Profit | 107,534 | 109,097 | 117,610 | 443,931 | 475,206 | |||||||||||||||
| Income (Loss) from Operations | (303,883 | ) | 16,770 | (19,716 | ) | (237,176 | ) | 84,784 | ||||||||||||
| Net Loss Attributable to Verano Holdings Corp. & Subsidiaries | (272,706 | ) | (42,567 | ) | (77,208 | ) | (341,859 | ) | (117,348 | ) | ||||||||||
| Adjusted EBITDA1 | 62,850 | 64,458 | 73,376 | 264,454 | 304,871 | |||||||||||||||
Fourth Quarter 2024 Financial Highlights
- Revenues, net of Discounts, of
$218 million , a decrease of8% year-over-year, and an increase of1% versus the prior quarter. - Gross profit of
$108 million or49% of revenue. - SG&A expense of
$84 million or38% of revenue. - Net loss of
$(273) million or (125)% of revenue. - Adjusted EBITDA1 of
$63 million or29% of revenue. - Net cash provided by operating activities of
$44 million . - Capital expenditures of
$14 million .
Full Year 2024 Financial Highlights
- Revenues, net of Discounts, of
$879 million , a decrease of6% year-over-year. - Gross profit of
$444 million or51% of revenue. - SG&A expense of
$353 million or40% of revenue. - Net loss of
$(342) million or (39)% of revenue. - Adjusted EBITDA1 of
$264 million or30% of revenue. - Net cash provided by operating activities of
$112 million . - Capital expenditures of
$99 million .
Management Commentary
“I am tremendously proud of our team’s resilience in 2024, a year in which we laid the foundation to strengthen and optimize our core business to pursue long-term growth,” said George Archos, Verano founder, Chairman and Chief Executive Officer. “Throughout a dynamic 2024, we entered the valuable Virginia market and bolstered our footprint in Arizona, brought 17 new dispensaries online in six key markets, celebrated adult use sales in Ohio, and launched a series of exciting new products across the fastest-growing categories.”
Archos concluded: “Looking ahead, we have a clear vision to harness innovation, automation and differentiation across all parts of the business to fuel our continued evolution, and never-ending pursuit of quality and excellence. I’m confident in our ability to move with speed and agility in pursuit of growth and look forward to continuing to build Verano into a cannabis powerhouse in 2025 and beyond.”
Fourth Quarter 2024 Financial Overview
Revenue for the fourth quarter 2024 was
Gross profit for the fourth quarter 2024 was
SG&A expense for the fourth quarter 2024 was
Net loss for the fourth quarter 2024 was
Adjusted EBITDA1 for the fourth quarter 2024 was
Net cash provided by operating activities for the fourth quarter 2024 was
Capital expenditures for the fourth quarter 2024 were
Full Year 2024 Financial Overview
Revenue for the full year 2024 was
Gross profit for the full year 2024 was
SG&A expense for the full year 2024 was
Net loss for the full year 2024 was
Adjusted EBITDA1 for the full year 2024 was
Net cash provided by operating activities for the full year 2024 was
Capital expenditures for the full year 2024 were
2025 Guidance
- The Company anticipates 2025 capital expenditures to range between
$25 and$40 million .
Fourth Quarter 2024 Operational Highlights
- Initiated "Save the BITS," a fundraising campaign featuring BITS™ edibles and a coalition of hundreds of dispensaries across eight states in support of the Lynn Sage Breast Cancer Foundation.
- Commenced adult use sales at Zen Leaf™ Waterbury, completing the conversion of all five existing Connecticut Zen Leaf dispensaries from medical to hybrid sales.
- Expanded the Company's retail footprint through opening Zen Leaf™ Mount Holly, elevating the Company's New Jersey footprint to four dispensaries statewide.
- Launched three new product extensions to respond to market demand and growing consumer trends, including:
- BITS Dragonfruit LOL gummies, the brand's sixth flavor offering a tailored combination of 5 mg of THC, cannabinoids and adaptogens;
- (the) Essence J’s barrel-style pre-roll joints, tapping into the industry's fastest-growing category while harnessing the power of cutting-edge manufacturing innovation that exponentially increases output; and
- Extra Savvy 2 gram vape cartridges in Illinois, New Jersey, Maryland and Arizona, accounting for three of the top five best-selling products in Zen Leaf stores in Illinois since launching in December.
Subsequent Operational Highlights
- In January, the Company terminated commercial agreements pertaining to a retail dispensary in Arkansas, and sold the real estate leased by the dispensary for a profit.
- Expanded the Company's retail footprint in Florida, with the opening of MÜV™ North Miami, raising the Company's current statewide retail footprint to 80 dispensaries.
- Current operations span 13 states, comprised of 153 dispensaries and 15 production facilities with more than 1.1 million square feet of cultivation capacity.
Balance Sheet and Liquidity
As of December 31, 2024, the Company’s current assets were
The Company’s total Class A subordinate voting shares outstanding was 358,747,290 as of December 31, 2024.
Conference Call and Webcast
A conference call and webcast with analysts and investors is scheduled for February 27, 2025 at 8:30 a.m. ET / 7:30 a.m. CT to discuss the results and answer investor and participant questions.
- Investors and participants can register in advance for the call by visiting: https://register.vevent.com/register/BI52d3575dc26a4925a98967014fdd307f
- After registering, instructions will be shared on how to join the call for those who wish to dial in.
- On February 27, 2025, the live webcast can be accessed via the following link: https://edge.media-server.com/mmc/p/t65xr3gi/
- 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-U.S. GAAP financial measures. Each is derived from EBITDA, another non-U.S. GAAP financial measure, and is defined in this news release in the section below titled “Non-U.S. GAAP Financial Measures.” The most directly comparable U.S. GAAP financial measure to adjusted EBITDA is net income (loss) and the most directly comparable measure to adjusted EBITDA margin is net income (loss) as a percentage of revenue (“net income (loss) margin”). The reconciliation of (i) adjusted EBITDA to U.S. GAAP net income (loss) and (ii) adjusted EBITDA margin to net income (loss) margin is set forth below in the tables included in this news release.
Non-U.S. GAAP Financial Measures
Verano uses non-U.S. GAAP financial information to evaluate the performance of the Company. The terms “EBIT,” “EBITDA,” and “adjusted EBITDA margin” do not have any standardized meaning prescribed within U.S. GAAP and therefore may not be comparable to similar measures presented by other companies. Accordingly, this non-U.S. GAAP financial information is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with U.S. GAAP.
The Company calculates EBIT as net income (loss) before interest expense and income tax expense; EBITDA as net income (loss) before interest expense, income tax expense, depreciation, and amortization; and adjusted EBITDA as net income (loss) plus net interest expense, income tax expense, depreciation and amortization and also excludes certain one-time extraordinary items. The calculations of the non-U.S. GAAP financial measures used in this news release and the reconciliations to the most comparable U.S. GAAP financial numbers are included in the tables below.
Management believes that this non-U.S. GAAP financial information is useful as a supplement to comparable U.S. GAAP financial information because it provides consistency and comparability with past financial performance and assists in comparisons with other companies, some of which use similar non-GAAP information to supplement their GAAP results. Management reviews these non-U.S. GAAP financial measures on a regular basis and uses them, together with financial measures included in the Company’s financial statements, to evaluate and manage the performance of the Company’s operations. These measures should be evaluated only in conjunction with the comparable U.S. GAAP financial numbers reported by the Company.
About Verano
Verano Holdings Corp. (Cboe CA: VRNO) (OTCQX: VRNOF), one of the U.S. cannabis industry’s leading companies based on historical revenue, geographic scope and brand performance, is a vertically integrated, multi-state operator embracing a mission of saying Yes to plant progress and the bold exploration of cannabis. Verano provides a superior cannabis shopping experience in medical and adult use markets under the Zen Leaf™ and MÜV™ dispensary banners, including Cabbage Club™, an innovative annual membership program offering exclusive benefits for cannabis consumers. Verano produces a comprehensive suite of high-quality, regulated cannabis products sold under its diverse portfolio of trusted consumer brands including Verano™, (the) Essence™, MÜV™, Savvy™, BITS™, Encore™, and Avexia™. Verano’s active operations span 13 U.S. states, comprised of 15 production facilities with over 1.1 million square feet of cultivation capacity. Learn more at Verano.com.
Contacts:
Investors
Verano
Aaron Miles
Chief Investment Officer
Investors@verano.com
Media
Verano
Steve Mazeika
VP, Communications
steve.mazeika@verano.com
312-348-4430
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 December 31, 2024 filed with the U.S. Securities and Exchange Commission at www.sec.gov. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information or forward-looking statements that are contained or referenced herein, except as may be required in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to the Company or persons acting on its behalf is expressly qualified in its entirety by this notice regarding forward-looking information and statements.
Financial Information Tables
The following tables include select financial results and the reconciliations of the non-U.S. GAAP financial measures to the respective most directly comparable U.S. GAAP financial measures for the presented periods.
VERANO HOLDINGS CORP.
Highlights from Unaudited Interim Condensed Consolidated Statements of Operations
| For the Three Months Ended, | For the Year Ended, | |||||||||||||||||||
| December 31, 2024 | September 30, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | ||||||||||||||||
| ($ in thousands) | (Unaudited) | (Unaudited) | (Unaudited) | (Audited) | (Audited) | |||||||||||||||
| Revenues, net of Discounts | $ | 218,206 | $ | 216,683 | $ | 237,189 | $ | 878,585 | $ | 938,452 | ||||||||||
| Cost of Goods Sold, net | 110,672 | 107,586 | 119,579 | 434,654 | 463,246 | |||||||||||||||
| Gross Profit | $ | 107,534 | $ | 109,097 | $ | 117,610 | $ | 443,931 | $ | 475,206 | ||||||||||
| Gross Profit % | 49 | % | 50 | % | 50 | % | 51 | % | 51 | % | ||||||||||
| Operating Expenses: | ||||||||||||||||||||
| Selling, General and Administrative | 83,718 | 92,327 | 85,709 | 353,408 | 331,928 | |||||||||||||||
| Loss on Impairment - Investment in Associates | — | — | — | — | 6,571 | |||||||||||||||
| Loss on Impairment of Intangibles - Goodwill | 8,179 | — | 37,931 | 8,179 | 37,931 | |||||||||||||||
| Loss on Impairment of Intangibles – License & Fixed Assets | 319,520 | — | 13,686 | 319,520 | 13,686 | |||||||||||||||
| Total Operating Expenses | 411,417 | 92,327 | 137,326 | 681,107 | 390,116 | |||||||||||||||
| Loss from Investments in Associates | — | — | — | — | (306 | ) | ||||||||||||||
| Income (Loss) from Operations | $ | (303,883 | ) | $ | 16,770 | $ | (19,716 | ) | $ | (237,176 | ) | $ | 84,784 | |||||||
| Other Income (Expense), net: | ||||||||||||||||||||
| Loss on Disposal of Property, Plant and Equipment | (348 | ) | (604 | ) | (568 | ) | (1,095 | ) | (1,123 | ) | ||||||||||
| Loss on Debt Extinguishment | — | — | — | (3,068 | ) | (663 | ) | |||||||||||||
| Interest Expense, net | (12,637 | ) | (12,771 | ) | (14,708 | ) | (54,759 | ) | (59,793 | ) | ||||||||||
| Other Income (Expense), net | (1,379 | ) | (484 | ) | 2,056 | (3,817 | ) | 4,593 | ||||||||||||
| Total Other Income (Expense), net | (14,364 | ) | (13,859 | ) | (13,220 | ) | (62,739 | ) | (56,986 | ) | ||||||||||
| Income (Loss) Before Provision for Income Taxes | $ | (318,247 | ) | $ | 2,911 | $ | (32,936 | ) | $ | (299,915 | ) | $ | 27,798 | |||||||
| Provision for Income Taxes | 45,541 | (45,478 | ) | (44,350 | ) | (41,944 | ) | (145,146 | ) | |||||||||||
| Net Loss Attributable to Non-Controlling Interest | — | — | (78 | ) | — | — | ||||||||||||||
| Net Loss Attributable to Verano Holdings Corp. & Subsidiaries | $ | (272,706 | ) | $ | (42,567 | ) | $ | (77,208 | ) | $ | (341,859 | ) | $ | (117,348 | ) | |||||
VERANO HOLDINGS CORP.
Highlights from Condensed Consolidated Balance Sheets
| As of, December 31, | ||||||||
| ($ in thousands) | 2024 | 2023 | ||||||
| Cash and Cash Equivalents | $ | 87,796 | $ | 174,760 | ||||
| Other Current Assets | 269,713 | 219,436 | ||||||
| Property, Plant and Equipment, net | 537,964 | 501,304 | ||||||
| Intangible Assets, net | 734,005 | 1,086,146 | ||||||
| Goodwill | 246,230 | 231,291 | ||||||
| Other Long-Term Assets | 113,248 | 105,808 | ||||||
| Total Assets | $ | 1,988,956 | $ | 2,318,745 | ||||
| Total Current Liabilities | 197,968 | 412,188 | ||||||
| Total Long-Term Liabilities | 840,169 | 666,477 | ||||||
| Shareholders' Equity | 952,174 | 1,240,080 | ||||||
| Non-Controlling Interest | (1,355 | ) | — | |||||
| Total Liabilities and Shareholders' Equity | $ | 1,988,956 | $ | 2,318,745 | ||||
VERANO HOLDINGS CORP.
Reconciliation of Net Loss to EBITDA (Non-U.S. GAAP, Unaudited)
| For the Three Months Ended, | For the Year Ended, | |||||||||||||||||||
| ($ in thousands) | December 31, 2024 | September 30, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | |||||||||||||||
| Net Loss Attributable to Verano Holdings Corp. & Subsidiaries | $ | (272,706 | ) | $ | (42,567 | ) | $ | (77,208 | ) | $ | (341,859 | ) | $ | (117,348 | ) | |||||
| Interest Expense, net | 12,637 | 12,771 | 14,708 | 54,759 | 59,793 | |||||||||||||||
| Income Tax Expense (Benefit) | (45,541 | ) | 45,478 | 44,350 | 41,944 | 145,146 | ||||||||||||||
| Depreciation and Amortization - COGS | 19,804 | 19,433 | 18,417 | 76,629 | 73,851 | |||||||||||||||
| Depreciation and Amortization - SG&A | 11,710 | 17,432 | 17,157 | 63,035 | 67,282 | |||||||||||||||
| Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) | $ | (274,096 | ) | $ | 52,547 | $ | 17,424 | $ | (105,492 | ) | $ | 228,724 | ||||||||
VERANO HOLDINGS CORP.
Reconciliation of Net Loss to EBIT (Non-U.S. GAAP) and Adjusted EBITDA (Non-U.S. GAAP, Unaudited)
| For the Three Months Ended, | For the Year Ended, | |||||||||||||||||||
| ($ in thousands) | December 31, 2024 | September 30, 2024 | December 31, 2023 | December 31, 2024 | December 31, 2023 | |||||||||||||||
| Net Loss Attributable to Verano Holdings Corp. & Subsidiaries | $ | (272,706 | ) | $ | (42,567 | ) | $ | (77,208 | ) | $ | (341,859 | ) | $ | (117,348 | ) | |||||
| Interest Expense, net | 12,637 | 12,771 | 14,708 | 54,759 | 59,793 | |||||||||||||||
| Income Tax Expense (Benefit) | (45,541 | ) | 45,478 | 44,350 | 41,944 | 145,146 | ||||||||||||||
| Earnings Before Interest, Taxes (EBIT) | $ | (305,610 | ) | $ | 15,682 | $ | (18,150 | ) | $ | (245,156 | ) | $ | 87,591 | |||||||
| COGS Add-backs: | ||||||||||||||||||||
| Depreciation and Amortization - COGS | 19,804 | 19,433 | 18,417 | 76,629 | 73,851 | |||||||||||||||
| Acquisition, Transaction and Other Non-operating Costs | 914 | 3,280 | — | 4,194 | — | |||||||||||||||
| Employee Stock Compensation | 243 | 733 | 970 | 2,130 | 2,669 | |||||||||||||||
| SG&A Add-backs: | ||||||||||||||||||||
| Depreciation and Amortization - SG&A | 11,710 | 17,432 | 17,157 | 63,035 | 67,282 | |||||||||||||||
| Acquisition, Transaction and Other Non-operating Costs | 1,763 | 2,138 | 595 | 9,947 | 2,177 | |||||||||||||||
| Employee Stock Compensation | 3,669 | 4,057 | 3,281 | 14,816 | 10,561 | |||||||||||||||
| Impairments | 327,699 | — | 51,617 | 327,699 | 51,617 | |||||||||||||||
| Acquisition Adjustments and Other Income (Expense), net | 2,658 | 1,703 | (511 | ) | 11,160 | 9,123 | ||||||||||||||
| Adjusted EBITDA1 | $ | 62,850 | $ | 64,458 | $ | 73,376 | $ | 264,454 | $ | 304,871 | ||||||||||
| Net Loss Margin | (125 | )% | (20 | )% | (33 | )% | (39 | )% | (13 | )% | ||||||||||
| Adjusted EBITDA Margin1 | 29 | % | 30 | % | 31 | % | 30 | % | 32 | % | ||||||||||
FAQ
What caused Verano's (VRNOF) revenue decline in Q4 2024?
How much did Verano (VRNOF) expand its retail presence in 2024?
What is Verano's (VRNOF) projected capital expenditure for 2025?
How much operating cash flow did Verano (VRNOF) generate in Q4 2024?
