Vireo Growth Inc · CSE:VREO
Vireo Growth — Goodness Growth Holdings — Q1 2023 Earnings Presentation
14 slides from Vireo Growth's earnings presentation, May 15, 2023
Slide 1: 1Q23 Results Call
1Q23 Results Call May 15, 2023 CSE: GDNS OTCQX: GDNSF
Slide 2: Forward Looking Statement Disclaimer
Forward Looking Statement Disclaimer CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION: This presentation includes information, statements, beliefs, and opinions which are forward-looking, and which reflect current estimates, expectations, and projections about future events, referred to herein
Slide 3: Priorities → Year of CREAM & Fire
Priorities → Year of CREAM & Fire 2023 is a transformation year in which our teams are focused on driving improvements in financial and operating performance FINANCIAL OPERATIONAL • CREAM (Cash Rules Everything Around Me) → Focus • Passion for producing and selling fire product on building a valuabl
Slide 4: Recent Operating & Business Highlights
Recent Operating & Business Highlights We made considerable progress executing our strategy during Q1. Recent operating and business highlights include: • Reorganization initiatives are gaining momentum and driving improvement in KPIs • Leaner operations with stronger focus on product quality and va
Slide 5: Core Market Key Performance Indicators (KPIs)
Core Market Key Performance Indicators (KPIs) Recently formed “Weed Hustle Office” comprised of our state leaders and third-party partners satisfies COO responsibilities and is focused on driving improvements in several core market key performance indicators 1Q22 2Q22 3Q22 4Q22 1Q23 Inventory Turns
Slide 6: Core Market Updates
Core Market Updates MINNESOTA NEW YORK MARYLAND Baltimore Moorhead Albany Frederick Massey Hermantown / Duluth Johnstown Minneapolis, Bloomington, Hurlock Otsego 5 Blaine, Burnsville, Woodbury Binghamton White Plains Rochester Home Delivery Queens • Performance continues to be driven by expansion of
Slide 7: Upcoming Events
Upcoming Events We continue to work within our local communities to help right the wrongs of cannabis prohibition. Our expungement clinics and other programming initiatives will continue in Q2. 7
Slide 8: Summary Financials
Summary Financials Q1 results reflect a continuation of the trends we observed during Q4. Operational improvements and cost controls helped drive second consecutive quarter of positive income from operations. Summary of Key Financial Metrics Three Months Ended US $ in millions March 31, 2023 2022 Va
Slide 9: Core Market Revenue Performance
Core Market Revenue Performance1 Q1 Sequential Q1 YoY 1Q23 4Q22 %∆ 1Q23 1Q22 %∆ Total Retail: $15,419,483 $15,230,064 1 $15,419,483 $11,488,870 34 Minnesota $10,718,916 $10,622,384 1 $10,718,916 $6,664,088 61 New York $2,361,942 $2,482,884 (5) $2,361,942 $2,858,893 (17) Maryland $2,338,625 $2,124,79
Slide 10: Balance Sheet & Liquidity Update
Balance Sheet & Liquidity Update We remain pleased with the partnership approach from our senior secured lender and have gained needed financial flexibility by amending our credit facility March 31, 2023 December 31, 2022 • Verano's decision to wrongfully terminate our transaction put us in a vulner
Slide 11: Summary of Debt Outstanding as of May 1, 2023
Summary of Debt Outstanding as of May 1, 2023* Principal Maturity Notes Am ount Dates ● Prime + 10.375% paid monthly in cash ● 2.75% PIK Green Ivy Credit Facility $60,598,634 30-Apr-24 ● $4.3M related to Baltimore dispensary acqusition due November 2024 ● Potential to extend maturity to 1/31/26 thro
Slide 12: Capitalization Table
Capitalization Table1 Goodness Growth Holdings Capitalization Table Treasury Method Fully-Diluted Shares Outstanding (as converted) 141,143,954 Stock Price @ 5/1/23 US $0.125 Market Cap ($ USD) $17.6M Preliminary Cash Balance as of 5/1/23 $10.2M Preliminary Net Debt as of 5/1/23 $55.4M Lease Liabili
Slide 13: EBITDA Reconciliation
EBITDA Reconciliation Three Months Ended March 31, 2023 2022 Net income (loss) $ (8,405,970) $ (14,566,782) Interest expense, net 7,134,789 4,601,799 Income taxes 1,662,000 (1,740,000) Depreciation & Amortization 319,277 328,363 Depreciation included in cost of goods sold 734,087 700,193 EBITDA (non
Slide 14: Contact Information
Contact Information Sam Gibbons O: 612-314-8995 E: samgibbons@vireohealth.com CSE: GDNS OTCQX: GDNSF
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