Vireo Growth Inc · CSE:VREO
Vireo Growth — Q3 2024 Earnings Presentation
13 slides from Vireo Growth's earnings presentation, Nov 13, 2024
Slide 1: Q3 2024 Earnings Conference Call
Q3 2024 Earnings Conference Call November 13, 2024 CSE: VREO OTCQX: VREOF
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: Third Quarter & Recent Business Highlights
Third Quarter & Recent Business Highlights • Q3 revenue of $22.4 million excluding discontinued operations and NY increased 6.2% year-over-year, driven by double-digit revenue growth in Maryland • Year-over-year comparisons of financial performance are less significant after passing the one-year ann
Slide 4: Core Market Key Performance Indicators (KPIs)
Core Market Key Performance Indicators (KPIs)1 Formed “Weed Hustle Office” in early 2023 comprised of our state leaders and third-party partners -- focused on driving improvements in several core market key performance indicators 3Q23 4Q23 1Q24 2Q24 3Q24 Inventory Turns 4.0 Total Flower Harvested (l
Slide 5: Market Updates
Market Updates MINNESOTA MARYLAND NEW YORK Baltimore Moorhead 3 Frederick Massey Albany Hermantown / Duluth Johnstown Otsego 5 Minneapolis, Bloomington, Blaine, Burnsville, Woodbury Hurlock Binghamton White Plains Rochester Home Delivery Queens • Cannabis became legal in Minnesota on August 1, 2023
Slide 6: Core Market Revenue Performance
Core Market Revenue Performance1 Q3 YoY Q3 Sequential 3Q24 3Q23 %∆ 3Q24 2Q24 %∆ Total Retail: $18,311,960 $17,961373 2 $18,311,960 $19,214,692 (5) Minnesota $11,391,969 $11,791,001 (3) $11,391,969 $12,238,957 (7) Maryland $6,919,991 $6,170,372 12 $6,919,991 $6,975,735 (1) Total Wholesale: $4,103,332
Slide 7: Summary Financials
Summary Financials Q3 results reflect continued solid performance across our core markets, with softer year-over-year comparisons after passing the one-year anniversary of the launch of adult-use sales in Maryland Summary of Key Financial Metrics Three Months Ended Nine Months Ended September 30, Se
Slide 8: Balance Sheet & Liquidity Update
Balance Sheet & Liquidity Update September 30, 2024, September 30, December 31, Proforma 2024 2023 • We have made adjustments to our Cash $17,134,147 $7,279,864 $15,964,665 balance sheet to reflect assets held for sale related to the pending divestiture Total Current Assets $143,964,082 $143,964,082
Slide 9: Summary of Debt Outstanding as of November 8, 2024
Summary of Debt Outstanding as of November 8, 2024 Principal Amount Maturity Dates Notes ● Prime + 10.375% paid monthly in cash Green Ivy Credit Facility $60,928,675 29-Jan-27 ● 2.75% PIK ●$1.0 million related to prior M&A activity in Maryland due 11/19/24 Other $2,140,000 Various ●$1.2 million rela
Slide 10: Capitalization Table as of November 8, 2024
Capitalization Table as of November 8, 2024 Vireo Growth Inc. Capitalization Table* FD Treasury Method Shares Outstanding (@ stock price of US $0.45) 251,268,889 Stock Price @ 11/8/24 US $0.42 Market Cap ($ USD) $105.5M Balance Sheet as of 9/30/24: Cash Balance $7.3M Principal Long-Term Debt $63.1M
Slide 11: EBITDA Reconciliation
EBITDA Reconciliation Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Net income (loss) $ (4,926,358) $ (5,229,026) $ (12,306,228) $ (20,964,252) Interest expense, net 7,363,655 7,915,658 23,604,746 22,795,242 Income taxes 2,385,000 3,480,000 6,770,000 6,734,871
Slide 12: CREAM & Fire: 2024 Strategic Objectives
CREAM & Fire: 2024 Strategic Objectives • CREAM (Cash Rules Everything Around Me) → Focus on building a valuable long-term business as defined by the ability to generate and grow profits • Improve quality and efficiency of production with a passion for FIRE product • Manage the balance sheet with ca
Slide 13: CSE: VREO OTCQX: VREOF
Wr VIFeCO CSE: VREO OTCQX: VREOF