Vireo Growth Inc · CSE:VREO
Vireo Growth — Goodness Growth Holdings — Q2 2023 Earnings Presentation
14 slides from Vireo Growth's earnings presentation, Aug 14, 2023
Slide 1: 2Q23 Results Call
2Q23 Results Call August 14, 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: Year of CREAM & Fire: Mid-Year Performance Scorecard
Year of CREAM & Fire → Mid-Year Performance Scorecard 2023 is a transformation year for the Company and we have made measurable progress executing against our stated objectives during the first half of the year… Heatmap / Heatmap / FINANCIAL OBJECTIVES Trajectory OPERATIONAL OBJECTIVES Trajectory •
Slide 4: Year of CREAM & Fire: Mid-Year Progress Highlights
Year of CREAM & Fire → Mid-Year Progress Highlights 2023 is a transformation year for the Company and we have made measurable progress executing against our stated objectives during the first half of the year… • Decentralized reorganization initiatives continue to gain momentum and are driving impro
Slide 5: Core Market Key Performance Indicators (KPIs)
Core Market Key Performance Indicators (KPIs)1 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 Inventory Turns 2Q22 3Q22 4Q22 1Q23 2Q23
Slide 6: Partnership with Grown Rogue International, Inc.
Partnership with Grown Rogue International, Inc. • Grown Rogue has grown from an early participant in Oregon’s medical program to a leading flower brand in some of the country’s most competitive adult-use markets • #1 flower brand and #3 brand overall in Oregon in 2022* • Top 5 indoor flower brand i
Slide 7: 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 • Cannabis became legal in Minnesota on August 1, 20
Slide 8: Summary Financials
Summary Financials Q2 results reflect continued revenue growth in our core markets and are beginning to show signs of operating leverage across the business with the help of recent cost control initiatives Summary of Key Financial Metrics Three Months Ended Six Months Ended US $ in millions June 30,
Slide 9: Core Market Revenue Performance
Core Market Revenue Performance1 Q2 Sequential Q2 YoY 2Q23 1Q23 %∆ 2Q23 2Q22 %∆ Total Retail: $16,231,130 $15,419,483 5 $16,231,130 $14,700,917 10 Minnesota $11,479,371 $10,718,916 7 $11,479,371 $9,928,201 16 New York $2,279,635 $2,361,942 (3) $2,279,635 $2,792,734 (18) Maryland $2,472,124 $2,338,62
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 June 30, 2023 December 31, 2022 • Recent convertible loan facility closed during Cash $11,346,063 $15,149,333 t
Slide 11: Summary of Debt Outstanding as of June 30, 2023
Summary of Debt Outstanding as of June 30, 2023 Principal Amount Maturity Dates Notes ● Prime + 10.375% paid monthly in cash ● 2.75% PIK Green Ivy Credit Facility $58,889,968 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) 143,126,330 Stock Price @ 6/30/23 US $0.17 Market Cap ($ USD) $24.3M Cash Balance as of 6/30/23 $11.3M Net Debt as of 6/30/23 $54.6M Lease Liabilities $10.6M Dilutives
Slide 13: EBITDA Reconciliation
EBITDA Reconciliation Three Months Ended Six Months Ended March 31, June 30, 2023 2022 2023 2022 Net income (loss) $ (7,329,255) $ (6,183,076) (15,735,224) (20,749,858) Interest expense, net 7,744,794 5,297,823 14,879,584 9,899,622 Income taxes 1,592,871 1,045,000 3,254,871 (695,000) Depreciation &
Slide 14: Contact Information
Contact Information Sam Gibbons O: 612-314-8995 E: samgibbons@vireohealth.com CSE: GDNS OTCQX: GDNSF
Goodness Growth Holdings — Q2 2023 Earnings Presentation on 6ix