Vireo Growth Inc · CSE:VREO
Vireo Growth — Q2 2024 Earnings Presentation
13 slides from Vireo Growth's earnings presentation, Aug 6, 2024
Slide 1: Q2 2024 Earnings Conference Call
Q2 2024 Earnings Conference Call August 6, 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: Second Quarter & Recent Business Highlights
Second Quarter & Recent Business Highlights • Q2 revenue of $22.5 million excluding discontinued operations and NY increased 42.5% year-over-year, with continued improvements in margins • Performance driven by operational improvement in Minnesota and continued strength in Maryland; KPIs beginning to
Slide 4: 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 5: 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 2Q23 3Q23 4Q23 1Q24 2Q24 Inventory Turns Total Flower Harvested (lbs)2
Slide 6: 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 7: Core Market Revenue Performance
Core Market Revenue Performance1 Q2 YoY Q2 Sequential 2Q24 2Q23 %∆ 2Q24 1Q24 %∆ Total Retail: $19,214,692 $13,951,495 38 $19,214,692 $17,778,171 8 Minnesota $12,238,957 $11,479,371 7 $12,238,957 $10,977,089 11 Maryland $6,975,735 $2,472,124 182 $6,975,735 $6,801,082 3 Total Wholesale: $3,290,504 $1,
Slide 8: Summary Financials
Summary Financials Q2 results reflect continued solid performance across our core markets and the ongoing commitment to executing our CREAM & Fire Strategy Summary of Key Financial Metrics Three Months Ended Six Months Ended June 30, June 30, US $ in millions 2024 2023 Variance 2024 2023 Variance GA
Slide 9: Balance Sheet & Liquidity Update
Balance Sheet & Liquidity Update June 30, 2024, December 31, June 30, 2024 Proforma 2023 • We have made adjustments to our Cash 11,229,297 $11,229,297 $15,964,665 balance sheet to reflect assets held for sale related to the pending divestiture Total Current Assets $148,634,611 $148,634,611 $148,730,
Slide 10: Summary of Debt Outstanding as of July 31, 2024
Summary of Debt Outstanding as of July 31, 2024 Principal Amount Maturity Dates Notes ● Prime + 10.375% paid monthly in cash Green Ivy Credit Facility $60,509,577 29-Jan-27 ● 2.75% PIK ● $1.0 million related to prior M&A activity due in 2024 Other $2,176,000 19-Nov-24 ● $1.2 million related to MN di
Slide 11: Capitalization Table as of August 5, 2024
Capitalization Table as of August 5, 2024 Vireo Growth Inc. Capitalization Table* FD Treasury Method Shares Outstanding (@ stock price of US $0.45) 251,179,987 Stock Price @ 8/5/24 US $0.45 Market Cap ($ USD) $113.0M Balance Sheet as of 6/30/24: Cash Balance $11.2M Principal Long-Term Debt $62.6M Le
Slide 12: EBITDA Reconciliation
EBITDA Reconciliation1 Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Net income (loss) $ (668,411) $ (7,329,255) $ (7,379,870) $ (15,735,224) Interest expense, net 7,518,454 7,744,794 16,241,091 14,879,584 Income taxes 440,000 1,592,871 4,385,000 3,254,871 Depreciation &
Slide 13: CSE: VREO OTCQX: VREOF
Wr VIFeCO CSE: VREO OTCQX: VREOF