Vireo Growth Inc · CSE:VREO
Vireo Growth — Goodness Growth Holdings — Q3 2023 Earnings Presentation
13 slides from Vireo Growth's earnings presentation, Nov 14, 2023
Slide 1: 3Q23 Results Call
3Q23 Results Call November 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: Q3 Business Highlights
Q3 Business Highlights 2023 is a transformation year for the Company and we have made measurable progress executing against our stated objectives during the year… • Decentralized reorganization initiatives continue to gain momentum and we’ve recently turned our attention to augmenting our talent wit
Slide 4: Year of CREAM & Fire → Performance Trending Positively
Year of CREAM & Fire → Performance Trending Positively Heatmap / FINANCIAL OBJECTIVES Trajectory SG&A % of Sales • CREAM (Cash Rules Everything Around Me) → Focus on 45.0% 47.5% building a valuable long-term business as defined by the ability to generate and grow cash flow 39.0% 39.9% 34.3% • Manage
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 3Q22 4Q22 1Q23 2Q23* 3Q23* Inventory Turns Total Harvested lbs (Biomas
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 • Cannabis became legal in Minnesota on August 1, 20
Slide 7: Core Market Revenue Performance
Core Market Revenue Performance1 Q3 Sequential Q3 YoY 3Q23 2Q23 %∆ 3Q23 3Q22 %∆ Total Retail: $20,147,074 $16,231,130 24 $20,147,074 $14,668,209 37 Minnesota $11,791,001 $11,479,371 3 $11,791,001 $10,252,523 15 New York $2,185,701 $2,279,635 (4) $2,185,701 $2,541,913 (14) Maryland $6,170,372 $2,472,
Slide 8: Summary Financials
Summary Financials Q3 results reflect continued revenue growth with strong early performance in Maryland’s adult-use market and benefits of recent operational improvement initiatives 8
Slide 9: Balance Sheet & Liquidity Update
Balance Sheet & Liquidity Update September 30, 2023 December 31, 2022 • Recent convertible loan facility closed during Cash $13,296,137 $15,149,333 the second quarter gave us needed financial flexibility to execute our plan for the year. Total Current Assets $135,110,107 $46,728,741 • We amended the
Slide 10: Summary of Debt Outstanding as of November 14, 2023
Summary of Debt Outstanding as of November 14, 2023 Principal Amount Maturity Dates Notes ● Prime + 10.375% paid monthly in cash ● 2.75% PIK Green Ivy Credit Facility $59,427,551 30-Apr-24 ● $4.3M related to Baltimore dispensary acqusition due November 2024 ● Potential to extend maturity to 1/31/26
Slide 11: Capitalization Table
Capitalization Table1 Goodness Growth Holdings Capitalization Table Shares Outstanding (as converted) 143,126,330 Stock Price @ 9/30/23 US $0.17 Market Cap ($ USD) $24.3M Cash Balance as of 9/30/23 $13.3M Net Debt as of 9/30/23 $51.2M Lease Liabilities $10.6M Dilutives # Options (@ avg. strike US $0
Slide 12: EBITDA Reconciliation
EBITDA Reconciliation Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Net income (loss) $ (5,229,026) $ (8,423,789) (20,964,252) (29,173,646) Interest expense, net 7,915,658 5,573,263 22,795,242 15,472,885 Income taxes 3,480,000 640,000 6,734,871 (55,000) Depreci
Slide 13: Contact Information
Contact Information Sam Gibbons O: 612-314-8995 E: sam.gibbons@alpha-ir.com CSE: GDNS OTCQX: GDNSF
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