Vireo Growth Inc · CSE:VREO
Vireo Growth — Goodness Growth Holdings — Q1 2024 Earnings Presentation
16 slides from Vireo Growth's earnings presentation, May 7, 2024
Slide 1: 1Q24 Results Call
1Q24 Results Call May 7, 2024 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: Update on Litigation with Verano
Update on Litigation with Verano • Filed a Motion for Summary Determination (Motion for Summary Trial), inclusive of an Expert Report that quantifies damages of US $860.9 million. • It is challenging to handicap timing and whether the Supreme Court of British Columbia will find this suitable for Sum
Slide 4: Q1 & Recent Business Highlights
Q1 & Recent Business Highlights • Q1 revenue of $21.1 million excluding discontinued operations and NY increased 44.5% year- over-year, with continued improvements in gross margin and operating margin • Maryland remains a key performance driver; steady performance in Minnesota • Key milestone in Ver
Slide 5: 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 6: 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 Inventory Turns 1Q23 2Q23 3Q23 4Q23 1Q24 As Reported MN MD Total Flowe
Slide 7: Market Updates
Market Updates MINNESOTA NEW YORK MARYLAND Baltimore Moorhead 3 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, 2023
Slide 8: Cannabis Beverages Launch on April 20, 2024
Cannabis Beverages Launch on April 20, 2024 8
Slide 9: Cannabis Beverages Launch on April 20, 2024
Cannabis Beverages Launch on April 20, 2024 9
Slide 10: Core Market Revenue Performance
Core Market Revenue Performance1 Q1 Sequential Q1 YoY 1Q24 4Q23 %∆ 1Q24 1Q23 %∆ Total Retail: $17,778,171 $17,770,750 0 $17,778,171 $13,057,541 36 Minnesota $10,977,089 $11,182,332 (2) $10,977,089 $10,718,916 2 Maryland $6,801,082 $6,588,418 3 $6,801,082 $2,338,625 191 Total Wholesale: $3,353,661 $3
Slide 11: Summary Financials
Summary Financials Q1 results reflect a continuation of the trends we observed in the fourth quarter, driven by the launch of Maryland’s adult-use market and benefits of operational improvements Summary of Key Financial Metrics Three Months Ended March 31, US $ in millions 2024 2023 Variance GAAP Re
Slide 12: Balance Sheet & Liquidity Update
Balance Sheet & Liquidity Update March 31, 2024 December 31, 2023 Cash $12,603,903 $15,964,665 • We have made adjustments to our balance sheet to reflect assets held for Total Current Assets $147,176,545 $148,730,280 sale related to the pending divestiture of our New York operations. Income Tax Rece
Slide 13: Summary of Debt Outstanding as of May 6, 2024
Summary of Debt Outstanding as of May 6, 2024 13
Slide 14: Capitalization Table as of May 6, 2024
Capitalization Table as of May 6, 2024 Goodness Growth Holdings Capitalization Table FD Treasury Method Shares Outstanding (@ stock price of US $0.54) 240,355,127 Stock Price @ 5/6/24 US $0.54 Market Cap ($ USD) $129.8M Balance Sheet as of 3/31/24: Cash Balance $12.6M Principal Long-Term Debt $60.9M
Slide 15: EBITDA Reconciliation
EBITDA Reconciliation1 Three Months Ended March 31, 2024 2023 Net income (loss) $ (6,711,460) $ (8,405,970) Interest expense, net 8,722,637 7,134,789 Income taxes 3,945,000 1,662,000 Depreciation & Amortization 253,581 319,277 Depreciation included in cost of goods sold 584,958 734,087 EBITDA (non-G
Slide 16: Contact Information
Contact Information Sam Gibbons O: 612-314-8995 E: investor@vireohealth.com CSE: GDNS OTCQX: GDNSF
Goodness Growth Holdings — Q1 2024 Earnings Presentation on 6ix