Vireo Growth Inc · CSE:VREO
Vireo Growth — Q2 2025 Earnings Presentation
10 slides from Vireo Growth's earnings presentation, Aug 13, 2025
Slide 1: Q2 2025 Results Conference Call
Q2 2025 Results Conference Call August 13, 2025 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 and Recent Business Highlights
Second Quarter and Recent Business Highlights • Q2 results in Vireo’s established core markets were in line with management’s expectations and reflected a continuation of trends observed during the first quarter • Q2 pro forma financial results were in line with management’s previously communicated
Slide 4: Summary of Key Financial Metrics
Summary Financials Summary of Key Financial Metrics Three Months Ended Six Months Ended US $ in millions June 30, June 30, 2025 2024 Variance 2025 2024 Variance GAAP Revenue $48.1 $25.1 91.4% $72.6 $49.2 47.6% GAAP Gross Profit $20.4 $13.6 50.0% $32.8 $25.8 27.1% Gross Profit Margin 42.5% 54.0% -1,1
Slide 5: State-by-State Revenue Performance
State-by-State Revenue Performance1 Three Months Ended Six Months Ended June 30, June 30, 2025 2024 % Change 2025 2024 % Change Retail: MN $ 10,858,055 $ 12,238,957 (11) % $ 22,067,259 $ 23,216,046 (5) % NY 1,094,551 1,604,327 (32) % 2,299,596 3,425,596 (33) % MD 6,749,585 6,975,735 (3) % 13,568,977
Slide 6: Capitalization Table as of August 12, 2025
Capitalization Table as of August 12, 2025 Vireo Growth Inc. Capitalization Table* FD Treasury Method Shares Outstanding (@ stock price of US $0.70) 1,054,997,827 Stock Price US $0.70 Market Cap ($ USD) $738.5M Balance Sheet as of 6/30/25: Cash Balance $106.2M Net Long-Term Debt & Convertible Debt $
Slide 7: Reconciliation of Net Income to Adjusted EBITDA
Reconciliation of Net Income to Adjusted EBITDA Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 Net income (loss) $ (14,934,029) $ (668,441) $ (21,442,819) $ (7,379,870) Interest expense, net 7,647,822 7,518,454 15,247,339 16,241,091 Income taxes 4,854,000 440,000 6,529,000
Slide 8: Reconciliation of Pro Forma Net Loss to Pro Forma Adjusted EBITDA
Reconciliation of Pro Forma Net Loss to Pro Forma Adjusted EBITDA Three Months Ended June 30, Pro Forma Net income (loss) $ (21,034,208) Interest expense, net 9,193,304 Income taxes 10,804,770 Depreciation & Amortization 3,375,305 Pro Forma EBITDA (non-GAAP) $ 2,339,171 Non-cash inventory adjustment
Slide 9: Reconciliation of Gross Profit to Adjusted Gross Profit
Reconciliation of Gross Profit to Adjusted Gross Profit Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 Gross Profit $ 20,417,847 $ 13,550,643 $ 32,830,159 $ 25,795,070 Non-cash inventory adjustments 4,152,108 — 4,152,108 — Grown Rogue termination fee included in cost of go
Slide 10: CSE: VREO OTCQX: VREOF
Wr VIFeCO CSE: VREO OTCQX: VREOF