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Vireo Growth Inc. (OTC:VREOF) announced its financial results for the second quarter of June 30, 2024. The cannabis company reported significant year-over-year growth in several key financial metrics.
CEO Josh Rosen commented on the results: "We were pleased to recently activate recreational wholesale sales in New York after receiving our ROND license in July and are continuing to work through our ongoing divestiture process."
The company's revenue for the second quarter was $22.5 million, excluding discontinued operations and New York, marking a 42.5% increase from the same period in 2023.
The GAAP gross profit rose to $13.6 million, a 45.2% increase, with a gross margin of 54.0%. This compares to a gross profit of $9.3 million and a gross margin of 46.2% in the previous year.
Amber Shimpa, president and CEO of Vireo Health of Minnesota, added, "Our core market key performance indicators reflect more stable year-over-year comparisons."
Vireo's net loss for the quarter was not explicitly stated in the press release. However, the company reported an operating income of $5.8 million, a significant improvement from a loss of $1.0 million in Q2 2023.
The adjusted EBITDA was $8.1 million, up 185.7% from $2.8 million in the same quarter last year.
Vireo's selling, general, and administrative (SG&A) expenses decreased by 6.1% to $7.6 million, representing 30.1% of sales, down from 39.9% in the previous year.
The company reported securing a 30-month extension of its credit agreement.
As of June 30, 2024, Vireo's total current assets were $148.6 million, with $11.2 million in cash. Total current liabilities, excluding extended debt, were $126.3 million, including $88.4 million in liabilities held for sale related to the company’s New York operations.
In addition to financial performance, Vireo reported other significant events, including a non-brokered private placement and a name change to Vireo Growth Inc. The company also amended its credit agreement and saw an early conversion of convertible notes, resulting in interest expense savings.
Price Action: Vireo Growth Inc. (VREOF) stock price increased by 5.83%, closing at $0.455050 on August 6.
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Posted In: VREOF
