Vireo Growth Inc. reported a revenue of $24.54 million for the first quarter of 2025, marking a 2% increase from $24.09 million in the same period last year. The growth was primarily driven by a rise in wholesale revenue, which increased by 18% to $5.31 million, while retail revenue decreased by 2% to $19.23 million, largely due to a decline in sales from New York operations. The company's gross profit for the quarter was $12.41 million, maintaining a gross margin of 51%, consistent with the previous year.
In terms of expenses, Vireo Growth's total operating expenses rose significantly to $10.44 million, up from $7.48 million in the prior year. This increase was attributed to higher stock-based compensation and transaction-related expenses linked to ongoing merger activities. Consequently, the company reported an operating income of $1.98 million, a decrease of 58% compared to $4.76 million in the first quarter of 2024. The net loss for the quarter was $6.51 million, slightly improved from a loss of $6.71 million in the same period last year.
Vireo Growth is currently pursuing strategic growth through several merger agreements, including those with Deep Roots Holdings, Proper Holdings, and WholesomeCo. These mergers, which are structured as all-share transactions, are expected to enhance the company's market presence and operational capabilities. However, as of March 31, 2025, none of these mergers had been finalized, and their financial impacts have not yet been reflected in the company's results.
Operationally, Vireo Growth operates 14 dispensaries across Maryland, Minnesota, and New York, with a total employee headcount of approximately 400. The company has seen a slight increase in customer engagement, with retail sales primarily driven by its Minnesota operations, which contributed 47% of total revenue. The company is also focusing on geographic expansion and product development to enhance its market share in the competitive cannabis industry.
Looking ahead, Vireo Growth anticipates continued revenue growth driven by increased demand and operational efficiencies. However, the company also acknowledges potential challenges, including price compression as markets mature and ongoing regulatory uncertainties. Management remains optimistic about the future, emphasizing a commitment to enhancing customer-centric operations and leveraging strategic partnerships to drive growth.
About Vireo Growth Inc.
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