Verano Holdings Corp. VRNOF VRNO revenue for the first quarter 2023 was $227 million, up 12% from $202 million for the first quarter 2022, and up 1% from $226 million for the fourth quarter 2022. The increase in revenue for the first quarter 2023 compared to the first quarter 2022 was driven primarily by strength from retail and wholesale adult use sales in New Jersey and Connecticut, slightly offset by retail declines in Pennsylvania.
Q1 2023 Financial Highlights
-
Gross profit for the first quarter 2023 was $109 million or 48% of revenue, up from $99 million or 49% of revenue for the first quarter 2022, and up from $103 million or 46% of revenue for the fourth quarter 2022.
-
Net loss for the first quarter 2023 was $9 million, versus $214,000 in the first quarter 2022, and $216 million for the fourth quarter 2022.
-
Adjusted EBITDA for the first quarter 2023 was $71 million or 31% of revenue, down from $87 million or 43% of revenue for the first quarter 2022, and down from $79 million or 35% of revenue for the fourth quarter 2022.
“I’m very pleased with our first quarter results which validate the effectiveness of our strategy, highlighted by revenue growth, positive free cash flow and strong adjusted EBITDA margins,” stated George Archos, Verano founder, chairman and CEO. “Our results were bolstered by the launch of adult use sales in Connecticut, expanding our retail footprint across key markets, strengthening our portfolio to satisfy consumers’ evolving preferences, and delivering greater efficiencies that increased output across many key metrics. We remain confident in our ability to continue growing the business in a challenged environment, will closely monitor developments in Washington D.C. on the reintroduction of SAFE banking legislation, and look forward to leveraging our deep experience in transitioning markets as we approach the forthcoming launch of adult use sales in Maryland.”
2023 Guidance
The company reiterated its guidance of $50-75 million in free cash flow and tightened its range of capital expenditure guidance to $35-50 million.
Balance Sheet and Liquidity
As of March 31, 2023, the company’s current assets were $316 million, including cash and cash equivalents of $95 million. The company had a working capital deficit of $48 million and total debt, net of issuance costs, of $415 million.
The company’s total class A subordinate voting shares outstanding was 342.33 million as of March 31, 2023.
Related News
Goodness Growth Closes On Initial $2M Tranche Of $10M Financing Commitment
New Poll Reveals Surprising Attitudes Towards New Jersey's Expensive Cannabis
EXCLUSIVE: Pot Podcast Gets Interviews With Top Players At Benzinga Cannabis Conference In Miami
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Date | ticker | name | Actual EPS | EPS Surprise | Actual Rev | Rev Surprise |
|---|
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
The Benzinga Cannabis Capital Conference is coming to Florida
The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.
Get your tickets now on bzcannabis.com – Prices will increase very soon!