Strong Revenue Growth
Vext's revenue increased to $11.6 million in Q1 2025, a 38% year-over-year increase, driven by strong growth in adult use sales in Ohio.
Robust Cash Flow Generation
Operating cash flow reached $3.1 million in Q1 2025, with a cash flow margin exceeding 26%, placing Vext among the top cash flow producers among U.S. Public multistate cannabis operators.
Expansion in Ohio
Successful acquisition of two dispensaries in Ohio, with retail locations in Athens and Jeffersonville growing 18% sequentially in Q1. Construction underway for a fifth store in Portsmouth, expected to open in Q2.
Operational Efficiency and Cost Control
Operating expenses remained flat compared to last year, with a decline from 54% of revenue in Q1 2024 to 38% in Q1 2025, reflecting cost discipline.
Strong Market Position in Arizona
Despite a 13% decline in the Arizona market, Vext's sales only declined 8.5%, leading to market share gains.