The earnings call highlighted strong retail growth and improved margins due to cost management and efficiency efforts. However, significant challenges remain with declining wholesale revenue, increased net loss, and ongoing market pressures.

Company Guidance -

Q3 2025

During the Verano Second Quarter 2025 Earnings Conference Call, the company reported a revenue of $202 million, a gross profit of $113 million, and an adjusted EBITDA of $66 million, or 33% of revenue. Despite a 4% sequential and 9% year-over-year decline in total revenue, retail revenue grew 3% compared to the previous year, driven by organic growth in Ohio and acquired assets in Virginia and Arizona. The wholesale segment generated $73 million, impacted by increased competition and a strategic accounts receivable approach. The company maintained a gross margin of 56%, attributed to operational efficiencies, especially in Florida and Illinois. SG&A expenses were stable at $86 million, with a net loss of $19 million due to higher income tax provisions. Verano ended the quarter with $69 million in cash and cash equivalents, with expectations to bolster cash reserves in the latter half of the year. Looking ahead, Verano aims to continue cost management, enhance its product pipeline, and focus on strategic growth in key markets like Florida, Virginia, and Pennsylvania, while addressing industry-wide credit challenges.

Strong Retail Revenue Growth

Verano generated $169 million in retail revenue in Q2 2025, marking a 3% increase compared to the prior year. This growth was driven by organic expansion in Ohio and contributions from acquired assets in Virginia and Arizona.

Improved Gross Profit Margins

Gross profit for the quarter was $113 million, or 56% of revenue, up 13% sequentially. The increase was primarily due to cultivation and production efficiencies.

Positive Product and Market Expansion

Verano successfully launched new product lines and opened new dispensaries. The company also expanded its vape market share by 44% in tracked markets.

Effective Cost Management

SG&A expenses were $86 million, nearly flat from the previous quarter, demonstrating effective cost management.

Verano Holdings (VRNOF) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

Daily Earnings Calendar >

VRNOF Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 18, 2025	2025 (Q3)	-0.04 / -	-0.12	―	―	―
Aug 07, 2025	2025 (Q2)	-0.05 / -0.05	-0.06	16.67% (<+0.01)
May 08, 2025	2025 (Q1)	-0.04 / -0.03	-0.01	-200.00% (-0.02)
Feb 27, 2025	2024 (Q4)	-0.06 / -0.76	-0.211	-260.19% (-0.55)
Nov 07, 2024	2024 (Q3)	-0.04 / -0.12	-0.05	-140.00% (-0.07)
Aug 07, 2024	2024 (Q2)	-0.04 / -0.06	-0.04	-50.00% (-0.02)
May 08, 2024	2024 (Q1)	-0.04 / -0.01	-0.03	66.67% (+0.02)
Feb 29, 2024	2023 (Q4)	-0.03 / -0.21	-0.635	66.77% (+0.42)
Nov 08, 2023	2023 (Q3)	-0.03 / -0.05	-0.13	61.54% (+0.08)
Aug 08, 2023	2023 (Q2)	-0.03 / -0.04	-0.03	-33.33% (-0.01)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

VRNOF Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 07, 2025	$0.77	$0.85	+10.39%
May 08, 2025	$0.80	$0.74	-7.50%
Feb 27, 2025	$0.90	$0.90	0.00%
Nov 07, 2024	$2.23	$2.04	-8.52%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

FAQ

When does Verano Holdings (VRNOF) report earnings?

Verano Holdings (VRNOF) is schdueled to report earning on Nov 18, 2025, Before Open (Confirmed).

What is Verano Holdings (VRNOF) earnings time?

Verano Holdings (VRNOF) earnings time is at Nov 18, 2025, Before Open (Confirmed).

Where can I see when companies are reporting earnings?

You can see which companies are reporting today on our designated earnings calendar.

What companies are reporting earnings today?

You can see a list of the companies which are reporting today on TipRanks earnings calendar.

What is VRNOF EPS forecast?

VRNOF EPS forecast for the fiscal quarter 2025 (Q3) is -0.04.

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