Verano showed strength in certain markets and positioned itself well for potential federal policy changes. However, significant challenges in revenue decline and competitive pressures were noted, alongside operational impacts from natural disasters.

Company Guidance

During Verano Holdings Corp.'s third-quarter 2024 earnings call, the company provided several key metrics and guidance for future performance. Revenue for the quarter decreased to $217 million, with gross profit at $109 million, or 50% of revenue. Adjusted EBITDA was reported at $64 million, representing 30% of revenue. The company highlighted its strategic expansion in Florida, with ongoing enhancements at its Apollo Beach facility and the development of a new cultivation site in Ocala. Despite challenges from hurricanes and increased competition in markets like Illinois and New Jersey, Verano remains focused on improving efficiencies and cost management. The company anticipates a potential $80 million annual tax saving pending a Schedule III classification, based on 2023 results. Cash equivalents at the end of the quarter were $65 million, and CapEx totaled $85 million year-to-date, primarily directed towards cultivation and dispensary expansion in Florida. Looking ahead, Verano expects the fourth-quarter organic revenue trends to persist, with some positive impact anticipated from holiday sales.

Strong Market Position in Florida

Verano has expanded its cultivation capacity in Florida, reaching the #2 spot for THC and flower market share, despite the recent vote against adult-use cannabis.

Successful Virginia and Arizona Acquisitions

Verano closed quickly on acquisitions in Virginia and Arizona, with Virginia showing strong potential for vertical integration and minimal CapEx required.

Positive Developments on Federal Cannabis Policy

The potential reclassification to Schedule III could save Verano an estimated $80 million annually, with bipartisan support for cannabis policy reform offering promising legislative and executive action.

Ohio's Adult-Use Market Growth

Ohio's adult-use program showed strong growth, with net retail revenue up 2x and net wholesale revenue up 2.5x compared to previous periods.

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Verano Holdings (TSE:VRNO) 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 >

TSE:VRNO Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Feb 27, 2025	2024 (Q4)	-0.08 / -	-0.211	―	―	―
Nov 07, 2024	2024 (Q3)	-0.05 / -0.17	-0.071	-140.00% (-0.10)
Aug 07, 2024	2024 (Q2)	-0.06 / -0.09	-0.057	-50.00% (-0.03)
May 08, 2024	2024 (Q1)	-0.05 / -0.01	-0.043	66.67% (+0.03)
Feb 29, 2024	2023 (Q4)	-0.04 / -0.30	-0.901	66.77% (+0.60)
Nov 08, 2023	2023 (Q3)	-0.04 / -0.07	-0.184	61.54% (+0.11)
Aug 08, 2023	2023 (Q2)	-0.04 / -0.06	-0.043	-33.33% (-0.01)
May 10, 2023	2023 (Q1)	-0.10 / -0.04	-0.028	-50.00% (-0.01)
Mar 30, 2023	2022 (Q4)	-0.02 / -0.90	0.128	-805.56% (-1.03)
Nov 14, 2022	2022 (Q3)	-0.03 / -0.18	0.468	-139.39% (-0.65)

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

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TSE:VRNO Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Nov 07, 2024	C$6.32	C$6.32	0.00%
Aug 07, 2024	C$6.32	C$6.32	0.00%
May 08, 2024	C$6.32	C$6.32	0.00%
Feb 29, 2024	C$6.32	C$6.32	0.00%

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.

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FAQ

When does Verano Holdings Corp. (TSE:VRNO) report earnings?

Verano Holdings Corp. (TSE:VRNO) is schdueled to report earning on Feb 27, 2025, TBA Not Confirmed.

What is Verano Holdings Corp. (TSE:VRNO) earnings time?

Verano Holdings Corp. (TSE:VRNO) earnings time is at Feb 27, 2025, TBA Not 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 TSE:VRNO EPS forecast?

TSE:VRNO EPS forecast for the fiscal quarter 2024 (Q4) is -0.08.

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