Vireo Growth Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data Vireo Growth Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	49.2	54.4	74.6	88.1	99.4	269
Cost of revenue	31.1	32	39.4
Gross profit	17.1	19.8	30.9	44.1	50.8	127
Selling, general and administrative	26.4	33.7	33.8	28.2	28.1	81.2
Operating expenses	40.2	40.3	37.8	33.5	37.2	128
Operating income	-23	-20.5	-6.94	10.6	13.6	-1.05
Interest expense	5.1	10.6	22.6	31.3	31.2
Other non-operating income	8.89	-9.09	-29.6	-28.4	-30.5	-38.9
Pre-tax income	-14.2	-29.6	-36.6	-17.8	-16.9	-39.9
Income tax	8.79	4.12	5.89	7.72	11.1	28.2
Net income	-22.9	-33.7	-42.5	-25.5	-28	-68.1
EBITDA	-20.6	-17.5	-3.6	13.5	16.1	15.1
EPS, basic	-0.24	-0.27	-0.33	-0.19	-0.16	-0.09
EPS, diluted	-0.24	-0.27	-0.33	-0.19	-0.16	-0.09
Shares, basic (weighted)	97.6	124	128	135	180	735
Shares, diluted (weighted)	97.6	124	128	135	180	735

Balance sheet

	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	27.1	15.2	15.1	16	91.6	123
Short-term investments						1
Receivables	0.7	4.5	4.29	2.26	2.87	12.7
Inventory	12.6	20.4	20.5	19.3	21.7	60
Other current assets	1.55	1.56	2.54	1.34	1.65	3.8
Total current assets	47	41.6	46.7	149	230	305
Property, plant and equipment	30.6	99.5	89.6	23.3	32.3	218
Lease right-of-use assets	8.16	8.51	6.11	2.02	7.86	53.4
Goodwill	3.13	0.18	0.18	0	0	87.5
Intangible assets	8.41	10.2	8.78	8.72	7.9	118
Long-term investments						6
Total assets	103	167	159	183	279	817
Accounts payable	0.9	1.49	1.91	1.77	2.3	19
Accrued liabilities	5.11	7.71	6.17	4.85	6.84	26.6
Deferred revenue	0.24	0.41	0.68	0.83	1.05	4.7
Short-term debt	1.11		11.8
Total current liabilities	19.9	16.4	29.7	179	135	192
Long-term debt	0	27.3	46.2
Lease liabilities						50.5
Other non-current liabilities				0.16	0.04	1
Total liabilities	40.3	124	156	199	223	510
Total debt	1.11	27.3	58
Paid-in capital	164	178	181	187	287	607
Retained earnings	-102	-135	-178	-203	-231	-300
Shareholders' equity	62.3	43	3.44	-16	55.5	307
Total equity	62.3	43	3.44	-16	55.5	307
Total liabilities and equity	103	167	159	183	279	817

Cash flow statement

	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-22.9	-33.7	-42.5	-25.5	-28	-68.1
Depreciation and amortization	2.48	3.03	3.34	2.87	2.54	16.1
Stock-based compensation	12.8	5.18	2.69	4.16	3.63	18.7
Deferred income tax	1.36	-1.34	-0.19	1.69		-13.4
Change in receivables	-0.4	-3.49	0.23	1.45	-1.03	-6.06
Change in inventory	-2.66	-10.3	-3.99	-1.82	-2.39	-8.7
Change in payables	8.68	2.65	-0.77	-1.26	2.4	-8.72
Cash from operations	-10.9	-30.5	-18.1	-0.97	-10.2	3.71
Capital expenditures	-8.45	-18	-5.56	-4.96	-11.7	-28.3
Cash from investing	12.9	-7.21	-5.62	-3.48	-8.13	8.76
Debt issued		27.1	25.8
Debt repaid	0	-0.06	0
Stock issued	0.09	1.21	0.01		0.02	0.12
Cash from financing	15.9	25.8	23.7	5.26	94	18.4
Net change in cash	17.9	-12	-0.01	0.82	75.6	30.9
Free cash flow	-19.4	-48.6	-23.6	-5.93	-21.9	-24.6
Interest paid	5.86	6.86	16.6	25	27.2	28.6
Income taxes paid	0.37	5.89	5.13	2.04		1.02

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $10.71 on September 28, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	48.6%	Gross profit / revenue.
Operating margin	0.3%	Operating income / revenue.
EBITDA margin	4.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-2.9%	Pre-tax income / revenue.
Net margin	-13.1%	Net income / revenue.
FCF margin	-22.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	5.1%	Cash from operations / revenue.
Return on equity (ROE)	-15.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-5.3%	Net income / average total assets.
Return on invested capital (ROIC)	0.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	32.8%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	5.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	27.9%	Capital expenditures / revenue.
D&A / revenue	4.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	170.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	53.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	40.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	150.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	60.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	49.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-107.7%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-6.5%	EBITDA vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	453.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	347.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	37.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	193.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	72.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	51.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	307.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	79.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	49.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.01x	Current assets / current liabilities.
Quick ratio	0.32x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.32x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	65.3%	Total liabilities / total assets.
Working capital	$3.8M	Current assets - current liabilities.
Goodwill and intangibles / assets	29.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	$62.7M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.40x	Revenue / average total assets.
Fixed asset turnover	1.82x	Revenue / average property, plant and equipment.
Capex / operating cash flow	543.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$1.49	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$11.35	Revenue / diluted weighted shares.
FCF per share	-$2.58	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.58	Cash from operations / diluted weighted shares.
Book value per share	$9.81	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$1.39	Tangible book value / shares outstanding.
Cash per share	$2.74	(Cash + short-term investments) / shares outstanding.

What was Vireo Growth Inc.'s revenue in fiscal 2025?

Vireo Growth Inc. reported revenue of $268.8M for fiscal 2025, 170.4% higher than the year before.

Was Vireo Growth Inc. profitable in fiscal 2025?

No. It reported a net loss of $68.1M.

How much free cash flow did Vireo Growth Inc. generate in fiscal 2025?

Cash from operations of $3.7M minus capital expenditures of $28.3M left free cash flow of -$24.6M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

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