Vireo Growth Reports $104.5 Million in Q4 Revenue, Up 318% From a Year Ago
- Vireo Growth Inc. reported a 317.7% increase in Q4 2025 revenue to $104.5 million, driven by acquisitions and expansion, with gross profit rising to $56.9 million and an improved gross margin of 54.4%.
- On a pro forma basis, revenue increased 26.1% and adjusted EBITDA rose 30%, with same-store sales up 22% overall and wholesale revenue growing 55%, excluding Minnesota same-store sales grew 11.3%.
- Retail revenue reached nearly $88 million, with Nevada, Missouri, and Minnesota as top contributors, while wholesale revenue was $16.5 million, led by New York.
- Despite strong financial performance, Vireo posted a net loss of $20.4 million due to transaction costs and stock-based compensation, and holds $122.5 million cash while planning further acquisitions expected to close in early 2026.
Vireo Growth Inc. says it brought in $104.5 million in revenue in the fourth quarter of 2025, a 317.7% increase from the $25 million reported in the same quarter the year before, as the company continued integrating recent acquisitions and expanding its footprint through additional deals. The Minneapolis-based marijuana company reported gross profit of $56.9 million for the quarter, up from $12.7 million a year earlier. Gross margin rose to 54.4%, compared to 50.6% in the fourth quarter of 2024. Adjusted EBITDA reached $29.5 million, up from $6.6 million, while adjusted EBITDA margin increased from 26.4% to 28.2%.
On a pro forma basis, which gives effect to mergers as if they had been completed earlier, Vireo said quarterly revenue rose 26.1% from $82.9 million to $104.5 million. Pro forma adjusted EBITDA climbed 30% from $22.7 million to $29.5 million. The company said same-store sales increased 22% from a year earlier, while wholesale revenue jumped 55%. Excluding Minnesota, same-store sales were up 11.3%.
Retail revenue totaled nearly $88 million in the quarter, led by Nevada at $27.9 million, Missouri at $21.3 million and Minnesota at $18.9 million. Wholesale revenue came to $16.5 million, with New York contributing the largest share at $6.8 million.
Despite the sharp gains in revenue and profitability metrics, Vireo posted a net loss of $20.4 million for the quarter, compared to a net loss of $15.7 million a year earlier. The company attributed part of its expenses to transaction-related costs, stock-based compensation and changes in the fair value of contingent consideration.
Vireo ended the quarter with $122.5 million in cash and said it expects to remain active on the acquisition front. In recent months the company announced pending transactions involving Eaze, PharmaCann retail assets in Colorado and a nonbinding memorandum of understanding tied to a potential acquisition of Hawthorne. Company officials said those transactions are expected to close in the first half of 2026.