Verano Q2 Revenue Grows 5% YoY, What About Adjusted EBITDA?
Portfolio Pulse from Vuk Zdinjak
Verano Holdings Corp. reported Q2 2023 revenue of $234 million, up 5% YoY and 3% QoQ. The increase was driven by strong retail and wholesale adult use sales in New Jersey and Connecticut, offset by retail declines in Pennsylvania and Arizona. Gross profit was $115 million, up from $98 million YoY and $109 million QoQ. However, the company reported a net loss of $13 million, higher than the $10 million loss in Q2 2022 and $9 million in Q1 2023. Adjusted EBITDA was $72 million, down from $76 million YoY but up from $71 million QoQ.
August 08, 2023 | 11:32 am
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Verano Holdings reported a 5% YoY increase in Q2 2023 revenue, driven by strong sales in New Jersey and Connecticut. However, the company's net loss increased and adjusted EBITDA decreased YoY.
While Verano Holdings reported an increase in revenue and gross profit, the company's net loss increased and adjusted EBITDA decreased compared to the same period last year. This mixed financial performance could lead to neutral short-term price movement for the company's stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100