Grown Rogue Reports 28% Revenue Growth, Swings to Net Loss, Raises 2026 Revenue Guidance

summarizeSummary

Grown Rogue reported a 28% revenue increase in Q1 2026, alongside a net loss, but raised its full-year 2026 revenue guidance and detailed ongoing market expansion efforts.

check_boxKey Events

• Q1 2026 Financial Results

  Revenue increased 28% year-over-year to $9.2 million. The company reported a GAAP net loss of $2.2 million, primarily due to non-cash fair value losses, compared to a net income of $0.7 million in Q1 2025. Adjusted EBITDA grew 32% to $1.6 million.

• 2026 Revenue Guidance Raised

  Management increased its 2026 revenue guidance to a range of $34 - $37 million, up from the previous $32 - $35 million, while reiterating 2026 Adjusted EBITDA guidance of $6 - $8 million.

• Strategic Market Expansion Progress

  Phase II construction is underway in New Jersey to double capacity by year-end. The company is preparing for entry into Illinois with operations expected to commence later this quarter, and Minnesota's cultivation facility is targeted to come online late Q3 2026.

• Mature Market Performance

  Oregon and Michigan markets continued to face pricing declines, but management focused on cost discipline and yield improvements. Michigan revenue increased 10% year-over-year due to a wholesale excise tax pass-through, but declined 4% excluding this impact.

auto_awesomeAnalysis

Grown Rogue reported strong Q1 2026 revenue growth of 28% to $9.2 million, driven by New Jersey operations. While the company swung to a GAAP net loss of $2.2 million, this was primarily due to non-cash fair value losses, and Adjusted EBITDA increased by 32%. The most significant update is the upward revision of 2026 revenue guidance, signaling management's increased confidence in its growth trajectory and market expansion plans in New Jersey, Illinois, and Minnesota.