Vireo Growth Q2 Revenue Hits $209.3M, a 335% Surge; Pro Forma Tops $254.9M

summarizeSummary

Vireo Growth posted Q2 2026 revenue of $209.3 million, a 335% year-over-year leap, with pro forma revenue of $254.9 million reflecting recent acquisitions. The company also unveiled a new $65 million credit facility.

check_boxKey Events · Earnings and Guidance · VREOF

• Q2 Revenue Surges 335%

  GAAP revenue climbed to $209.3 million from $48.1 million a year ago, propelled by the acquisitions of Eaze, Hawthorne, and Bridgewell.

• Pro Forma Revenue of $254.9M

  Pro forma revenue, which assumes Hawthorne, Bridgewell, and PharmaCann were acquired on April 1, 2026, came in at $254.9 million, underscoring the combined entity's scale.

• Adjusted EBITDA of $41.5M

  Adjusted EBITDA rose 212% year-over-year to $41.5 million, though margins narrowed to 19.8% from 27.7% due to integration costs and a shift in mix.

• Strong Liquidity Position

  Cash and restricted cash stood at $122.7 million at quarter-end, and a new $65 million asset-based revolving credit facility—expandable to $105 million—was announced.

auto_awesomeAnalysis · VREOF · Life Sciences

Explosive Q2 growth at Vireo Growth was fueled by an aggressive M&A playbook, sending GAAP revenue up 335% to $209.3 million. On a pro forma basis—treating recent acquisitions as if they closed at the quarter's start—the top line reached $254.9 million. Adjusted EBITDA landed at $41.5 million, and the company closed the period with $122.7 million in cash. A new $65 million credit facility further bolsters liquidity. While the results highlight the scale Vireo is assembling in the fragmented cannabis industry, integration risks and the dilutive effect of all-stock deals remain key watchpoints.