Verano Announces Fourth Quarter and Full Year 2024 Financial Results
Fourth Quarter 2024 Financial Highlights
- Revenues, net of Discounts, of $218 million, a decrease of 8% year-over-year, and an increase of 1% versus the prior quarter.
- Gross profit of $108 million or 49% of revenue.
- SG&A expense of $84 million or 38% of revenue.
- Net loss of $(273) million or (125)% of revenue.
- Adjusted EBITDA¹ of $63 million or 29% of revenue.
- Net cash provided by operating activities of $44 million.
- Capital expenditures of $14 million.
Full Year 2024 Financial Highlights
- Revenues, net of Discounts, of $879 million, a decrease of 6% year-over-year.
- Gross profit of $444 million or 51% of revenue.
- SG&A expense of $353 million or 40% of revenue.
- Net loss of $(342) million or (39)% of revenue.
- Adjusted EBITDA¹ of $264 million or 30% of revenue.
- Net cash provided by operating activities of $112 million.
- Capital expenditures of $99 million.
Management Commentary
I am tremendously proud of our team’s resilience in 2024, a year in which we laid the foundation to strengthen and optimize our core business to pursue long-term growth. Throughout a dynamic 2024, we entered the valuable Virginia market and bolstered our footprint in Arizona, brought 17 new dispensaries online in six key markets, celebrated adult use sales in Ohio, and launched a series of exciting new products across the fastest-growing categories.
George Archos, Verano founder, Chairman and Chief Executive Officer
Looking ahead, we have a clear vision to harness innovation, automation and differentiation across all parts of the business to fuel our continued evolution, and never-ending pursuit of quality and excellence. I’m confident in our ability to move with speed and agility in pursuit of growth and look forward to continuing to build Verano into a cannabis powerhouse in 2025 and beyond.
