$VRNO

Verano Holdings Corp.

CIK:0001848416|SEC Filings

Unaudited Interim Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenues, net of Discounts	$ 217,918	$ 202,272	$ 426,096	$ 412,081
Cost of Goods Sold, net	118,219	89,288	227,421	199,516
Gross Profit	99,699	112,984	198,675	212,565
Operating Expenses
Selling, General, and Administrative Expenses	92,494	86,345	178,371	170,924
Loss on Impairment of Held for Sale Assets	4,062	0	4,062	0
Loss on Impairment of Fixed Assets	0	428	0	428
Total Operating Expenses	96,556	86,773	182,433	171,352
Income from Operations	3,143	26,211	16,242	41,213
Other Income (Expense):
Gain (Loss) on Disposal of Property, Plant and Equipment	12	(212)	(15)	(296)
Gain on Deconsolidation	0	0	0	4,739
Gain (Loss) on Debt Extinguishment	0	2,947	(5,738)	2,884
Interest Expense, net	(11,258)	(14,207)	(23,570)	(27,769)
Other Income (Expense), net	(2,383)	1,263	(3,605)	1,065
Total Other Expense, net	(13,629)	(10,209)	(32,928)	(19,377)
Income (Loss) Before Provision for Income Taxes	(10,486)	16,002	(16,686)	21,836
Provision for Income Taxes	(2,925)	(35,152)	(14,548)	(52,501)
Net loss attributable to Verano Holdings Corp. and Subsidiaries	$ (13,411)	$ (19,150)	$ (31,234)	$ (30,665)
Net Loss per share - basic (in dollars per share)	$ (0.18)	$ (0.27)	$ (0.43)	$ (0.43)
Net Loss per share - diluted (in dollars per share)	$ (0.18)	$ (0.27)	$ (0.43)	$ (0.43)
Basic - weighted average shares outstanding (in shares)	73,014,886	72,073,755	72,845,021	71,952,114
Diluted - weighted average shares outstanding (in shares)	73,014,886	72,073,755	72,845,021	71,952,114

Unaudited Interim Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOW FROM OPERATING ACTIVITIES
Net loss attributable to Verano Holdings Corp. and Subsidiaries	$ (31,234)	$ (30,665)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	58,619	63,279
Right-of-use assets amortization	6,099	5,973
Loss on disposal of property, plant and equipment	15	296
(Gain) on deconsolidation	0	(4,739)
Loss on impairment of fixed assets	0	428
Loss on impairment of held for sale assets	4,062	0
(Gain) Loss on debt extinguishment	5,738	(2,884)
Stock-based compensation	7,904	6,642
Other, net	6,371	7,406
Changes in assets and liabilities:
Accounts receivable, net	569	6,020
Inventory	7,436	(31,210)
Income tax receivable	(16,757)	5,144
Accounts payable	(8,089)	1,358
Income tax payable	(12,122)	(32,598)
Uncertain tax positions	22,482	29,936
Deferred income taxes	6,763	(1,730)
Other assets, net	6,919	(1,879)
Other liabilities, net	(15,564)	(8,091)
NET CASH PROVIDED BY OPERATING ACTIVITIES	49,211	12,686
CASH FLOW FROM INVESTING ACTIVITIES
Purchases of property, plant and equipment	(26,807)	(24,333)
Proceeds from disposal of assets	55	79
Proceeds from deconsolidation	0	9,071
NET CASH USED IN INVESTING ACTIVITIES	(26,752)	(15,183)
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from credit facility	195,000	0
Proceeds from issuance of debt	50,000	12,000
Repayments on credit facility	(243,175)	0
Principal repayments of debt	(1,831)	(23,141)
Debt issuance costs paid	(11,337)	(456)
Payment of debt extinguishment	(4,345)	0
Payment of deferred acquisition price payable	(250)	(458)
Purchase of treasury stock	(2,003)	0
Distributions paid to non-controlling interest holders	(39)	(4,672)
Other financing activities	(2,008)	0
NET CASH USED IN FINANCING ACTIVITIES	(19,988)	(16,727)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	2,471	(19,224)
Effects of exchange rate fluctuations on cash and cash equivalents	0	(3)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	82,724	87,796
CASH AND CASH EQUIVALENTS, END OF PERIOD	85,195	68,569
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest paid, net	21,101	24,936
NONCASH INVESTING AND FINANCING ACTIVITIES
Debt extinguishment in connection with deconsolidation	$ 0	$ 1,146

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current Assets:
Cash and Cash Equivalents	$ 85,195	$ 82,724
Accounts Receivable, net	28,794	30,930
Held for Sale Assets	23,927	27,839
Inventory	222,204	229,968
Income Tax Receivable	28,744	11,986
Prepaid Expenses and Other Current Assets	15,418	21,204
Total Current Assets	404,282	404,651
Property, Plant and Equipment, net	485,138	492,473
Right-of-Use Assets, net	89,367	93,806
Intangible Assets, net	550,120	579,090
Goodwill	161,009	161,009
Deposits and Other Assets	9,327	10,565
TOTAL ASSETS	1,699,243	1,741,594
Current Liabilities:
Accounts Payable	26,521	38,737
Accrued Liabilities	59,694	69,301
Income Tax Payable	0	12,122
Current Portion of Lease Liabilities	12,561	11,979
Current Portion of Debt	10,548	7,852
Acquisition Consideration Payable	42	270
Total Current Liabilities	109,366	140,261
Long-Term Liabilities:
Debt, net of Current Portion	382,064	391,883
Lease Liabilities, net of Current Portion	88,507	91,086
Uncertain Tax Positions	400,743	378,261
Deferred Income Taxes	43,406	36,643
Other Long-Term Liabilities	444	1,081
Total Long-Term Liabilities	915,164	898,954
TOTAL LIABILITIES	1,024,530	1,039,215
STOCKHOLDERS’ EQUITY
Common Stock; $0.001 par value, 1,000,000,000 authorized. 73,537,970 issued and 73,217,970 outstanding as of June 30, 2026. 72,649,102 issued and outstanding as of December 31, 2025.	75	73
Preferred Stock; $0.001 par value, 1,000,000,000 authorized. No Preferred Stock issued or outstanding as of June 30, 2026 and December 31, 2025.	0	0
Share Capital	1,751,205	1,745,597
Treasury Stock; 320,000 shares held as of June 30, 2026.	(2,003)	0
Accumulated OCI	0	0
Accumulated Deficit	(1,072,748)	(1,041,514)
STOCKHOLDERS’ EQUITY	676,529	704,156
NON-CONTROLLING INTEREST	(1,816)	(1,777)
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 1,699,243	$ 1,741,594