Business
Verano's Q3 is flat on the top line and the best it has looked on cash in four years
A 5 percent revenue bump, a net loss cut from $43.8 million to $4.1 million, and a cash flow figure that doubled.
By The Crushed Desk · 1w ago · 4 min read
Photo: The Marijuana Herald
Verano Holdings reported third-quarter revenue of $212.4 million, up 5 percent from $202.8 million a year earlier but down from $217.9 million in the second quarter. Gross profit was $100 million at a 47 percent margin, operating income rose to $11.9 million, and adjusted EBITDA slipped to $50.4 million from $53.1 million.
The more interesting numbers are below the line. The net loss shrank to $4.1 million from $43.8 million a year ago, and operating cash flow hit $49 million against $26 million in Q3 2025, which Verano says is its highest quarterly figure in four years. Across the first nine months, revenue was $638.5 million, operating cash flow $98 million and the net loss $35.3 million, down from $74.5 million. The company ended September with about $102 million in cash and $390 million in debt.
On the operating side, Verano opened its 86th Florida dispensary, bringing it to 163 stores in 13 states with 14 production facilities. It also entered beverages with Easy Landings, its first national drink brand, and expects adult-use sales to begin in Virginia. It raised 2026 capital spending guidance to $54 million to $60 million and gave no revenue or earnings guidance.
Read it as an efficiency story rather than a growth one. Sequential revenue fell, and EBITDA slipped, while cash generation improved sharply. For operators, the signal is that the large multi-state players are squeezing cost and working capital in a flat, price-compressed market. Watch whether the beverage push and Virginia, if it opens, add real top-line growth next year.
