/
Background Vireo Growth Inc. is a reporting issuer in Canada, with its securities listed for trading on the Canadian Securities Exchange (the CSE ) under the symbol VREO and on the OTCQX under the symbol VREOF . Vireo Growth is a cannabis company whose mission is to provide safe access, quality products and value to its customers while supporting its local communities through active participati…
The business is unprofitable at the operating level (-0.39% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue grew 170.4%, still solid. Margins contracted 14.0pp, which offsets some of the top-line progress.
ROIC dropped from 28.74% to -0.43%, capital efficiency is deteriorating. Negative free cash flow of -$25M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$350M
▲ +170.4% YoY
Net Income (TTM)
-$82M
▼ -143.2% YoY
Op. Margin
1.70%
▼ -14.0pp YoY
ROIC
1.63%
▼ -29.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$19M
▼ -12.2% YoY
Op. Cash Flow (TTM)
$19M
▲ +136.3% YoY
Net Debt
-$131M
Net Cash Position
Cash & Equiv.
$139M
5Y CAGR: +40.4%
Continue Research