Verano Holdings Corp. VRNOF VRNO released its financial results for the second quarter ended June 30, 2023, revealing revenue of $234 million, up 5% from $224 million for the second quarter 2022, and up 3% from $227 million for the first quarter 2023. The increase in revenue for the second quarter 2023 compared to the second quarter 2022 was driven primarily by strength from retail and wholesale adult use sales in New Jersey and Connecticut, slightly offset by retail declines in Pennsylvania and Arizona.
Q2 2023 Financial Highlights
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Gross profit for the second quarter 2023 was $115 million or 49% of revenue, up from $98 million or 44% of revenue for the second quarter 2022, and up from $109 million or 48% of revenue for the first quarter 2023.
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Net loss for the second quarter 2023 was $13 million, versus a loss of $10 million in the second quarter 2022, and $9 million for the first quarter 2023.
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Adjusted EBITDA for the second quarter 2023 was $72 million or 31% of revenue, down from $76 million or 34% of revenue for the second quarter 2022, and up from $71 million or 31% of revenue for the first quarter 2023.
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As of June 30, 2023, the company’s current assets were $319 million, including cash and cash equivalents of $103 million. The company had a working capital deficit of $29 million and total debt, net of issuance costs, of $420 million.
"Our strong second quarter results demonstrate the effectiveness of the strategy we’ve executed since inception, and reflect the persistent rigor and discipline we harness in running our business every day,” stated George Archos, Verano founder, chairman and CEO. “Our ability to generate record quarterly revenue and positive free cash flow while strengthening our balance sheet proves that despite ongoing fluctuations in the industry, we remain well-positioned to pursue potential growth opportunities.”
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