Verano Holdings Corp. VRNOF VRNO released its financial results for the third quarter ended September 30, 2022, revealing revenue increased 2% versus the prior quarter and 10% year-over-year to $228 million. Revenue growth versus the year-ago period was driven by strength from adult use sales in New Jersey.
Q3 Financial Highlights
- Gross profit was $123 million or 54% of revenue, compared to $98 million or 44% of revenue in the prior quarter, and $98 million or 48% of revenue in the Q3 2021.
- Net loss was $(43) million, compared to a loss of $(10) million in the prior quarter, and $(13) million in the year-ago period.
- Adjusted EBITDA was $82 million or 36% of revenue, compared to adjusted EBITDA of $76 million or 34% of revenue in the prior quarter.