Goodness Growth Holdings, Inc. Earnings Recaps
Q2 2026
Aug 13, 2026
The stock rose 4.3% on the back of Vireo’s significant revenue growth and scale expansion, driven by transformative acquisitions that broadened its multi-state footprint and diversified its platform beyond traditional cannabis operations.
Key takeaways
- Q2 GAAP revenue grew 335% year-over-year to $209.3 million, reflecting rapid top-line expansion.
- Pro forma revenue, incorporating recent acquisitions as if closed on April 1, reached $254.9 million, surpassing a $1 billion annualized run rate.
- Cannabis segment revenue alone climbed 265% year-over-year to $175.8 million.
- Non-cannabis businesses contributed $33.5 million, highlighting diversification into ancillary agribusiness.
- Ongoing and announced acquisitions (FLUENT, C21, Planet 13, Ohio assets) will increase store count from 170 to ~270 across 15 states, enhancing market reach and operational scale.
Q1 2026
May 13, 2026
Vireo Growth’s shares rose modestly by 0.8% following Q1 results which showed steady pro forma revenue growth and margin improvements, but market reaction suggests investors are waiting for more decisive progress on integration and operational execution before rewarding the stock more fully.
Key takeaways
- Reported GAAP revenue surged 333% year-over-year to $106.2 million, driven by multiple acquisitions closed in recent months.
- Pro forma revenue, which includes all acquisitions as if they occurred on January 1, 2026, grew 5% year-over-year to $210.2 million, reflecting moderate organic growth in integrated markets.
- Adjusted EBITDA on a pro forma basis increased 29.8% to $42.2 million, with margin expansion to 20.1% of sales from 16.2% last year.
- Gross margin, excluding non-cash inventory fair value adjustments, improved by 280 basis points to 56.3%.
- Company ended Q1 with a strong cash position of $137.8 million and $240 million in current assets versus $82 million in current liabilities, supporting ongoing M&A and investment plans.