Goodness Growth Holdings, Inc. Q3 2026 Earnings Recap

Vireo reported Q3 revenue of $253.7 million and adjusted EBITDA of $42.7 million, alongside new quarterly outlook ranges as acquisitions expand the business. The stock fell 1.2%, a roughly flat reaction; cannabis retail growth was 4% pro forma year over year, while management cited seasonality as a factor in its Q4 outlook.

Key Takeaways

• Q3 GAAP revenue rose 177% year over year to $253.7 million; pro forma revenue was $277 million, including specified acquisitions as if completed July 1.
• Adjusted EBITDA was approximately $42.7 million, up $17.3 million, or 68.1%, from a year earlier. Operating income improved by $13.9 million sequentially.
• Pro forma cannabis retail revenue grew 4% year over year.
• Q4 outlook is revenue of $250 million–$265 million and adjusted EBITDA of $45 million–$48 million, excluding pending acquisitions. Management cited an expected seasonal decline in the non-cannabis business.
• The company ended the quarter with $106.8 million in cash and $293 million in long-term debt; it also announced a $60 million real estate term loan at a fixed 8.5% rate after quarter-end.