The link announces the 2025 financial results of the second quarter
Chicago, 07, 2025 (Globe Newswire) – SUMMER HOLDINGS CORP. (COE CA: VRNO) (otcqx: VRNOF) (“review” or “review” or “company”) today for the second quarter of its financial results on June 30, 2025, which was prepared for the total accounting principles (“NAS”).
Second quarter 2025 Financial importance
Second quarter 2025 Financial importance
• Revenues: net of discounts, $ 202 million.
• $ 113 million or 56% gross profits.
• SG and costs: $ 86 million or 43% of income.
• $ (19) million dollars or (9)% income.
• adjusted EBITDA¹ $ 66 million or 33% of income.
• Published net cash with operating operations of $ 11 million.
• Capital expenditures: $ 10 million.
Management Comment:
“I am proud of the progress made during the quarter to strengthen our foundation and initiate the main priorities, including improving our actions and improving margins. “During the whole quarter, we have created a profitability of more efficient and efficient crops, off innovation of a new product and improved retail in several main markets.”
Archos concluded.
Second quarter 2025 Financial review
Revenues for the second quarter of 2025 compared to $ 202 million in the second quarter of 2024, the level of income in the second quarter of the previous 2025 action investments.
The gross profit of the second quarter of 2025 was $ 113 million or 56% for the second quarter of 2024, and compared to the second quarter of 2025, it was partially reimbursed from the objects of expanded crops.
The second quarter of the second quarter of SG & 2025 amounted to 86 million dollars or 43% of the income from $ 85 million to $ 85 million or the decline in the second quarter of the second quarter of the income decreased business.
The net loss of the second quarter of 2025 reached $ (19) million or (9)% income, during the second quarter of the second quarter of the second quarter, compared to the second quarter, compared to the previous year, compared to the previous year.
EBITDAI adjusted for the second quarter was $ 66 million or 33% of income.
The net cash for the second quarter of 2025 was $ 11 million, and for the second quarter of 2024, which was mainly attributed to operational efficiency compared to the previous year and last year.
For the second quarter of 2025, capital expenditures amounted to $ 10 million for the second quarter of 2024, and in the first quarter of 2025 – $ 1425.
Second quarter 2025 Operational importance
Suggested and appointed Richard to the Catherine as Chief Financial Officer.
Expanded the company’s retail footprint by opening the following new dispenser.
Müv ™ New Smyrna Beach, Company 81st Dispensary in Florida; aeration of
Zen Leaf ™ Ashford and Zen Leaf ™ Enfield, which raises the company’s Connecticut retail actions for seven disseminations.
An exclusive partnership with growing sciences, Charraft Cannabis Award-winning elite genetics award developer, its kit in Illinois market flower and extraction products.
Introduced a retail retail retail in the style of Bodegra, in the “Zen Leaf” cave, located in the Funyx city of Arizona, representing one of the largest products directly available in the United States.
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This data-driven, fact-based search engine will be continually updated based on new financial filings so readers can stay up-to-date. Companies must file with the SEC or SEDAR and be current to be considered for inclusion. When we launched this resource in May 2019, companies with more than $2.5 million in quarterly revenue qualified. As the industry has grown and as more companies have gone public, we have raised the minimum several times, including $5 million in October 2019, $7.5 million in June 2020, up to $10 million in November 2020, $12.5 million in August 2021, $12.5 million in August 2021, and $202 in September 2021. million dollars. hemp industry, we raised the minimum again in May 2024. The senior roster has a minimum of US$50 million (C$70.2 million) and the junior roster now has a minimum of US$25 million (C$35.1 million).
Note on adjusted operating income
In May 2019, we added an additional measure, Adjusted Operating Income, which we detailed in our newsletter. The calculation takes reported operating income and adjusts it for any changes in the fair value of biological assets required under IFRS accounting. We believe this adjustment improves comparability between companies under IFRS and GAAP accounting. We note that operating income can often include one-time items such as stock compensation, inventory write-offs or public listing costs, and we encourage readers to understand how these non-cash items may impact quarterly financials. Many companies have moved from IFRS to US GAAP accounting, which has reduced our need to make adjustments. Please note that our rating only includes actual reported income and non pro forma income. We also note that companies with non-hemp operations must provide segment-level financial statements detailing not only revenue but also operating profit in order for their operating profit to be included in the tracking. Currently, Aurora Cannabis (NASDAQ: ACB ) (TSX: ACB ), Jazz Pharma (NASDAQ: JAZZ ) and Tilray (TSX: TLRY ) (NASDAQ: TLRY ) do not provide this information.
Tracker inclusion updates
At the time of our last update on August 13, 16 companies were eligible for inclusion on the senior lists, including 13 in USD and 3 in Canadian currency, and 11 companies on the junior list. Now, 14 companies denominated in US dollars and 5 denominated in Canadian dollars qualify for the senior lists, for a total of 19 now. The junior list includes 11 companies that report in US dollars and 1 in Canadian dollars. Tracking public cannabis company revenue and earnings on a combined basis now includes 31 companies. One company, Glass House Brands (OTC: GLASF) (NEO: GLAS.AU) moved from the American Junior list to the Senior list. Fluent (OTC: CNTMF) (CSE: FNT.U) has been added to the American Junior list. In Canada, Auxly Cannabis (OTC: CWBTF) (TSX: XLY) has joined the Junior List.
Companies that have reported since mid-August are included
There have been few reports since our last update, as most of these companies are operating at the end of December and meet earlier deadlines than the middle of the month.
Senior and Junior – US Dollar Report
Neither company has yet reported Q3, but updates will begin to trickle in next week. Tilray brands (NASDAQ: TLRY ) (TSX: TLRY ) reported its fiscal quarter earlier this month. The diversified company grew its cannabis business 5% year-over-year as it declined 5% sequentially. Overall for the company was up from a year ago, but adjusted EBITDA was lower than expected due to lower gross margin.
One major company that has diversified beyond cannabis, and Scotts Miracle-Gro (NYSE: SMG ), will report its fiscal 4th quarter by the end of the year. It has not yet scheduled the next conference call, although its website suggests 11/5 could be a tentative date.
Some of the 5 largest MSOs have scheduled calls for their Q3 financial reports, although GTI has changed its policy and will not be hosting any for now. Here is the current outlook of all of them.
Curaleaf (OTC: CURLF ) (TSX: CURA ) – revenue is expected to decline 4% year-over-year to $317.1 million, with adjusted EBITDA of $66.4 million, a 12% decline.
Trulieve (OTC: TCNNF ) (CSE: TRUL ) – Revenue is expected to increase 1% year-over-year to $296 million, and adjusted EBITDA is expected to decline less than 1% to $95.9 million, a 13% decline sequentially.
Green Thumb Industries (OTC: GTBIF ) (CSE: GTII ) – revenue is expected to increase 1% year-over-year to $290.9 million and adjusted EBITDA is expected to decline 9% to $81.9 million.
Verano Holdings (OTC: VRNOF ) (NEO: VRNO ) – revenue is expected to decline 6% to $208 million and adjusted EBITDA is expected to decline 6% to $60.7 million.
Cresco Labs (OTC: CRLBF ) (CSE: CL ) – Revenue is expected to decline 9% to $163.7 million and adjusted EBITDA is expected to decline 29% to $36.5 million.
Senior and Junior – Canadian Dollar Report
Since our last update, only High Tide (NASDAQ: HITI ) (TSXV: HITI ) has reported among Canadian listed companies. Revenue was up sequentially in its fiscal quarter, and operating profit was just under $4 million.
One of Canada’s senior list members, SNDL, has scheduled its quarterly call.
The Public Cannabis Company Earnings Tracker by New Cannabis Ventures is not a recommendation of any company, and you should not use it as investment advice. A tilde next to a date means an approximate date. All calculations are derived from SEC or SEDAR filings. Any questions or licensing inquiries please contact us.
Based in Houston, Alan leverages his experience as an online community founder 420 Investorthe first and still the largest due diligence platform focused on publicly traded stocks in the cannabis industry. With his extensive network in the cannabis community, Alan continues to find new ways to connect the industry and facilitate its sustainable growth. time New Cannabis Ventureshe is responsible for content development and strategic alliances. Before turning his attention to the cannabis industry in early 2013, Alan, who began his career on Wall Street in 1986, worked as an independent research analyst with more than two decades of research and portfolio management experience. A prolific writer, with over 650 articles published since 2007 Looking for Alphawhere he has 70,000 followers, Alan is a frequent speaker at industry conferences and frequent source Media including the NY Times, Wall Street Journal, Fox Business and Bloomberg TV. Contact Alan. Twitter: |: Facebook |: LinkedIn: |: El
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friends,
MSOs’ financial reporting starts in less than 2 weeks, with Verano reporting its Q3 on the 29th. Trulieve and Curaleaf, among the major MSOs, are due to report next week. It calendar builds, although major player GTI will not be hosting a conference call.
As of 15, the global hemp stock index is up 1.1% this month, extending a massive 3Q gain, and is now up 12.9% year-to-date. MSOs fared better than other parts of the market, as the US Hemp Operator Index, at 15.11, grew 80.7% in 2025. MSOS, which is heavily concentrated in three MSOs, grew by 41.7%. The MSO’s move, however, has less to do with fundamental change and more to do with a potential realignment of cannabis. If cannabis moves to schedule III or higher, it will disappear 280E tax.
In October, the MSOS rose by 12.7% and the US Hemp Operator Index by 16.3%. Here are the incomes of each of the 9 members at the moment.
I haven’t yet shared the updated NCV Revenue Tracker article that I run before the financial statements, but in the latest one that came after the Q2 reports, I suggested that financial updates failed to impress. At the time, I shared some Big 5 analysts’ projections for 2025, and they’re not much higher now for adjusted EBITDA. In fact, Cresco Labs is slightly lower and is now expected to fall 29%, Curaleaf, slightly higher, is expected to fall 12%, GTI, also slightly higher, is expected to fall 8%, Trulieve is still expected to slip 1%, and Verano, slightly higher, is expected to fall 6%. None of these large MSOs posted adjusted EBITDA growth in the third quarter. So stocks are flying despite declining earnings.
The reason for the lower forecast adjusted EBITDA compared to a year ago is partly due to lower revenues for some, although GTI took a hit to its adjusted EBITDA as it will pay after the sale of its brands. This is also due to the weakness of the state-regulated cannabis space. It’s not clear why so many state markets are so weak, but a BDSA article from earlier this month regarding September made it clear. showed broad weakness. The illegal market and cannabis markets are obstacles, but some markets, like Florida, are just maturing and competitive.
Most MSOs look very cheap, but how long cannabis sales remain contested will play a role in the timing of the stock recovery. Of course, expectations of the end of 280E taxation have boosted stocks, although they are down significantly from a year ago, except for one.
What’s interesting about the year is that a year ago, MSOs expected Florida to move to adult use after the election, which failed to happen. Voters approved it, but 58% narrowly missed the required 60%. The next vote could be in 2026. These stocks have averaged -18.1%, while MSOS is down 21.5%. The 6th largest position in MSOS is Glass House Brands, which has risen 7.8% over the past year. Of course, one big MSO has dried up, as AYR Wellness is down 98.8%.
So MSOs are up a lot this year and since the end of June (+160% for US Hemp Operator Index and +124% for MSOS), but they are still down over the past year and much more so over the last 5 years. If the 280E takes off, it should help the fundamentals significantly. If so, be careful as most MSOs have balance issues.
The cannabis industry is going through a lot of changes. Who would have expected Target to try to get into THC drink retail? It’s been almost a dozen years since the first state opened its doors to adult cannabis sales, and the federal and state governments have yet to decide on regulations or taxes. Investors have lost a lot of money in recent years. Many companies, large and small, have been destroyed in America. However, cannabis remains popular among Americans. Let’s hope we clear up the taxation and regulation of the hemp industry.
Sincerely,
Alan:
This week’s newsletter is sponsored by the Paul E. Saperstein Co.
Michigan Uniform Commercial Code (“UCC”) Article 9 Sale
On October 29, Monster Holdings Group’s equipment will be auctioned at the Jackson County Circuit Court in Jackson, Michigan at 12:00 PM ET. All applications must be submitted online. Learn more Article 9 of the sale of all assets of this mining company.
Interested parties may contact Paul Cotto at 617-227-6553 or email pcotto@pesco.com:.
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Based in Houston, Alan leverages his experience as an online community founder 420 Investorthe first and still the largest due diligence platform focused on publicly traded stocks in the cannabis industry. With his extensive network in the cannabis community, Alan continues to find new ways to connect the industry and facilitate its sustainable growth. time New Cannabis Ventureshe is responsible for content development and strategic alliances. Before turning his attention to the cannabis industry in early 2013, Alan, who began his career on Wall Street in 1986, worked as an independent research analyst with more than two decades of research and portfolio management experience. A prolific writer, with over 650 articles published since 2007 Looking for Alphawhere he has 70,000 followers, Alan is a frequent speaker at industry conferences and frequent source Media including the NY Times, Wall Street Journal, Fox Business and Bloomberg TV. Contact Alan. Twitter: |: Facebook |: LinkedIn: |: El
Michigan Cannabis sales in September decreased from a year ago, as they were down 11.3% sequentially, which was -8.3% on a daily basis. At 251.3 million dollars, sales decreased by 5.8 percent compared to the previous year.
The Michigan Cannabis Regulatory Agency breaks down sales by medical and adult use, with medical sales down 60.8% year-over-year to $0.4 million, down 18.7% sequentially, and adult-use sales down 5.6% year-over-year to $250.9 million, up 11.3% sequentially.
The state breaks down sales by category and provides pricing details by category for both medical and adult;
For adults
Medical
As supply continues to expand, prices for adult flowers have plummeted. September’s average price of $1,011 per pound is up 2.2% sequentially from a record low and down 19.7% from a year ago.
Michigan hemp sales will grow 82.1% to $1.79 billion in 2021, 27.9% to $2.29 billion in 2022, and 33.3% to $3.06 billion in 2023. In 2024, they increased by 7.6% to $3.29 billion. expand further as supply becomes more available and as distribution expands.
Based in Houston, Alan leverages his experience as an online community founder 420 Investorthe first and still the largest due diligence platform focused on publicly traded stocks in the cannabis industry. With his extensive network in the cannabis community, Alan continues to find new ways to connect the industry and facilitate its sustainable growth. time New Cannabis Ventureshe is responsible for content development and strategic alliances. Before turning his attention to the cannabis industry in early 2013, Alan, who began his career on Wall Street in 1986, worked as an independent research analyst with more than two decades of research and portfolio management experience. A prolific writer, with over 650 articles published since 2007 Looking for Alphawhere he has 70,000 followers, Alan is a frequent speaker at industry conferences and frequent source Media including the NY Times, Wall Street Journal, Fox Business and Bloomberg TV. Contact Alan. Twitter: |: Facebook |: LinkedIn: |: El