Vireo Growth Inc. says it brought in $104.5 million in revenue in the fourth quarter of 2025, a 317.7% increase from the $25 million reported in the same quarter the year before, as the company continued integrating recent acquisitions and expanding its footprint through additional deals.

The Minneapolis-based marijuana company reported gross profit of $56.9 million for the quarter, up from $12.7 million a year earlier. Gross margin rose to 54.4%, compared to 50.6% in the fourth quarter of 2024. Adjusted EBITDA reached $29.5 million, up from $6.6 million, while adjusted EBITDA margin increased from 26.4% to 28.2%.

On a pro forma basis, which gives effect to mergers as if they had been completed earlier, Vireo said quarterly revenue rose 26.1% from $82.9 million to $104.5 million. Pro forma adjusted EBITDA climbed 30% from $22.7 million to $29.5 million. The company said same-store sales increased 22% from a year earlier, while wholesale revenue jumped 55%. Excluding Minnesota, same-store sales were up 11.3%.

Retail revenue totaled nearly $88 million in the quarter, led by Nevada at $27.9 million, Missouri at $21.3 million and Minnesota at $18.9 million. Wholesale revenue came to $16.5 million, with New York contributing the largest share at $6.8 million.

Despite the sharp gains in revenue and profitability metrics, Vireo posted a net loss of $20.4 million for the quarter, compared to a net loss of $15.7 million a year earlier. The company attributed part of its expenses to transaction-related costs, stock-based compensation and changes in the fair value of contingent consideration.

Vireo ended the quarter with $122.5 million in cash and said it expects to remain active on the acquisition front. In recent months the company announced pending transactions involving Eaze, PharmaCann retail assets in Colorado and a nonbinding memorandum of understanding tied to a potential acquisition of Hawthorne. Company officials said those transactions are expected to close in the first half of 2026.