Vireo Growth Inc. (OTCQX:VREOF) Q4 2024 Earnings Conference Call March 4, 2025 8:30 AM ET
Company Participants
John Mazarakis – Co-Executive Chairman and Chief Executive Officer
Tyson Macdonald – Chief Financial Officer
Conference Call Participants
ERIC DE LAURIERS – Craig-Hall-Bapital Group
Operator
Good morning, and welcome to Vireo Growth Inc’s. Fourth Quarter and Full Year 2024 Results Call.
The company would like to remind everyone that today’s conference call may contain forward-looking statements within the meaning of U.S. and Canadian securities laws. These statements are based on management’s current expectations and involve risks and uncertainties that could differ materially from actual events and those described in such forward-looking statements. For more information on our forward-looking statements, please refer to cautionary note regarding forward-looking statements in the company’s earnings release.
I will now hand the call over to Chief Executive Officer, John Mazarakis. Please go ahead, sir.
John Mazarakis
Thank you. Good morning, everyone.
I’ll begin with a summary of our performance and recent business highlights, and then Tyson will provide some extra details on the financials and our balance sheet. Our fourth quarter results reflected continued strength in fundamental operating performance, and we were pleased to deliver record revenue, gross margin and operating income for the full year. Total revenue for the full year increased 15.4% year-over-year to a record of approximately $100 million, driven by 56% growth in Maryland as well as low single-digit growth in Minnesota.
Fourth quarter revenue increased 3.5% year-over-year to $25 million. Q4 sales were sequentially consistent as expected, and we ended the year in a very strong financial position with $91.6 million in cash on our balance sheet following the closing of our previously announced and oversubscribed $81 million private placement in December, which was completed at a substantial premium to market.
We
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