Grown Rogue International (GRIN) Q2 2026 earnings summary

Executive summary

• Achieved Q2 2026 revenue of $11.3M, up 41% year-over-year, with strong growth in New Jersey (+65%), Michigan (+49%), and Oregon (+14%).

• Strong operational execution across multiple states, with ongoing expansion projects in New Jersey, Minnesota, and Illinois progressing as planned.

• Adjusted EBITDA rose 36% to $2.1M, with margin at 18.2% (18.9% excluding Michigan excise tax).

• Emphasis on maintaining a nimble, entrepreneurial culture and disciplined cost control as the company scales.

• Five core cultural pillars guide operations: passion for cultivation, craft quality, continuous improvement, cost control, and a team-first mentality.

Segment performance

• New Jersey: Revenue up 65% year-over-year to $4.4M; all packaged flower sales; facility expansion to 16,000 sq ft by year-end; high demand led to bulk purchases and new product launches.

• Michigan: Revenue up 49% to $3.4M; achieved record yields (90 g/sq ft) and low costs ($277/lb for flower); strong execution despite challenging pricing.

• Oregon: Revenue up 14% to $3.5M; modest price recovery and high demand; technical improvements underway to boost yield and cost efficiency.

• Illinois: Cultivation began in June; first harvest expected in September, first sales expected Q4 2026; canopy expansion to 10,000 sq ft by year-end.

• Minnesota: Phase I construction nearly complete; first harvest targeted by year-end, with sales expected in Q1 2027.

Outlook and guidance

• 2026 revenue guidance raised to $38–$41M (from $34–$37M); Adjusted EBITDA guidance increased to $7–$9M (from $6–$8M).

• 2027 revenue guidance raised to $55–$63M (from $50–$58M); Adjusted EBITDA guidance maintained at $14–$18M.

• Confident in continued operational consistency and expansion, with significant growth expected as new facilities come online.

• 2026 guidance excludes $1.5–$2.0M in pre-revenue startup costs for Illinois and Minnesota.

• 2027 guidance assumes price normalization in New Jersey and Illinois, with Minnesota remaining supply-constrained.