Grown Rogue International (GRIN) Q4 2024 earnings summary

Executive summary

• Revenue for 2024 reached $27.0M, up 16% from the prior year, with adjusted EBITDA rising 27% to $9.7M and a margin of 35.8%.

• Fourth quarter revenue was $5.7M with an adjusted EBITDA margin of 46.9%.

• Licensing approval in New Jersey enabled sales in about half of the state's dispensaries by March 2025.

• Ownership in Michigan operations increased from 60% to 80%.

• Convertible lenders converted $3.1M of debentures, and a $7.0M credit facility was secured at ~9% interest.

Financial highlights

• Oregon revenue grew 10% to $12.1M, but aEBITDA margin declined to 30.0% due to price compression.

• Michigan revenue increased 13% to $12.9M, with aEBITDA margin at 44.5%.

• Consolidated net loss for 2024 was $10.7M, compared to a net loss of $0.7M in the prior year.

• Cash and cash equivalents at year-end were $4.7M.

Outlook and guidance

• Management expects continued pricing pressure in Michigan and Oregon early in 2025, with optimism for improvement later in the year.

• Focus remains on operational improvements, New Jersey facility expansion, Illinois buildout, and measured new market entry.