Company: VREOF
Filing Date: 2025-03-21
Form Type: DEFM14C
Source: 0001140361-25-009815
Chunk: 212

Company: Vireo Growth Inc.
Filing Date: 2025-03-21
Form: DEFM14C
Chunk 212
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 Total Operating Expenses Total operating expenses for the year ended December 31, 2024 were $28,292,520, an increase of $9,618,740 compared to total operating expenses of $18,673,780 for the year ended December 31, 2023. The increase in total operating expenses was attributable to increased share-based compensation expenses and transaction related expenses relative to the prior year. Income from Operations Income from operations for the year ended December 31, 2024 was $10,184,531, a decrease of $7,515,843 compared to income from operations of $17,700,374 for the year ended December 31, 2023. Total Other Income Total other income, net for the year ended December 31, 2024 was $4,104,071, an increase of $3,690,585 compared to other income, net of $413,486 for the year ended December 31, 2023. The increase in other income, net is primarily attributable to the gain on sale of asset during the year ended December 31, 2024, of $3,300,081. Provision for Income Taxes Current income tax expense is recognized based on the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at year-end. For the year ended December 31, 2024, Federal and State income tax expense totaled $8,139,737 compared to income tax expense of $7,651,008 for the year ended December 31, 2023. The increase in income tax expense is primarily attributable to increased gross profit. Non-GAAP Measures EBITDA is a non-GAAP measure that does not have a standardized definition under GAAP. The following information provides reconciliations of the supplemental non-GAAP financial measure EBITDA presented herein to the most directly comparable financial measures calculated and presented in accordance with GAAP. We have provided these non-GAAP financial measures, which are not calculated or presented in accordance with GAAP, as supplemental information and in addition to the financial measures that are calculated and presented in accordance with GAAP. These supplemental

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non-GAAP financial measures are presented because management has evaluated the financial results both including and excluding the adjusted items and believes that the supplemental non-GAAP financial measures presented provide additional perspective and insights when analyzing the core operating performance of the business. These supplemental non-GAAP financial measures should not be considered superior to, as a substitute