Company: VREOF
Filing Date: 2025-03-21
Form Type: DEFM14C
Source: 0001140361-25-009815
Chunk: 216

Company: Vireo Growth Inc.
Filing Date: 2025-03-21
Form: DEFM14C
Chunk 216
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 2023 of $19,833,150, or a 53% gross margin. The increase in gross margin was driven by the increased sales from internally generated products which carry higher margins, and increased yields per square foot of canopy at the cultivation site.

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TABLE OF CONTENTS

Total Operating Expenses Total operating expenses for the year ended December 31, 2024 were $16,932,100, an increase of $2,634,107 compared to total operating expenses of 14,297,993 for the year ended December 31, 2023. The increase in total operating expenses was attributable to increases in headcount to accommodate increased delivery and dispensary sales. Income from Operations Income from operations for the year ended December 31, 2024 was $11,816,004, an increase of $6,280,847 compared to income from operations of $5,535,157 for the year ended December 31, 2023. Total Other Expense, Net Total other expense, net for the year ended December 31, 2024 was $1,604,418, a decrease of $815,094 compared to other expense, net of $2,419,512 for the year ended December 31, 2023. The decrease in other expense, net is primarily attributable to a decrease in interest expense driven by a principal repayment of debt that occurred during the year ended December 31, 2024. Provision for Income Taxes 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 $5,185,802 compared to income tax expense of $3,024,340 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 non-GAAP financial measures are presented because management has evaluated the financial results