GRUSF Grown Rogue International Inc.

Overview and Growth

In fiscal 2025, Grown Rogue International Inc. recorded $32.43M of revenue, net income of $3.23M, and an operating cash inflow of $3.57M. The $32.43M revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Diluted earnings per share were $0.01, translating the period’s attributable earnings into the amount reported for each diluted share. The company employed $62.74M of total assets, the balance-sheet base supporting its current operating and cash-flow results. Asset turnover was 0.52x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

After reported cost of revenue, the company retained $14.15M as gross profit before recognizing operating expenses and other items. Gross margin was 43.6%, so that share of each revenue unit remained after the cost of revenue reported for the period. Operations produced a $593.49K operating loss before non-operating and tax effects. An operating margin of -1.8% reflected costs exceeding revenue-level gross profit by 1.8% of sales. Net income came to $3.23M, completing the progression from revenue through gross and operating profitability to the final reported result. Net margin was 10.0%, meaning that this portion of revenue remained as net income after all recognized expenses. Before income taxes, the company reported $4.83M of earnings, providing a bridge between the operating result and final net income. Pretax income represented 14.9% of revenue, placing earnings before tax in the context of the company’s operating scale. The company recognized $1.60M of income tax for the period, completing the transition from pretax income to net income. Relative to pretax income, the tax provision measured 33.2%, quantifying the portion of pre-tax earnings paid in income tax. The relationship between net income and period-end equity was 13.5%, indicating the profitability achieved on book capital. The net-income-to-assets relationship measured 5.1%, showing earnings relative to the full balance sheet.

Liquidity and Capital Structure

At period end, the $62.74M asset base was financed through $38.82M of liabilities and $23.92M of equity. Current assets were $22.18M against $5.72M of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. The current ratio was 3.87x, with current assets exceeding current liabilities and providing a short-term liquidity cushion. Cash and equivalents totaled $10.08M, identifying the most liquid reported component available within the broader current-asset balance. The cash balance equaled 176.1% of current liabilities, showing how much near-term coverage came from cash alone. Borrowings totaled $12.60M, adding a fixed financing obligation alongside the company’s equity capital. The debt-to-equity relationship was 0.53x, showing how much debt the company carried for each unit of book equity. The debt-to-assets relationship was 20.1%, comparing borrowing with the total asset balance. The liabilities-to-assets relationship was 61.9%, placing reported obligations against the full positive asset balance. The cash-to-assets relationship was 16.1%, comparing reported cash and equivalents with the full positive asset balance.

Cash Flow and Earnings Quality

Operating activities produced a cash inflow of $3.57M, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. Operating cash flow equaled 1.11x of net income, showing how strongly accounting earnings converted into cash from operations. Capital expenditures used $4.66M, identifying the reported investment outflow deducted from operating cash flow in the free-cash-flow calculation. Capital expenditures represented 130.5% of operating cash flow, leaving the remainder available as free cash flow. Operating cash flow and capital spending combined to leave a $1.09M cash deficit after capital spending. Relative to revenue, the post-investment cash deficit represented 3.4%. The free-cash-flow deficit equaled 1.7% of total assets, placing the cash shortfall against the company’s resource base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Sep 24, 2026.