Q3 2025 HIGHLIGHTS:
- Record Revenue: Total revenues, net of excise taxes increased to $27.3 million in Q3 2025,
representing a 40% increase over the prior year period. - Record Profitability: Gross profit before fair value adjustments rose to $12.1 million in Q3 2025,
representing a 110% increase over the prior year period. Gross margin before fair value
adjustments rose to 44% in Q3 2025, from 29% in the prior year period. - Record Adjusted EBITDA and Adjusted EBITDA Margin: Delivered seventeenth consecutive
quarter of positive Adjusted EBITDA, which increased to a record high of $7.6 million in Q3 20251,
representing a 174% increase over the prior year period. Delivered Adjusted EBITDA margin rose
to 28% in Q3 2025, from 14% in the prior year period. - Record Operating and Free Cash Flow: Delivered $13.9 million of operating cash flow and $11.7
million of free cash flow1 in Q3 2025, representing a 221% and 841% respective increase over the
prior year period. - Yield Improvement: Extensive research and development on optimizing cultivation procedures
has driven a 26% yield improvement across Cannara’s facilities, increasing current annual capacity
from 39,500 kg to 50,000 kg — allowing the Company to achieve its Fiscal 2026 cultivation target
a full year ahead of schedule without additional capital expenditures. - Quebec Vape Launch: Received 5 accepted SKUs, pending final procedural steps, for the Quebec
provincial vape category launch, representing 20% of all accepted in-store SKUs by the SQDC. - Reduced Interest Rate: Lowered interest rate on BMO credit facility by 50 basis points and a
further 25 basis points subsequent to quarter-end. Cannara’s cost of debt on its credit facility is
now below 6%.
Q3 2025 EARNINGS PRESENTATION
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