FY 2025 HIGHLIGHTS:
- Record Fiscal 2025 Financial Performance: Record net revenues of $107.3 million, adjusted EBITDA of $28.1 million, net income of $13.1 million, operating cash flow of $20 million and free cash flow of $13.7 million for Fiscal 2025.
- Stronger Balance Sheet and Earnings Quality: First year of positive retained earnings as at August 31, 2025, supported by continued free cash flow generation and lower leverage.
- Continued Market Share Expansion: National market share rose to 3.81% in Fiscal 2025, up 32% year over year, and climbed further to 4.1% in October 2025,
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. - Gross cannabis revenue before excise taxes increased 35% to $148.6 million in Fiscal 2025, from $110.2 million in 2024, driven by deeper penetration in existing provinces, new market entries and new genetics and SKUs;
- Total revenue, net of excise taxes, increased 31% to $107.3 million in Fiscal 2025, from $82.2 million in Fiscal 2024;
- Gross profit before fair value adjustments increased 60% to $44.5 million in Fiscal 2025, from $27.9 million in Fiscal 2024, reflecting higher production capacity and operating efficiencies across cultivation and post processing;
- Gross margin before fair value adjustments increased to 41% in Fiscal 2025 from 34% in Fiscal 2024;
- Operating income more than doubled to $22.2 million in Fiscal 2025, compared to $10.1 million in Fiscal 2024;
- Income before income taxes increased to $18.1 million in Fiscal 2025, from $4.5 million in Fiscal 2024, a 304% increase;
- Net income increased 103% to $13.1 million in Fiscal 2025, from $6.4 million in Fiscal 2024;
- Adjusted EBITDA increased 86% to $28.1 million in Fiscal 2025, from $15.1 million in Fiscal 2024;
- Operating cash flow increased to $20.0 million in Fiscal 2025, from $10.7 million in Fiscal 2024;
- Free cash flow increased to $13.7 million in Fiscal 2025, from $3.2 million in Fiscal 2024;