Canada · Delayed Price · Currency is CAD Vext Science Earnings Call Transcripts
Fiscal Year 2025
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Revenue grew 43% year-over-year to $51.4M, with operating cash flow up 256% to $11.7M, driven by Ohio retail expansion. Arizona operations shifted to a retail-first model, exiting cultivation to optimize margins. DEA reclassification could materially reduce tax liabilities.
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Q3 2025 saw 41% year-over-year revenue growth to $12.7M, driven by Ohio retail expansion and resilient Arizona operations. Margins were pressured by Arizona price declines, but positive cash flow and improved cultivation yields position the company for a strong Q4 and continued growth into 2026.
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Q2 2025 saw 59% revenue growth and a 30% adjusted EBITDA margin, driven by rapid Ohio retail expansion and disciplined Arizona operations. Free cash flow and operating leverage improved, with a focus on scaling Ohio and maintaining profitability in a challenging Arizona market.
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Revenue rose 38% year-over-year to $11.6M in Q1 2025, driven by Ohio retail growth and disciplined cost control. Adjusted EBITDA margin reached 29%, with strong cash flow and no capital raises planned for 2025. Ohio expansion and debt reduction remain top priorities.
Fiscal Year 2024
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2024 saw strong revenue and EBITDA growth, driven by Ohio's adult use market launch, while Arizona faced pricing pressure but outperformed the market. Cash flow from operations hit a three-year high, with expansion in Ohio and debt reduction prioritized for 2025–2026.
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Q3 2024 saw 11% revenue growth to $9M and Adjusted EBITDA of $2.9M, driven by Ohio's adult-use launch and resilient Arizona performance. Ohio dispensaries posted over 200% sequential growth, while Arizona outperformed state averages despite market headwinds.
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Q2 2024 revenue was $8.4M, with adjusted EBITDA of $1.1M and a 12.9% margin. Ohio adult-use sales launched post-quarter, driving strong initial demand, while Arizona faced margin pressure but outperformed state averages. Cash flow is expected to improve as Ohio scales.