Canada · Delayed Price · Currency is CAD Vext Science Earnings Call Transcripts
Fiscal Year 2026
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Q2 saw flat sequential revenue but improved margins and profitability, driven by Ohio retail growth and the Arizona cultivation exit. Net loss narrowed 80% year-over-year, and cash flow remained strong. Focus remains on Ohio expansion, Arizona repositioning, and debt reduction.
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Revenue rose 5% year-over-year to $12.2M, led by Ohio's 34% growth, while Arizona declined 24% amid wholesale compression. Gross profit more than doubled, adjusted EBITDA margin improved to 29%, and net loss narrowed to $0.9M. Ohio retail expansion and Arizona streamlining remain key priorities.
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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Q1 2025 saw revenue rise 38% year-over-year to $11.6M, with strong cash flow and a 29% Adjusted EBITDA margin. Ohio retail growth and disciplined cost management drove results, while Arizona outperformed its market despite headwinds.
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.