Canada · Delayed Price · Currency is CAD TerrAscend Earnings Call Transcripts
Fiscal Year 2025
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Q4 and full year 2025 saw strong margins, positive cash flow, and stable Adjusted EBITDA despite revenue headwinds. Expanded in New Jersey and Ohio, exited Michigan, and maintained disciplined M&A and capital allocation. Gross margins exceeded 52% for the year.
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Q3 2025 revenue was $65.1M, flat year-over-year, with improved gross and EBITDA margins and continued positive cash flow. Strategic exits and M&A, especially in New Jersey, are driving future growth, while the company remains well-positioned for regulatory changes and expansion.
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Exited Michigan to focus on core markets, reporting $65M Q2 revenue and improved gross margin. Strong performance in New Jersey, Maryland, and Pennsylvania, with continued positive cash flow and disciplined M&A. Debt maturities extended to 2028.
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The meeting, held virtually, covered director elections, auditor ratification, and approval of a stock option amendment for insiders. All proposals passed with the required majority, and no shareholder questions were raised during the proceedings.
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Q1 2025 saw revenue of $71M, gross margin expansion to 51.8%, and adjusted EBITDA of $15.3M, with continued positive cash flow and cost reductions. M&A activity remains robust, with new acquisitions in Ohio and New Jersey, and further expansion and margin improvements expected.
Fiscal Year 2024
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Q4 revenue reached $74.4M with gross margin expanding to 50.2%, and full year revenue was $306.7M, driven by strong performance in New Jersey and Maryland. The company expects further G&A reductions and continued margin strength in 2025, with expansion plans in Ohio and ongoing M&A activity.
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Q3 2024 saw strong market leadership in key states, with $74.2M revenue and 48.8% gross margin. Expansion into Ohio, a $140M refinancing, and a $10M buyback program highlight disciplined growth and capital allocation. Q4 revenue is expected flat to slightly down.
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Q2 2024 saw 7.5% revenue growth, 21.9% higher Adjusted EBITDA, and strong cash flow. The company maintained top market share in New Jersey, expanded in key states, and closed a $140M loan to fund growth and M&A. Gross margins are expected to remain 48–50% in Q3.
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The meeting, held virtually, covered director elections, auditor ratification, and a stock option extension for insiders. All proposals passed with the required shareholder approval, and no questions were raised by stakeholders.