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An update from TerrAscend Corp ( (TSE:TSND) ) is now available.
TerrAscend reported fourth-quarter 2025 net revenue of $66.1 million and full-year revenue of $260.6 million, with gross profit margins just above 52% from continuing operations. The company continues to generate positive operating and free cash flow, marking its 14th straight quarter of positive cash flow from continuing operations and 10th consecutive quarter of positive free cash flow.
While annual revenue declined slightly from 2024, EBITDA from continuing operations improved and margins held steady, reflecting disciplined cost management and a focus on core markets. Management highlighted strong performance in New Jersey, Maryland, and Pennsylvania, successful integration of Ohio operations, and substantial progress on exiting Michigan, positioning the company with a stronger balance sheet and no major debt maturities until late 2028.
TerrAscend expanded its New Jersey retail footprint to four dispensaries and reported Maryland operations running at roughly a $75 million annualized rate with near-60% gross margins. The company emphasized a disciplined M&A strategy centered on accretive deals in key states, underpinned by consistent free cash flow and regulatory momentum that could enhance its competitive position and support shareholder value in 2026 and beyond.
The most recent analyst rating on (TSE:TSND) stock is a Hold with a C$0.95 price target. To see the full list of analyst forecasts on TerrAscend Corp stock, see the TSE:TSND Stock Forecast page.
Spark’s Take on TSE:TSND Stock
According to Spark, TipRanks’ AI Analyst, TSE:TSND is a Neutral.
TerrAscend Corp’s overall stock score reflects significant financial challenges, including declining revenues and high leverage. While technical indicators show moderate momentum, the valuation remains unattractive due to unprofitability. The earnings call provided some optimism with improved margins and strategic growth plans, but the ongoing net loss and acquisition delays are concerning.
To see Spark’s full report on TSE:TSND stock, click here.
More about TerrAscend Corp
TerrAscend Corp. is a North American cannabis company operating in key regulated markets including New Jersey, Maryland, Pennsylvania, and Ohio. The company focuses on retail dispensaries, wholesale cannabis products, and cultivation, and is actively optimizing its footprint by exiting less strategic markets such as Michigan to concentrate on higher-margin, growth-oriented states.
Average Trading Volume: 345,713
Technical Sentiment Signal: Sell
Current Market Cap: C$335.8M
See more insights into TSND stock on TipRanks’ Stock Analysis page.