CordovaCann (CDVA) AI Stock Analysis

• Market Cap: C$2.20M
• Dividend Yield: N/A
• Average Volume (3M): 44.87K
• Price to Earnings (P/E): ―
• Beta (1Y): 3.10
• Revenue Growth: 1.60%
• EPS Growth: -213.10%
• Country: CA
• Employees: 6
• Sector: Healthcare
• Sector Strength: 45
• Industry: Drug Manufacturers - Specialty & Generic
• EPS (TTM): N/A
• Shares Outstanding: 109,803,460
• 10 Day Avg. Volume: 14,141
• 30 Day Avg. Volume: 44,872
• PEG Ratio: -0.03
• Price to Book (P/B): -1.04
• Price to Sales (P/S): 0.42
• P/FCF Ratio: 5.37
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 41 Neutral
• Price Target: C$0.02 ▼(-5.00% Downside)

The score is held down primarily by weak financial performance (declining TTM revenue, ongoing losses, and a high-risk balance sheet with negative equity). Technicals add further pressure with a strong downtrend and bearish momentum. Valuation provides limited support because the company is loss-making and has no indicated dividend.

Positive Factors

Vertical integration and diversified revenue streams

CordovaCann's control of cultivation, processing and sales plus licensing and retail/wholesale channels creates durable operational synergies. Vertical integration supports quality control, lowers unit costs over time, and diversification of channels reduces reliance on any single revenue source.

Positive trailing‑12M operating and free cash flow

A shift to positive operating and free cash flow indicates improving cash generation capacity versus prior years. Sustained positive cash flow can reduce dependence on equity/debt raises, fund working capital and targeted investments, and support a gradual transition toward self-sustaining operations.

Narrowing losses and improving gross margin

Progress toward narrower losses and better gross margins reflects operational improvements and potential scale economics. If maintained, this trend supports a path to EBITDA breakeven, enhances resilience to price pressure, and improves the probability of durable profitability.

Negative Factors

Negative shareholders' equity / stressed balance sheet

Negative equity signals accumulated losses and materially limits financial flexibility. This structural weakness raises refinancing and solvency risk, can constrain capital allocation, and makes the company vulnerable to adverse shocks or higher financing costs over the medium term.

Material TTM revenue decline

A ~25% decline in trailing revenues erodes scale and puts sustained pressure on fixed-cost absorption. Prolonged revenue contraction undermines margin recovery, limits reinvestment capacity, and complicates the path to stable cash generation and profitable growth over the coming months.

Persistent unprofitable operations (negative margins and EBITDA)

Ongoing negative net margins and EBITDA mean the core business does not yet generate sufficient operating profit to fund growth. Continued unprofitability increases reliance on external financing, elevates dilution or default risk, and limits ability to invest in durable competitive advantages.

CordovaCann Business Overview & Revenue Model

Company Description

CordovaCann Corp. engages in identifying, funding, developing, and managing operations in the cannabis value chain business. As of February 14, 2022, it operated 14 stores under the Star Buds Cannabis Co. brand in Ontario, Manitoba, Alberta, and British Columbia, Canada, as well as Oregon and Washington, the United States. The company was formerly known as LiveReel Media Corporation and changed its name to CordovaCann Corp. in January 2018. CordovaCann Corp. is headquartered in Toronto, Canada.

How the Company Makes Money

CordovaCann generates revenue through multiple key streams, primarily from the sale of its cannabis products, which include both wholesale and retail offerings. The company cultivates its own cannabis and processes it into various forms, allowing for direct sales to consumers and partnerships with dispensaries and retailers. Additionally, CordovaCann may benefit from licensing agreements and collaborations with other companies in the cannabis space, enhancing its market reach and product offerings. The company's focus on quality and compliance also positions it to capitalize on the expanding legal cannabis market, contributing to its earnings through increased consumer demand.

CordovaCann Financial Statement Overview

Summary

Fundamentals remain fragile: TTM revenue fell materially (~-25%) and profitability is still weak (negative net margin ~-20%, negative EBITDA). The balance sheet is highly stressed with negative equity, which raises solvency/refinancing risk. Cash flow is a relative bright spot with positive TTM operating cash flow and free cash flow (~$1.1M), but it is small versus losses and debt.

Income Statement

TTM (Trailing-Twelve-Months) revenue fell materially (about -25%), and profitability remains weak with negative net margin (about -20%). Gross margin improved versus FY2025, but operating performance is still challenged (EBITDA remains negative in TTM). Losses have narrowed substantially from FY2023 levels, showing some operational progress, but the business has not yet demonstrated consistent earnings power.

Balance Sheet

The balance sheet is highly stressed: stockholders’ equity is negative in the most recent periods (TTM and FY2025), which signals accumulated losses and limited financial flexibility. Debt is meaningful relative to the asset base, and negative equity makes leverage metrics difficult and increases refinancing and solvency risk. While total assets are still sizable, the negative equity position is a key weakness.

Cash Flow

Cash generation is a relative bright spot recently: TTM (Trailing-Twelve-Months) operating cash flow and free cash flow are positive (roughly $1.1M each), improving from negative operating cash flow in FY2023/FY2022. However, free cash flow growth is volatile and recently down, and cash flow remains small relative to the scale of losses and debt, indicating the turnaround is not yet fully self-funding.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2024	Dec 2022	Dec 2022
Income Statement
Total Revenue	14.21M	14.25M	―	13.80M	13.53M	13.59M
Gross Profit	2.86M	1.55M	―	4.08M	3.73M	3.86M
EBITDA	-1.28M	-817.35K	―	493.74K	-1.85M	-4.68M
Net Income	-2.89M	-2.69M	―	-1.49M	-3.96M	-6.88M
Balance Sheet
Total Assets	6.63M	6.41M	―	9.55M	16.75M	10.26M
Cash, Cash Equivalents and Short-Term Investments	586.59K	598.20K	―	552.47K	714.83K	248.42K
Total Debt	5.28M	5.00M	―	6.21M	6.08M	6.38M
Total Liabilities	12.02M	11.61M	―	12.15M	10.16M	11.29M
Stockholders Equity	-5.95M	-5.81M	―	-3.30M	5.86M	-1.72M
Cash Flow
Free Cash Flow	1.04M	1.12M	―	1.49M	-2.73M	-1.21M
Operating Cash Flow	1.06M	1.14M	―	1.49M	-2.07M	-452.73K
Investing Cash Flow	1.55M	1.55M	―	52.96K	2.07M	-708.88K
Financing Cash Flow	-2.50M	-2.51M	―	-1.10M	720.69K	-134.36K

CordovaCann Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
BBM	49 Neutral	C$9.90M	-5.41	-150.44%	―	55.74%	-27.59%
CDVA	41 Neutral	C$2.20M	-0.76	―	―	1.60%	-213.10%
CVGR	41 Neutral	C$2.52M	-2.68	―	―	―	64.22%

CordovaCann Corporate Events

CordovaCann Corp. Announces Auditor Change

CordovaCann Corp., a cannabis-focused consumer products company, has announced a change in its auditor, appointing Horizon Assurance LLP as the new auditor effective October 13, 2025. This change was amicable, with no disagreements or unresolved issues with the former auditor, DNTW Toronto LLP, and is part of the company’s routine governance processes.