TerrAscend Corp (TSE:TSND)
TSX:TSND
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TerrAscend Corp
(TSX:TSND)
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Rating:51Neutral
Price Target:
C$1.00
▲(12.36% Upside)
Action:ReiteratedDate:04/11/26
The score is held back primarily by persistent net losses and recent revenue declines despite improved cash generation and materially reduced debt. Technical indicators are mildly bearish with the stock trading below key moving averages, and valuation is weakened by a negative P/E with no dividend yield provided.
Positive Factors
Vertical integration & retail network
TerrAscend's vertical integration—cultivation, manufacturing and a company-owned retail network—supports durable margin capture, supply reliability and brand control. Owning both retail and wholesale channels reduces dependence on third parties and supports long-term gross-margin stability.
Negative Factors
Persistent net losses
Sizable net losses (about $88M in 2025) persist despite positive operating cash flow, indicating remaining structural profitability gaps. Ongoing bottom-line losses erode equity, limit capacity to self-fund growth and hinder the company’s ability to deliver shareholder returns without sustained operational improvement.
Read all positive and negative factors
Positive Factors
Negative Factors
Vertical integration & retail network
TerrAscend's vertical integration—cultivation, manufacturing and a company-owned retail network—supports durable margin capture, supply reliability and brand control. Owning both retail and wholesale channels reduces dependence on third parties and supports long-term gross-margin stability.
Read all positive factors
TerrAscend Corp (TSND) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$338.54M
Dividend YieldN/A
Average Volume (3M)372.13K
Price to Earnings (P/E)―
Beta (1Y)1.83
Revenue Growth-10.99%
EPS Growth-5.82%
CountryCA
Employees950
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)0.01
Shares Outstanding308,532,530
10 Day Avg. Volume457,020
30 Day Avg. Volume372,127
Financial Highlights & Ratios
PEG Ratio-0.69
Price to Book (P/B)2.23
Price to Sales (P/S)0.82
P/FCF Ratio16.31
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$2.00Price Target Upside124.72% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-0.04
Revenue Forecast (FY)C$264.00M
TerrAscend Corp Business Overview & Revenue Model
Company Description
TerrAscend Corp. cultivates, processes, and sells medical and adult use cannabis in Canada and the United States. The company produces and distributes hemp-derived wellness products to retail locations; and manufactures cannabis-infused artisan ed...
How the Company Makes Money
TerrAscend primarily makes money by selling cannabis products in U.S. state-regulated markets through two main channels: (1) retail sales at company-operated dispensaries, where revenue is generated from direct-to-consumer purchases of cannabis fl...
TerrAscend Corp Earnings Call Summary
Earnings Call Date:Nov 06, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:May 07, 2026
Earnings Call Sentiment Positive
TerrAscend demonstrated strong operational performance and financial stability with consistent cash flow and improved margins. However, challenges such as a continued net loss and delays in key acquisitions were noted. The company remains optimistic about future growth opportunities through strategic M&A and regulatory developments.Positive Updates
Consistent Cash Flow Generation
TerrAscend reported its 13th consecutive quarter of positive cash flow from continuing operations and its 9th consecutive quarter of positive free cash flow, with $7.1 million generated from operations this quarter.
Negative Updates
Net Loss Continues
Reported a GAAP net loss from continuing operations of $9.9 million for Q3 2025, although this is an improvement from a $15.8 million net loss in Q3 2024.
Read all updates
Q3-2025 Updates
Positive
Negative
Consistent Cash Flow Generation
TerrAscend reported its 13th consecutive quarter of positive cash flow from continuing operations and its 9th consecutive quarter of positive free cash flow, with $7.1 million generated from operations this quarter.
Read all positive updates
Company Guidance
In the third quarter of 2025, TerrAscend Corp. reported revenue from continuing operations of $65.1 million, consistent with the previous year, while gross margins improved by 110 basis points to 52.1%. The adjusted EBITDA margin also increased to 26.1%, up from 25.9% the previous year, marking a sequential rise of 150 basis points. The company generated positive cash flow from continuing operations of $7.1 million, alongside $4.9 million in free cash flow, marking 13 and 9 consecutive quarters of positive results, respectively. Key drivers included strong performances in New Jersey, Pennsylvania, and Maryland, with New Jersey maintaining a leadership position and Maryland seeing a 14.8% revenue increase year-over-year. The company also highlighted its strategic exit from the Michigan market, unlocking further value and cash flow. TerrAscend plans to expand its retail footprint in New Jersey to 10 dispensaries and has completed a $79 million non-dilutive upsizing of its term loan to support future growth. Despite a GAAP net loss of $9.9 million, the company remains focused on its M&A strategy and potential regulatory reforms, with expectations for revenue and gross margins to remain stable in the upcoming quarter.TerrAscend Corp Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
58
Neutral
Cash Flow
64
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 265.12M | 306.68M | 317.33M | 433.51M | 310.32M |
| Gross Profit | 133.19M | 149.96M | 159.70M | 160.66M | 170.92M |
| EBITDA | 45.41M | 6.16M | -1.03M | -431.22M | 133.23M |
| Net Income | -87.74M | -80.23M | -91.10M | -577.08M | ― |
Balance Sheet | |||||
| Total Assets | 566.83M | 607.23M | 666.52M | 1.28B | 936.84M |
| Cash, Cash Equivalents and Short-Term Investments | 37.82M | 28.11M | 24.15M | 55.27M | 128.21M |
| Total Debt | 256.49M | 246.18M | 255.70M | 449.36M | 340.38M |
| Total Liabilities | 467.99M | 430.41M | 425.78M | 692.57M | 568.25M |
| Stockholders Equity | 97.31M | 176.96M | 319.76M | 580.39M | 359.94M |
Cash Flow | |||||
| Free Cash Flow | 13.31M | 27.40M | 18.04M | -118.07M | -113.26M |
| Operating Cash Flow | 22.07M | 37.95M | 27.47M | -44.79M | -49.00M |
| Investing Cash Flow | -15.03M | -12.25M | -16.22M | -49.14M | -213.42M |
| Financing Cash Flow | 4.26M | -24.72M | -12.50M | 6.51M | 291.13M |
TerrAscend Corp Technical Analysis
Negative
0.89
Price Trends
0.89
Positive
0.93
Negative
0.94
Negative
Market Momentum
<0.01
Negative
49.09
Neutral
57.26
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:TSND, the sentiment is Negative. The current price of 0.89 is below the 20-day moving average (MA) of 0.90, above the 50-day MA of 0.89, and below the 200-day MA of 0.94, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 49.09 is Neutral, neither overbought nor oversold. The STOCH value of 57.26 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:TSND.
TerrAscend Corp Risk Analysis
TerrAscend Corp disclosed 61 risk factors in its most recent earnings report. TerrAscend Corp reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
TerrAscend Corp Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | C$2.28B | 16.23 | 6.29% | ― | 5.40% | 62.80% | |
62 Neutral | C$2.28B | -13.95 | -9.71% | ― | 1.59% | 29.84% | |
58 Neutral | C$3.50B | -8.05 | -28.58% | ― | -2.90% | -4.82% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | C$338.54M | -2.47 | -72.77% | ― | -10.99% | -5.82% | |
48 Neutral | C$2.17B | -1.75 | -30.10% | ― | -4.56% | 25.73% | |
45 Neutral | C$610.10M | -3.01 | -33.00% | ― | -7.58% | -79.11% |
* Healthcare Sector Average
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TerrAscend Corp Corporate Events
Business Operations and StrategyFinancial Disclosures
TerrAscend Delivers Solid 2025 Margins and Cash Flow as It Refocuses on Core U.S. Markets
Positive
Mar 12, 2026
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 f...
Business Operations and StrategyFinancial Disclosures
TerrAscend Sets March Date to Report 2025 Results and Hold Earnings Call
Neutral
Feb 10, 2026
TerrAscend Corp., a leading North American cannabis operator with vertically integrated cultivation, processing, manufacturing, and retail assets in key U.S. states and Canada, plans to showcase its portfolio of brands including The Apothecarium, ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.