Vext Science (TSE:VEXT)
:VEXT
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Vext Science
(VEXT)
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Rating:52Neutral
Price Target:
C$0.28
▼(-11.56% Downside)
Action:Reiterated
Date:05/22/26
The score is driven primarily by improving but still risky fundamentals: strong top-line growth and positive cash flow are offset by continued net losses and earnings volatility. Recent earnings-call indicators were constructive (material margin/EBITDA improvement and a clearer path to better cash generation), but technical signals are weak and valuation support is limited due to negative earnings and no stated dividend yield.
Positive Factors
Revenue growth & Ohio retail expansion
Sustained top-line acceleration driven by Ohio retail (Q1 Ohio +34% YoY) signals a structural shift to higher-margin retail channels. As company scales dispensaries and drive-thru capability, recurring store-level revenue should support durable growth and reduce reliance on volatile wholesale markets over the next 2–6 months.
Negative Factors
Persistent net losses and earnings volatility
Despite recent margin gains, the company still posts large net losses and has shown profit/loss swings historically. This reduces retained-earnings capacity and increases sensitivity to adverse shocks (tax liabilities, pricing), making sustained self-funded growth and credit flexibility less reliable over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue growth & Ohio retail expansion
Sustained top-line acceleration driven by Ohio retail (Q1 Ohio +34% YoY) signals a structural shift to higher-margin retail channels. As company scales dispensaries and drive-thru capability, recurring store-level revenue should support durable growth and reduce reliance on volatile wholesale markets over the next 2–6 months.
Read all positive factors
Vext Science (VEXT) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$61.92M
Dividend YieldN/A
Average Volume (3M)40.05K
Price to Earnings (P/E)―
Beta (1Y)0.60
Revenue Growth31.50%
EPS Growth17.18%
CountryCA
Employees173
SectorHealthcare
Sector Strength45
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)-0.08
Shares Outstanding185,793,170
10 Day Avg. Volume23,955
30 Day Avg. Volume40,052
Financial Highlights & Ratios
PEG Ratio0.13
Price to Book (P/B)0.83
Price to Sales (P/S)0.88
P/FCF Ratio5.55
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.03
Revenue Forecast (FY)C$57.20M
Vext Science Business Overview & Revenue Model
Company Description
Vext Science, Inc., through its various subsidiaries, operates as a comprehensive agricultural technology, services, and property management company within the United States cannabis sector. Its operations span the entire product lifecycle, from c...
How the Company Makes Money
Vext Science makes money primarily by selling regulated cannabis products. Its key revenue streams are: (1) Retail sales through company-owned dispensaries: Vext generates revenue by selling cannabis flower and manufactured products (e.g., concent...
Vext Science Earnings Call Summary
Earnings Call Date:May 21, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 26, 2026
Earnings Call Sentiment Positive
The call communicated clear, measurable operational and financial improvements—strong revenue and gross-profit expansion, a notable narrowing of net loss, positive operating cash flow, and accelerating retail momentum in Ohio. Management also articulated decisive strategic action to exit low-return Arizona cultivation, reducing a material cash and margin drag. Material risks remain, including significant compression in Arizona wholesale, a ~50% drop in consolidated wholesale revenue, a $10.6M uncertain tax liability, and rising competition/price pressure in Ohio alongside capital and permitting needs. On balance, the company demonstrated that its growth and margin initiatives are working and that the negatives are being actively managed and expected to improve over the coming quarters.Positive Updates
Consolidated Revenue Growth
Revenue for Q1 2026 was $12.2 million, up ~5.2% year-over-year, driven by retail strength in Ohio which more than offset weakness in Arizona.
Negative Updates
Arizona Revenue and Wholesale Compression
Arizona revenue declined 24% year-over-year as the market remains oversupplied and wholesale prices compressed; consolidated wholesale revenue declined ~50% YoY to ~$1.7 million, reflecting retail-first prioritization and temporary supply tightness.
Read all updates
Q1-2026 Updates
Positive
Negative
Consolidated Revenue Growth
Revenue for Q1 2026 was $12.2 million, up ~5.2% year-over-year, driven by retail strength in Ohio which more than offset weakness in Arizona.
Read all positive updates
Company Guidance
The company guided to continued execution in 2026 focused on scaling Ohio and completing the Eloy cultivation exit in Arizona, with specific targets and financial impacts: Q1 revenue was $12.2M (up 5.2% YoY) with Ohio revenue $8.2M (up 34% YoY) and Arizona down 24%; wholesale fell ~50% to $1.7M; gross profit rose to $5.5M (45.4% margin) and gross profit before fair value was $4.4M (35.8%); adjusted EBITDA was $3.6M (29.3% margin) and net loss narrowed to $0.9M (vs $3.3M prior); cash from operations was $1.6M (13% cash flow margin) and cash was ~$5.5M (vs $5.1M); the uncertain tax position was $10.6M (up $2.5M from $8.1M); operational guidance includes opening the 6th Ohio store (Fairfield) in Q2 2026 and the 7th in Columbus later in 2026 (8th advancing into early 2027), expected ramp times of ~1–1.5 months for Fairfield and ~3–4 months for Columbus, Jeffersonville and Athens coming online within weeks to ~45 days, CapEx of ~$3.0–3.2M for Columbus and ~$2.0–2.5M for the 8th store, completion of the Eloy shutdown by end of Q2 with full cash benefits expected in Q3, expectation of improving operating leverage, margin expansion and cash flow through the year, Ohio cultivation yields up ~15% in Q1 with further Q2 improvement expected, and a shift to sourcing wholesale at roughly $400–$500/lb (with opportunistic sub-$400 buys) versus prior Arizona internal costs of ~$800–$900/lb.Vext Science Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
55
Neutral
Cash Flow
63
Positive
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Dec 2022 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 52.27M | 36.00M | 34.81M | 35.41M | 37.24M |
| Gross Profit | 2.32M | 8.98M | 12.04M | 23.10M | 18.69M |
| EBITDA | 6.80M | -2.02M | 16.77M | 15.03M | 12.80M |
| Net Income | -18.31M | -22.44M | 4.40M | 10.92M | 4.99M |
Balance Sheet | |||||
| Total Assets | 120.31M | 136.97M | 149.56M | 120.52M | 83.70M |
| Cash, Cash Equivalents and Short-Term Investments | 5.07M | 4.62M | 8.72M | 5.93M | 6.47M |
| Total Debt | 34.97M | 39.52M | 38.60M | 38.15M | 14.10M |
| Total Liabilities | 65.04M | 61.23M | 54.58M | 48.60M | 24.31M |
| Stockholders Equity | 55.27M | 75.74M | 94.98M | 71.92M | 59.39M |
Cash Flow | |||||
| Free Cash Flow | 8.29M | 1.82M | 1.69M | -2.94M | -7.10M |
| Operating Cash Flow | 11.92M | 3.29M | 4.42M | 5.92M | 11.68M |
| Investing Cash Flow | -5.76M | -5.44M | -4.82M | -30.31M | -27.10M |
| Financing Cash Flow | -5.69M | -1.95M | 3.19M | 23.86M | 20.14M |
Vext Science Technical Analysis
Negative
0.32
Price Trends
0.28
Negative
0.27
Negative
0.28
Negative
Market Momentum
>-0.01
Negative
41.93
Neutral
31.11
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:VEXT, the sentiment is Negative. The current price of 0.32 is above the 20-day moving average (MA) of 0.26, above the 50-day MA of 0.28, and above the 200-day MA of 0.28, indicating a bearish trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 41.93 is Neutral, neither overbought nor oversold. The STOCH value of 31.11 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:VEXT.
Vext Science Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
56 Neutral | C$29.74M | -3.40 | -19.10% | ― | 0.66% | -14.29% | |
52 Neutral | C$61.92M | -2.80 | -21.73% | ― | 31.50% | 17.18% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
46 Neutral | C$60.79M | -0.61 | -112.30% | ― | -21.09% | -54.32% | |
43 Neutral | C$68.69M | -2.46 | 169.17% | ― | ― | ― | |
41 Neutral | C$113.63M | -1.34 | -2065.45% | ― | -2.64% | -36.69% | |
41 Neutral | C$16.35M | -4.31 | -68.32% | ― | 1.96% | -24.60% |
* Healthcare Sector Average
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Vext Science Corporate Events
Business Operations and Strategy
Vext Shifts Cultivation Strategy, Trims Arizona Footprint to Fuel Ohio Growth
Positive
Mar 30, 2026
Vext Science plans to shut down and sell its Eloy, Arizona cultivation facility as part of a broader effort to streamline its Arizona operations and bolster profitability in a market grappling with oversupply and price pressure. By shifting from i...
Business Operations and Strategy
Vext Science Secures Seventh Ohio Dispensary License as It Nears State Store Cap
Positive
Mar 3, 2026
Vext Science has secured a provisional dual-use license for a new dispensary on the west side of Columbus, Ohio, marking its seventh retail location in the state and second in the Columbus market. The store, designed as a standalone facility with ...
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.