Record Profitability and Earnings Growth
Net income from continuing operations of $21.0M (or $0.19/sh) for FY2025, a $49M improvement year-over-year; Adjusted EBITDA from continuing operations of $50M (improvement of $48M).
Strong Cash Generation
Consolidated cash flow from continuing operations of $58.1M for FY2025, up $44M versus 2024; ended year with ~$86M cash (including $5M restricted) and a net cash position of ~$53M.
Global Cannabis Sales and Export Growth
Global cannabis sales grew 17% year-over-year; international export sales increased more than sixfold (>600%) driven by EU GMP-certified capabilities and Netherlands contributions.
Canadian Segment Margin and Share Performance
Canadian cannabis gross margin 43% (above 30%-40% target range) for Q4 and 44% for the full year; Canadian net sales up 12% to CAD 228M for the year; regained #1 dry flower market share in January.
Quarterly Turnaround and Improved Quarterly Metrics
Q4 consolidated net sales of $49.6M (up 9% YoY); Q4 net income from continuing operations $2.3M vs Q4 2024 loss of $5.7M; Q4 adjusted EBITDA $8.6M (17.3% margin) vs negative $2.9M prior-year.
Capacity Expansion Progress (Canada & Netherlands)
Delta 2 expansion on time/on budget (first plantings March 2); expected incremental 15 metric tons in remainder of 2026 and +40 metric tons annual capacity by mid-2027 (~33% increase vs FY2025). Netherlands Phase II (Groningen) nearing completion, total Dutch annual capacity expected ~10 metric tons when ramped.
Prudent Balance Sheet and Financing
Total debt ~$34M with incremental CAD 15M delayed-draw term loan (drew CAD 5M) at just over 5% interest; majority of expansions funded from cash on hand.
Shareholder Returns and Capital Allocation
Active share repurchase program: repurchased ~813k shares for $3M in Q4 and ~1.1M shares for $3.7M in Q1 2026; management emphasizes balanced approach while preserving capital for growth.