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GlobeNewswire·

Village Farms International Reports Q3 2026 Results Driven by Record Cannabis Revenues

VFF
  • Consolidated net sales reached $67 million for the third quarter of 2026, driven by a record $55 million in cannabis sales.
  • Net income totaled $10 million, or $0.08 per share, with operating cash flow of $9.5 million.
  • Adjusted EBITDA from continuing operations was $18.2 million, representing 27% of sales.
  • International exports increased 75% year-over-year to $20.8 million, matching the previous quarter's record.
  • The company closed the quarter with $80 million in cash \& a net cash position of $41 million.
  • Gross margin for cannabis operations decreased to 48% from 55% in the prior year period due to a softer spot trim market in Canada.
  • The company maintained its top five market share position in Canada while expanding share in vapes \& infused pre-rolls.
  • The Super Toast brand launched as the company's first nationally distributed brand in Quebec.
  • The Delta 2 greenhouse expansion in British Columbia is on track for full capacity of 40 metric tonnes by mid-2027.
  • The Netherlands facility is fully planted \& expected to reach maximum capacity in early 2027.
  • Mobilization has begun to operationalize the 30-acre Monahans, Texas greenhouse for cannabis production.
  • The company exercised rights to convert 16 acres of the Delta 1 facility from hemp to cannabis production.
  • Hamid Shekarchi was appointed Interim CFO, while Stephen Ruffini transitioned to Head of Mergers \& Acquisitions.
  • Deepak Anand was appointed Vice President of Government Affairs to lead global regulatory strategies.
  • Balanced Health Botanicals is awaiting regulatory clarity on the December 11, 2026 federal hemp ban regarding the Medicare CMMI pilot program.
  • Sales from the "Other" segment, including produce \& clean energy, contributed to total revenue of $66.9 million.
  • SG\&A expenses increased 24% to $15.2 million in the quarter to support future growth initiatives.