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TerrAscend — Third Quarter 2026 Earnings Summary

TSNDF

  • Financial Performance:

    • Net revenue for Q3 2026 was $68.2 million, a 4.8% increase year-over-year from $65.1 million in Q3 2025.
    • Gross profit margin was 52.3% in Q3 2026, up 20 basis points from 52.1% in Q3 2025.
    • GAAP net loss from continuing operations was $5.5 million, compared to $9.9 million in Q3 2025.
    • EBITDA from continuing operations was $20.2 million in Q3 2026, compared to $14.3 million in Q3 2025.
    • Adjusted EBITDA from continuing operations was $17.5 million in Q3 2026, compared to $17.0 million in Q3 2025.
    • Adjusted EBITDA margin from continuing operations was 25.6% in Q3 2026, down from 26.1% in Q3 2025.
    • Net cash provided by continuing operations was $8.8 million in Q3 2026, compared to $7.1 million in Q3 2025.
    • Free cash flow was $6.1 million in Q3 2026, compared to $4.9 million in Q3 2025.
    • General and administrative expenses were $24.0 million (35.2% of revenue) in Q3 2026, compared to $21.3 million (32.8% of revenue) in Q3 2025.
    • Share-based compensation expense included in G&A was $0.7 million in Q3 2026, compared to $1.4 million in Q3 2025.
    • Cash and cash equivalents were $42.5 million as of September 30, 2026.
    • Capital expenditures were $2.7 million in Q3 2026.
    • The company reported 17 consecutive quarters of positive cash flow from continuing operations and 13 consecutive quarters of positive free cash flow.

  • Business Segments and Product Lines:

    • Pennsylvania revenue grew 16.8% year-over-year, driven by 12% same-store sales growth and a 31% increase in wholesale revenue.
    • Maryland revenue grew both sequentially and year-over-year.
    • New Jersey sales and market share increased across key product categories.
    • Five of six Apothecarium locations in Pennsylvania ranked among the top 15 stores in the state.
    • Launched the One brand in New Jersey and Maryland.
    • Launched the Cuue brand in New Jersey.
    • Closed the acquisition of Aunt Mary's, adding a dispensary in Flemington, New Jersey, generating over $10 million in annualized revenue.

  • Other Key Points:

    • The Board authorized a renewal and replenishment of the normal course issuer bid (NCIB) to repurchase up to the lesser of 10,000,000 shares or $10 million USD over a 12-month period.
    • Shareholders approved a share consolidation at the August 24, 2026 Special Meeting to prepare for a potential listing on a major U.S. stock exchange.
    • Ziad Ghanem was appointed President and CEO and added to the Board of Directors.
    • During the nine months ended September 30, 2026, the company repurchased 1,013,000 shares through its NCIB.
    • The company has approximately 383 million basic shares issued and outstanding as of September 30, 2026, including 23 million warrants outstanding at a weighted average price of $4.24 USD.
    • Michigan assets are reported as discontinued operations effective as of the second quarter ended June 30, 2025.
    • The U.S. Department of Justice issued a final rule on April 23, 2026, rescheduling certain marijuana products from Schedule I to Schedule III, effective April 28, 2026.