Goodfood Market (FOOD) investor relations material

Executive summary

• Achieved tenth consecutive quarter of positive adjusted EBITDA, with Q3 margin at 8.6% and year-to-date margin at 6%.

• Product innovation, including Heat and Eat meals and expanded customization, drove record basket sizes and deeper customer engagement.

• Genuine Tea acquisition contributed to growth, margin, and positive EBITDA, supporting the roll-up strategy.

• Bitcoin ETF reserves and treasury strategy added balance sheet flexibility and long-term value creation.

• Maintained strict cost discipline and operational efficiency despite macroeconomic headwinds.

Financial highlights

• Q3 net sales were $30.7M, down 20% year-over-year, with gross profit at $13.6M and gross margin at 44.3%.

• Adjusted EBITDA was $2.7M–$3M (8.6% margin); net income was $0.1M.

• Net sales per active customer reached a record $404, supported by record average basket size.

• Cash flow from operations was $0.6M–$1M; adjusted free cash flow was $0.2M.

• Cash and marketable securities at quarter-end totaled $17M, including $3.2M in Bitcoin ETF.

Outlook and guidance

• Focus on deepening member relationships, expanding meal solutions, and strengthening the balance sheet through capital discipline and targeted acquisitions.

• Heat and Eat offering in Quebec reached $1M annualized revenue run rate without advertising; plans to scale across new markets pending regulatory approval.

• Continued pursuit of growth through acquisitions, with Genuine Tea showing 30–40% YoY growth and positive EBITDA.

• Bitcoin ETF reserve and treasury strategy expected to support long-term value and inflation protection.

• Sustainability initiatives and B Corp certification reinforce commitment to environmental goals.