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TerrAscend
TerrAscend (TER) investor relations material
TerrAscend Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary12 Mar, 2026
Executive summary
Q4 2025 net revenue reached $66.1M, up 1.6% sequentially; FY 2025 net revenue was $260.6M, down from $268.1M in 2024.
Gross profit margin was 52.3% for FY 2025 and 52.1% in Q4.
Adjusted EBITDA from continuing operations was $67.8M (26% margin) for FY 2025 and $16.7M (25.2% margin) in Q4.
Achieved 14 consecutive quarters of positive operating cash flow and 10 consecutive quarters of positive free cash flow.
Completed $79M non-dilutive debt financing, extending most maturities to 2028 and reducing near-term refinancing risk.
Financial highlights
FY 2025 net revenue: $260.6M; Q4 2025 net revenue: $66.1M.
FY 2025 gross margin: 52.3%, up from 50.7% in 2024; Q4 2025 gross margin: 52.1%.
FY 2025 adjusted EBITDA: $67.8M (26% margin); Q4 2025: $16.7M (25.2% margin).
FY 2025 net loss from continuing operations: $24.5M, up from $20.9M in 2024; Q4 2025 net loss: $0.5M, improved from $9.9M in Q3.
FY 2025 operating cash flow: $33.9M; free cash flow: $25.3M; cash and equivalents at year-end: $37.4M.
Outlook and guidance
Q1 2026 revenue and gross margins expected to be similar to Q4 2025.
Focus remains on disciplined M&A, operational efficiency, and leveraging vertical integration.
No material debt maturities until late 2028; regulatory momentum at state and federal levels anticipated to support growth.
Factors behind the 9.4% wholesale revenue drop
Drivers of the $128.8M uncertain tax liability
Sustainability of Maryland's 60% gross margins
PA cultivation capacity expansion rationale
Ohio M&A strategy and pricing discipline
NJ wholesale price compression mitigation
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Latest events from TerrAscend
- All business items, including director elections and stock option extension, were approved.TER
AGM 20243 Feb 2026 - Revenue and EBITDA grew in Q2, with strong cash flow and $140M financing for expansion.TERQ2 20241 Feb 2026
- Q3 revenue was $74.2M, with strong margins, Ohio entry, and a $140M loan supporting growth.TERQ3 202416 Jan 2026
- FY 2024 revenue hit $306.7M with strong cash flow, margin gains, and Ohio expansion.TERQ4 20241 Dec 2025
- Q1 2025 saw margin gains, positive cash flow, and expansion into Ohio and New Jersey.TERQ1 202526 Nov 2025
- Gross margin rose to 51.1% as focus shifted to Northeast markets and debt reduction.TERQ2 202523 Nov 2025
- Q3 revenue steady at $65.1M, margins up, and strong cash flow supports future growth.TERQ3 202518 Nov 2025
- All meeting proposals, including director elections and stock option amendments, were approved.TERAGM 202513 Nov 2025
- Expanding market share and disciplined execution drive margin and cash flow improvements.TERInvestor Presentation22 Jul 2025
Next TerrAscend earnings date
Q1 20267 May, 2026
TerrAscend
Next TerrAscend earnings date
Q1 20267 May, 2026
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Eferix Drawings Google Play
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@ankurshah47_ x.com
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Amina0781App Store
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@theshortbearx.com
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