)
Edge28 Nov 2025
Keeping the Streak Alive: The Story of Duolingo
How Duolingo made language learning addictive, scaled to millions of users, and built a powerful subscription business around everyday practice.
TerrAscend (TER) investor relations material
TerrAscend Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Q3 2025 net revenue from continuing operations was $65.1 million, stable year-over-year and quarter-over-quarter, driven by strong performance in New Jersey, Maryland, and Pennsylvania.
Gross profit margin improved to 52.1%, up 110 basis points from Q3 2024.
Adjusted EBITDA reached $17.0 million, with a margin of 26.1%, up year-over-year and sequentially.
Achieved 13th consecutive quarter of positive cash flow from continuing operations and 9th consecutive quarter of positive free cash flow.
Strategic exit from Michigan is progressing, unlocking value and allowing focus on higher-value markets.
Financial highlights
Net revenue for Q3 2025 was $65.1 million, compared to $65.2 million in Q3 2024 and $65.0 million in Q2 2025.
Retail revenue increased 3.4% year-over-year, while wholesale revenue declined 6.7% year-over-year.
Gross profit margin improved to 52.1% from 51% in Q3 2024.
GAAP net loss from continuing operations was $9.9 million, down from $15.8 million in Q3 2024.
Adjusted EBITDA was $17.0 million (26.1% of revenue), up from $16.9 million (25.9%) in Q3 2024.
Cash and cash equivalents stood at $36.6 million as of September 30, 2025.
CapEx was $2.2 million, mainly for Maryland and New Jersey expansions.
Outlook and guidance
Q4 2025 revenue and gross margins expected to be similar to Q2 and Q3.
Growth anticipated from organic expansion and M&A, especially in New Jersey and new states.
Pennsylvania is positioned for rapid capacity expansion if adult use is legalized.
On track to complete Michigan market exit by year-end 2025, with proceeds to pay down debt.
Elaborate on 2026 M&A for new states
What specific catalyst will flip PA adult-use?
Maryland outperformance drivers vs. market decline
Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.
Next TerrAscend earnings date
Q4 20256 Mar, 2026
Next TerrAscend earnings date
Q4 20256 Mar, 2026
The essential earnings season companion
The #1 app for qualitative research. Live earnings calls, AI chat, transcripts, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
)
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
)
)
Frequently asked questions
TerrAscend Corp operates in the cannabis industry, offering a range of medical and adult-use cannabis products. The company is engaged in the cultivation, processing, and distribution of cannabis and related products across multiple U.S. states and Canadian provinces. Its activities span both wholesale and retail sales channels. TerrAscend Corp is headquartered in Mississauga, Canada, and its shares are listed on the TSX.
Quartr provides global coverage of all investor relation material from public companies.
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Yes, the Quartr mobile app is free on both iOS and Android.
Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.
Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.
Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.
Explore our global coverage