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The Cannabist Company Holdings (CBSTF) investor relations material
The Cannabist Company Holdings Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary10 Nov, 2025
Executive summary
Q3 2025 revenue was $79.9M, down 7.5% sequentially and 30% year-over-year, driven by price compression and asset sales, including three Pennsylvania retail locations and a California manufacturing facility.
Adjusted EBITDA for Q3 2025 was $3.0M, down from $8.5M in Q2 and $14.8M in Q3 2024.
Net loss for Q3 2025 was $14.3M, a significant improvement from a $77.9M loss in Q3 2024.
Completed exit from Florida, selling the last asset for $11M with a potential $1M contingent payment.
Board formed a special committee to review strategic alternatives, including asset sales and mergers.
Financial highlights
Q3 2025 revenue was $79.9M, down from $86.4M in Q2 and $114.8M in Q3 2024.
Adjusted gross margin was 32.1% in Q3, down from 33.1% in Q2 and 38.2% in Q3 2024.
Free cash flow was positive $2.3M, with $5.2M operating cash burn offset by $8.3M in divestiture proceeds.
Cash at quarter-end was $17.8M, up from $15.5M at Q2 end.
Capital expenditures in Q3 2025 were $0.2M, reflecting limited spend.
Outlook and guidance
Management remains focused on liquidity, cost reduction, and footprint optimization, including potential further divestitures and strategic alternatives.
CapEx expected to remain low, focused on new store openings in Ohio and Virginia and limited enhancements.
Anticipates continued growth in adult-use markets, with new store openings and expanded wholesale operations in key states.
Virginia adult-use market launch anticipated in 2026, with additional retail locations in development.
Impact of PA wholesale shift on market strategy?
Mitigate ongoing price compression impact
What drives the significant capex reduction?
Detail the special committee's review scope
Wholesale market challenges mitigation plan
Future divestiture plans
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Next The Cannabist Company Holdings earnings date
Q4 202516 Mar, 2026
Next The Cannabist Company Holdings earnings date
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Frequently asked questions
The Cannabist Company Holdings Inc. is a vertically integrated cannabis company engaged in the cultivation, production, and retail of cannabis products. The company operates dispensaries and manufacturing facilities across several U.S. states, offering medical and adult-use cannabis under various brands. The company is headquartered in New York, New York, and its shares are listed on the CSE.
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