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Visual21 Nov 2025
Data center suppliers
Vext Science (VEXT) investor relations material
Vext Science Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary20 Nov, 2025
Executive summary
Q3 2025 revenue reached $12.7 million, up 41% year-over-year, driven by Ohio retail expansion and steady Arizona performance.
Positive operating cash flow was generated for the fourth consecutive quarter, with year-to-date operating cash flow totaling $8.5 million, up from $(0.7) million in Q3 2024 YTD.
Ohio retail footprint expanded to five consolidated locations, with plans to reach the state dispensary license cap of eight by 2026.
Operational discipline in Arizona led to outperformance on a per-store basis despite a broader market decline.
Ohio is a key growth engine, with retail ramp-up offsetting lower wholesale activity; Arizona remains competitive but profitable.
Financial highlights
Revenue for Q3 2025 was $12.7 million, compared to $13.4 million in Q2 2025 and $8.9 million in Q3 2024.
Year-to-date revenue totaled $37.6 million, up 46% from 2024, mainly due to Ohio retail growth.
Adjusted EBITDA was $2.1 million (16.7% margin), impacted by lower Arizona wholesale prices and IFRS adjustments.
Operating cash flow for Q3 was $1.26 million (9.9%-10% margin), with sequential decline due to working capital impacts.
Inventory stood at $8.3 million, with a sequential decline in valuation despite increased sellable grams.
Outlook and guidance
Expect strong Q4 revenue growth as Portsmouth is consolidated and cultivation yields improve.
Anticipate meaningful step-up in revenue, adjusted EBITDA, and cash flow in Q4, supported by Ohio momentum and Arizona stability.
Three additional Ohio stores targeted for opening through 2026, aiming for the state license cap of eight dispensaries.
Margins expected to revert closer to first half of the year as cost efficiencies and yield improvements materialize.
Q4 cash flow expected to improve as inventory built in Q3 is worked through.
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Next Vext Science earnings date
Q4 202531 Mar, 2026
Next Vext Science earnings date
Q4 202531 Mar, 2026
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Frequently asked questions
Vext Science Inc. is a U.S.-based cannabis company engaged in the cultivation, production, and sale of cannabis products. The company operates in both the medical and recreational markets, offering a range of products including flower, edibles, and extracts. Vext Science also provides manufacturing and distribution services for third-party cannabis brands. Through its Vapen brand, the company focuses on delivering high-quality, consistent cannabis products to consumers, primarily operating in the state of Arizona with plans for expansion into other markets. The company is headquartered in Phoenix, Arizona, and its shares are listed on the Canadian Securities Exchange.
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