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Vext Science (VEXT) investor relations material
Vext Science Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved record Q2 2025 results with revenue of $13.4M, up 59% year-over-year, driven by Ohio retail expansion and disciplined Arizona operations, resulting in industry-leading margins and free cash flow.
Adjusted EBITDA rose to $4.1M, more than tripling year-over-year, with a 30% margin and a 31% cash flow margin, among the highest in the industry.
Ohio retail sales surged 86% sequentially, with new dispensary openings and progress toward the state license cap of eight by early 2026.
Maintained profitability in Arizona despite a 13.7% year-over-year market decline, with company sales down only 0.3% and a focus on in-house retail sell-through.
On track for self-funded growth, minimizing external capital needs and maintaining a strong financial position, supported by an experienced management team and stable shareholder base.
Financial highlights
Revenue increased to $13.4M in Q2 2025 from $8.4M in Q2 2024 and $11.6M in Q1 2025.
Adjusted EBITDA: $4.1M in Q2 2025, up from $1.1M in Q2 2024 and $3.4M in Q1 2025; margin reached 30%+.
Operating cash flow was $4.2M, up from negative $0.6M in Q2 2024 and $3.1M in Q1 2025; cash flow margin 31%.
Net debt reduced to $27.1M from $29M at Q1 end and $34.7M in Q2 2023.
Free cash flow conversion reached 93.2% in Q2 2025.
Outlook and guidance
Focus remains on expanding Ohio operations toward the state license cap and capturing adult-use market upside, with new dispensaries expected to open through early 2026.
Anticipates consistent revenue and cash flow growth as new retail locations open and Ohio scales.
Minimal growth capex required in Arizona; remaining Ohio capex focused on store openings.
No dramatic changes expected in H2 2025 due to Arizona seasonality and timing of store consolidations.
Operations in new Ohio dispensaries expected to begin in Q4 2025, subject to regulatory approvals.
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