Avicanna (AVCN) Q1 2026 earnings summary

Executive summary

• Achieved record quarterly revenue and gross profit in Q1 2026, driven by Canadian commercial growth and proprietary product expansion.

• Continued advancement of pharmaceutical pipeline, medical affairs, and international platform.

• MyMedi.ca platform delivered its fourth consecutive quarter of growth, with highest unit sales on record.

• Expanded product portfolio and commercial listings across medical and adult-use channels in Canada.

Financial highlights

• Q1 2026 revenue reached $6.68 million, up 6% year-over-year, marking the highest in company history.

• Gross profit was $3.84 million, a 7% increase year-over-year; gross margin improved to 58%.

• Adjusted EBITDA loss of $0.15 million, down from adjusted EBITDA income of $0.43 million in Q1 2025, due to revenue mix shift and higher SG&A expenses.

• Working capital deficit reduced by $0.96 million to $0.32 million, supporting inventory growth.

Outlook and guidance

• U.S. rescheduling of medical cannabis aligns with strategy and supports future R&D and clinical initiatives.

• Ongoing monitoring of regulatory developments and assessment of U.S. market entry pathways.