Avicanna (AVCN) Q4 2025 earnings summary

Executive summary

• Achieved CAD 25.5 million in revenue for 2025, with adjusted EBITDA near break-even and significant gross margin improvement to 53% year-over-year.

• Achieved positive adjusted EBITDA in Q4 2025, reflecting operational discipline and efficiency improvements.

• Expanded commercial footprint to 24 international markets, with Canada as the primary revenue driver and proof-of-concept market.

• Launched new proprietary drug delivery technologies and advanced clinical and R&D programs, including real-world evidence and phase II trials.

• Maintained an asset-light, scalable business model, enabling international expansion without major capital expenditures.

Financial highlights

• Revenue of CAD 25.5 million ($25.48 million), nearly unchanged from the previous year.

• Gross profit of CAD 13.5 million ($13.4 million), with gross margin rising to 53% from 48%/51% in 2024.

• Operating expenses reduced by 9–10% year-over-year.

• Adjusted EBITDA loss improved by 71–76% to CAD 300,000/$(0.29) million; positive adjusted EBITDA in Q4 2025.

• Net loss reduced by 41% to CAD 2.7 million; working capital improved by 23%.

• No debt on the balance sheet; only CAD 1 million raised in 2025 versus CAD 4.8 million in 2024.

Outlook and guidance

• Plans to scale internationally, leveraging Canadian success and proprietary technologies.

• Focus on launching next-generation 3.0 products and expanding into the U.S. market, anticipating regulatory changes.

• Continued investment in R&D, clinical development, and harm reduction initiatives.

• Exploring U.S. senior exchange listing to unlock shareholder value.