Greenfirst Forest Products (GFP) Q3 2026 earnings summary

Executive summary

• Q3 2026 net loss was $7.0M and Adjusted EBITDA was negative $1.3M, versus Q2 net income of $5.5M and Adjusted EBITDA of $11.8M.

• Higher realized lumber prices were offset by lower shipments, elevated duties and tariffs, and continued market pressure.

Financial highlights

• Net sales were $87.6M, down 9% QoQ; lower shipments were partly offset by higher realized pricing.

• Operating loss was $4.3M and net loss was $7.0M, versus Q2 operating income of $7.9M and net income of $5.5M.

• Diluted loss per share was $0.30, compared with diluted earnings per share of $0.24 in Q2.

• Cost of sales was $68.4M, up 10% QoQ, as a $1.0M inventory provision reversal compared with $16.2M in Q2; the $15.2M difference outweighed lower shipment volumes.

• SG&A was $3.7M, down 14% QoQ, reflecting lower corporate, administrative and IT costs.

Outlook and guidance

• Priorities include improving production reliability, throughput and lumber recovery, optimizing manufacturing costs, and aligning production with demand.

• Federal support programs may create opportunities for mill modernization, competitiveness improvements and new value-added uses for wood fibre and residuals, subject to investment priorities and financial capacity.