MediPharm Labs (LABS) Q4 2025 earnings summary

Executive summary

• Full-year 2025 revenue reached CAD 45.1 million, up 8% year-over-year, driven by a 43% increase in international medical cannabis, now over 50% of total revenue.

• CEO transition occurred with the CFO assuming interim CEO duties; board is searching for a permanent CEO.

• Ended 2025 with a cash balance of CAD 10.8 million and virtually no debt, owning two production facilities outright.

• Expanded product portfolio in Europe and Australia, including launches of new pharmaceutical-grade inhalers.

• Company operates across four verticals: international medical, Canadian medical, pharmaceutical/B2B, and adult use/wellness.

Financial highlights

• Q4 2025 revenue was CAD 11.1 million, down from CAD 12 million in Q4 2024 due to timing and mix in international medical.

• International medical cannabis revenue was CAD 6.1 million (55% of Q4 revenue); Canadian medical cannabis revenue was CAD 3.2 million, up 8% sequentially.

• Q4 gross profit was CAD 3.9 million (35% margin), up from CAD 3.6 million (30%) in Q4 2024, driven by product mix and cost reductions.

• Full-year gross profit was CAD 14 million (31% margin), up from CAD 12.8 million (31%) in 2024.

• Adjusted EBITDA loss for 2025 improved to CAD 1.6 million from CAD 1.9 million in 2024.

Outlook and guidance

• No formal guidance provided, but priorities for 2026 include growing international medical revenue, expanding brands, and maintaining cost discipline.

• Plans for continued expansion of product portfolio and geographic reach, targeting Brazil, France, and New Zealand.

• Expects continued margin improvement through product mix and operational efficiency.