Red White & Bloom Brands (RWB) Q3 2025 earnings summary

Executive summary

• Multi-jurisdictional, vertically integrated cannabis operator with operations in the US, Canada, and internationally, focusing on distribution, retail, and brand licensing.

• Net loss and comprehensive loss for the nine months ended September 30, 2025, totaled $40.9 million, with accumulated deficit reaching $537.8 million.

• Significant restructuring, including the receivership and divestiture of Pharmaco Inc. and RWB Michigan, impacting segment reporting and future operations.

Financial highlights

• Revenue for the nine months ended September 30, 2025, was $52.4 million, down from $61.6 million year-over-year.

• Gross profit after fair value adjustments for the nine months was $15.7 million, compared to $23.0 million in the prior year.

• Net loss from continuing operations for the nine months was $48.3 million, compared to $20.5 million loss year-over-year.

• Cash and cash equivalents at period end were $4.4 million, down from $7.3 million at December 31, 2024.

• Working capital improved to $45.8 million at September 30, 2025, from a deficit of $231.7 million at year-end 2024.

Outlook and guidance

• Management is actively pursuing new financing, asset monetization, and cost reductions to address liquidity and support ongoing operations.

• No assurance of profitability; continued reliance on external funding and restructuring efforts.