Simply Solventless Concentrates (HASH) Q2 2025 earnings summary

Executive summary

• Achieved record Q2 2025 gross revenue of $13.0 million, a 5% increase quarter-over-quarter.

• Positive cash flow from operations of $1.0 million, reversing a negative $2.8 million in Q1 2025.

• EBITDA was $4.3 million, with adjusted EBITDA at $3.2 million, stable quarter-over-quarter.

• Net income for the quarter was $3.4 million, down 60% sequentially.

• Normalized net income rose 33% to $2.0 million compared to Q1 2025.

Financial highlights

• Net revenue increased 11% quarter-over-quarter to $11.0 million.

• Gross margin was 43.0%, down from 48.9% in Q1 2025.

• Total assets grew 57% to $60.5 million since December 2024.

• Working capital surged to $20.3 million, up 1,148% from $1.6 million at year-end.

• Current ratio improved to 2.62 from 1.08, and inventory turnover increased to 1.13x.

Outlook and guidance

• Humble facility retrofit expected to boost annual cannabis production from 8,000kg to 14,000kg, with harvests starting Q1 2026.

• Launch of Sluggers brand in Canada planned for late Q3 2025, with SSC retaining 75% of net income from sales.

• Focus remains on expanding into new markets and increasing cash generation.