Simply Solventless Concentrates (HASH) Q3 2025 earnings summary

Executive summary

• Fiscal YTD 2025 revenue reached $34.5M, up 199% year-over-year, with adjusted EBITDA of $7.5M, reflecting strong operational leverage and cost discipline.

• Q3 2025 gross revenue was $9.0M, a 43% increase year-over-year, but down 31% sequentially due to timing of large third-party sales.

• 91 new product listings were secured across Canada, including entry into two new provinces, expected to drive future cash flows.

• Key management appointments and commercial team expansion aim to accelerate sales and brand visibility.

Financial highlights

• YTD net revenue grew 280% to $27.2M; gross profit rose to $13.0M from a loss, and net income improved to $2.6M from a $3.3M loss year-over-year.

• Q3 2025 adjusted EBITDA was $1.1M, up 118% year-over-year; normalized net income for the quarter was a loss of $1.0M.

• Gross margin for YTD 2025 was 47.7%, up from -6.4% in the prior year.

• Working capital increased to $19.8M as of September 30, 2025, from $1.6M at year-end 2024.

Outlook and guidance

• Anticipates cash flows from new provincial listings to begin in late Q4 2025 or early Q1 2026, with periodic replenishment orders expected.

• Management remains focused on revenue growth, commercial execution, and advancing the Humble retrofit for further cash flow accretion.

• Forward-looking statements caution that actual results may differ due to integration risks, market acceptance, and regulatory changes.