TerrAscend (TER) Q4 2025 earnings summary

Executive summary

• Q4 2025 net revenue reached $66.1M, up 1.6% sequentially; FY 2025 net revenue was $260.6M, down from $268.1M in 2024.

• Gross profit margin was 52.3% for FY 2025 and 52.1% in Q4.

• Adjusted EBITDA from continuing operations was $67.8M (26% margin) for FY 2025 and $16.7M (25.2% margin) in Q4.

• Achieved 14 consecutive quarters of positive operating cash flow and 10 consecutive quarters of positive free cash flow.

• Completed $79M non-dilutive debt financing, extending most maturities to 2028 and reducing near-term refinancing risk.

Financial highlights

• FY 2025 net revenue: $260.6M; Q4 2025 net revenue: $66.1M.

• FY 2025 gross margin: 52.3%, up from 50.7% in 2024; Q4 2025 gross margin: 52.1%.

• FY 2025 adjusted EBITDA: $67.8M (26% margin); Q4 2025: $16.7M (25.2% margin).

• FY 2025 net loss from continuing operations: $24.5M, up from $20.9M in 2024; Q4 2025 net loss: $0.5M, improved from $9.9M in Q3.

• FY 2025 operating cash flow: $33.9M; free cash flow: $25.3M; cash and equivalents at year-end: $37.4M.

Outlook and guidance

• Q1 2026 revenue and gross margins expected to be similar to Q4 2025.

• Focus remains on disciplined M&A, operational efficiency, and leveraging vertical integration.

• No material debt maturities until late 2028; regulatory momentum at state and federal levels anticipated to support growth.