TRUBAR (SBBC) Q3 2025 earnings summary

Executive summary

• Announced acquisition by ETI, a leading Turkish consumer products company, with all outstanding shares to be acquired for CAD 1.64 per share in cash, representing a 64% premium to the last closing price and 102% premium to the 60-day VWAP as of November 21, 2025.

• Special committee and board unanimously supported the transaction after extensive review and consultation with advisors and bankers.

• Shareholder vote on the transaction is expected in January 2026, with closing anticipated in Q1 2026.

• Achieved record net revenue of $21.6 million in Q3 2025, up 88% year-over-year, driven by strong retail and DTC sales growth.

• Expanded distribution into 500+ new U.S. grocery stores, launched TRUBAR Kids at Sprouts, and continued Canadian retail expansion.

Financial highlights

• Q3 2025 net revenue reached CAD 21.6 million, up 88% year-over-year, marking a record quarter.

• Gross profit was CAD 8.9 million, a 76% increase from Q3 2024; gross margin was 41%, down from the prior year due to increased investment in brand-building programs.

• Adjusted EBITDA for the quarter was CAD 1.4 million, up 39% year-over-year.

• Retail channel revenue grew 206%, direct-to-consumer 170%, and club channel 50% in Q3.

• Net income from continuing operations was $192,000, down from $4.1 million in Q3 2024.

Outlook and guidance

• Full-year net revenue guidance reaffirmed at CAD 65–70 million, representing a 50–60% year-over-year increase.

• Growth driven by expanded retail footprint, new store openings, and increased sales velocities.

• Management remains confident in long-term growth, supported by innovation and retail expansion.