Vext Science (VEXT) Q3 2026 earnings summary

Executive summary

• Record Q3 revenue of $14.899M, up 18% YoY and 23% QoQ; Ohio revenue rose 37% YoY to $10.9M.

• Net loss was $4.884M and Adjusted EBITDA was $0.195M; operating cash flow reached $2.366M, double Q2.

Financial highlights

• Gross profit was $3.0M; gross profit before fair value adjustments was $3.2M, or 21% of revenue, versus 44% in Q2.

• Net loss was $4.884M versus $0.315M in Q2 and $2.628M in Q3 2025; 9M net loss narrowed to $6.1M from $7.4M.

• Cash was $5.6M at quarter-end, up from $4.5M at June 30; inventory and biological assets declined $1.8M in Q3.

• 9M operating cash flow was $5.2M versus $6.4M of Adjusted EBITDA.

Outlook and guidance

• Q4 includes costs from scaling back Phoenix and returning to normal operations after the Vapen hold and Jackson closure.

• Columbus’s seventh Ohio dispensary is expected in Q1 2027; Amelia’s eighth is expected by end-Q3 2027, subject to regulatory approvals.

• Combined Ohio store buildout costs are expected at $1.9M–$2.7M; the seventh store has a $2.4M construction loan commitment, with remaining costs funded from cash flow.

• Priorities include growing Ohio, completing Arizona repositioning, strengthening the balance sheet, and funding growth primarily from internally generated cash.