Village Farms International (VFF) Q3 2026 earnings summary

Executive summary

• Q3 consolidated net sales were $66.903M; record cannabis sales reached $55.0M, net income attributable to shareholders was $9.968M, and Adjusted EBITDA from continuing operations was $18.241M.

• International exports rose 75% YoY to $20.771M, representing ~43% of cannabis sales and supporting the quarter amid Canadian trim-market softness.

• Sixth consecutive quarter of positive net income; quarter-end cash was $79.3M and reported net cash was $41M.

Financial highlights

• Q3 net sales were $66.903M versus $66.741M YoY; gross profit was $29.325M versus $31.938M, and gross margin was 43.8% versus 47.9%.

• Net income attributable to shareholders was $9.968M versus $10.217M; basic EPS was $0.08 versus $0.09.

• Adjusted EBITDA from continuing operations was $18.241M versus $20.686M YoY; margin was 27% versus 31%.

• 9M sales rose 9% to $181.118M and gross profit rose 17% to $80.284M; 9M net income attributable to shareholders was $20.030M versus $30.011M, including prior-year discontinued-operations income.

• Q3 operating cash flow was $9.5M; cannabis operations generated $7.3M.

Outlook and guidance

• Delta 2 is on track for Q1 2027 completion, with 40 MT annual capacity expected by mid-2027 and Delta campus capacity expected to reach ~160 MT.

• Groningen Phase II is fully planted; maximum annualized production capacity is expected in early 2027, supporting stronger sales from Q4 through 2027.

• Canadian wholesale trim volumes and pricing are expected to normalize in Q4, supported by October orders and new supply agreements at stronger contracted prices.

• Mobilization began to prepare the 30-acre Monahans greenhouse for cannabis production; U.S. market entry depends on available regulatory pathways.

• Delta 1 rights provide optionality to convert 16 acres to cannabis production during 2027; no conversion plan has been formalized.