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Cannara Biotech Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary24 Nov, 2025
Executive summary
Fiscal 2025 achieved record highs in net revenue ($107.3 million), adjusted EBITDA ($28.1 million), net income ($13.1 million), and positive retained earnings, driven by capacity expansion and operational efficiency.
National market share rose to 3.81%, up 32% year-over-year, with Quebec market share increasing over 53% to 12.72%.
Cultivation capacity increased nearly 50% year-over-year, reaching the fiscal 2026 target a year early by activating two additional grow zones, totaling 12 and annual output of 50,000 kg.
The company remains focused on disciplined, efficient operations, quality products, and leveraging proprietary technology, including AI for cultivation optimization.
Launched new products and entered Quebec's vape cartridge category with 20% of accepted SKUs.
Financial highlights
Net revenue for the year was CAD 107.3 million, up 31% year-over-year, with gross revenue just under CAD 149 million.
Gross profit before fair value adjustments reached CAD 44.5 million (41% margin), up from 34% last year.
Adjusted EBITDA was CAD 28.1 million (26% margin), up from 18% last year; net income doubled to CAD 13.1 million.
Q4 revenue hit a record CAD 28.3 million, up 3.5% sequentially and 21% year-over-year; Q4 adjusted EBITDA rose 102% to CAD 7.5 million.
Free cash flow for FY25 was CAD 13.7 million, up from CAD 3.2 million in FY24; operating cash flow for the year was CAD 20 million.
Outlook and guidance
Management expects continued margin improvement as new rooms and post-processing capacity come online, targeting gross margins above 40% and potentially up to 50%.
Plans to operationalize 12 additional grow rooms at Valleyfield, potentially doubling cultivation capacity over four years.
Fiscal 2026 capital investment strategy prioritizes a new processing center, funded by a $10 million BMO term loan.
Steady, annual growth is anticipated, with no plans for rapid spikes or declines.
Focus on successful execution of the November vape category launch in Quebec and post-processing expansion at Valleyfield.
Quebec vape launch: initial performance
Valleyfield capacity expansion timeline
What drove market share gains in smaller provinces?
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Next Cannara Biotech earnings date
Q1 202626 Jan, 2026
Next Cannara Biotech earnings date
Q1 202626 Jan, 2026
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Frequently asked questions
Cannara Biotech Inc. is a Canadian vertically integrated producer of premium-grade cannabis and cannabis-derivative products targeted at the Quebec and Canadian markets. The company is known for its large-scale operations, owning two mega facilities based in Quebec. The company's business model focuses on leveraging its extensive cultivation and processing capabilities to provide a wide range of cannabis products. Cannara Biotech operates in two main segments: Cannabis operations and Real estate operations. The company is headquartered in Saint-Laurent, Canada, and its shares are listed on the TSX.
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