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Goodfood Market Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary27 Nov, 2025
Executive summary
Fiscal 2025 net sales were $121 million, down 21% year-over-year, with a net loss of $8.1 million and adjusted EBITDA of $6.1 million for the year, marking eleven consecutive quarters of positive adjusted EBITDA.
Leadership transition with Selim Bassoul joining as Chairman in August 2025, and an operational review focused on product evolution, customer experience, and acquisitions.
Product mix improved with the launch of Heat & Eat meals and Genuine Tea, supporting basket value growth and diversification.
Acquisition of Genuine Tea proved growth and margin accretive, supporting the M&A strategy for future growth.
Achieved positive adjusted free cash flow for the year and in six of the past eight quarters.
Financial highlights
Fiscal 2025 net sales were $120.9 million, down 21% year-over-year; gross profit was $50.4 million, down 20%.
Gross margin for fiscal 2025 was 41.7%, up 0.5 percentage points year-over-year; Q4 gross margin was 40.3%, up 2.2 points.
Adjusted EBITDA for the year was $6.1 million (5.0% margin), down from $9 million (6% margin) year-over-year.
Adjusted free cash flow for the year was $2.2 million, down from $7.6 million; Q4 adjusted free cash flow was $1.7 million, up from negative $1.1 million.
Cash and marketable securities at year-end totaled $16 million, including $3.4 million in Bitcoin ETF holdings.
Outlook and guidance
Operational review underway, focusing on product evolution, customer experience, and acquisitions, with continued cost structure resilience amid ongoing meal kit demand challenges.
Heat-and-knead/Heat & Eat product line nearing $4 million in annualized sales and growing rapidly.
No expectation of near-term improvement in input inflation, labor, packaging, or logistics costs; cost pressures expected to persist through fiscal 2026.
M&A strategy to build a portfolio of cash flow-generating businesses leveraging existing infrastructure.
Headwinds in meal kit demand expected to persist, with stabilization not yet visible in North America.
M&A pipeline conversion rate for $10M+ targets
Heat & Eat's impact on overall top-line stabilization
LTV improvements: path to active customer growth
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Next Goodfood Market earnings date
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Frequently asked questions
GoodFood Market Corp., an online grocery company, delivers fresh meals and grocery products in Canada. The company offers dried foods such as rice and beans, spices, nuts, creamy polenta, butter to European customers based on the availability of raw materials from farmers. It also sells fresh food items such as breakfast meals, fresh fish and poultry, groceries for kids, lunch or dinner recipes. GoodFood Market Corp., is based in Montreal, Canada.
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