Red Light Holland (TRIP) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue was $1.301M, down from $1.559M in Q1 2025, with gross profit at $0.447M versus $0.625M year-over-year.

• Adjusted EBITDA loss increased slightly to $0.577M from $0.562M in Q1 2025.

• Cash balance at quarter-end was $11.454M, reflecting higher cash use due to debt repayment and Bitcoin ETF purchase.

• Entered U.S. retail via Albertsons (Safeway) with Happy Caps Mushroom Home Grow Kits and launched Health Canada-approved mushroom gummies on Amazon.

• Continued R&D partnerships, including potency testing for medical-grade psilocybin and collaboration with Arizona State University.

Financial highlights

• Revenues declined year-over-year to $1.301M from $1.559M.

• Gross profit decreased to $0.447M from $0.625M in Q1 2025.

• Adjusted EBITDA loss was $0.577M, slightly higher than $0.562M in Q1 2025.

• Total assets at $20.141M, down from $21.221M as of March 31, 2025.

Outlook and guidance

• Management remains optimistic, citing a diversified foundation, innovation in psilocybin research, and a focus on fiscal responsibility.

• Plans to expand retail distribution, continue R&D, and pursue M&A opportunities targeting CPG companies with strong brands.