Vext Science (VEXT) Q4 2025 earnings summary

Executive summary

• Fiscal 2025 revenue rose 43% year-over-year to $51.4M, with operating cash flow up 256% to $11.7M, driven by Ohio retail expansion and a retail-led strategy.

• Q4 2025 revenue increased 35% year-over-year to $13.7M; Adjusted EBITDA was $2.1M, with a $5M non-cash impairment impacting reported EBITDA.

• Ohio retail operations accounted for over half of consolidated revenue, expanding to five locations and targeting eight by early 2027.

• Arizona operations transitioned to a lean, retail-first model, exiting cultivation and selling the Eloy facility to redeploy capital to Ohio.

• Focused on completing Ohio retail build-out and expanding cultivation capacity.

Financial highlights

• FY 2025 Adjusted EBITDA reached $10.9M (21% margin), up from $9.1M (25% margin) in FY 2024; Q4 Adjusted EBITDA was $2.1M.

• Q4 operating cash flow was $3.2M; full-year operating cash flow was $11.7M, up from $3.3M in FY 2024.

• Q4 2025 Adjusted EBITDA margin was 15%, with cash flow margin at 23%.

• Ended year with $5.1M in cash and continued debt reduction.

• Free cash flow yield estimated at 15% of market cap.

Outlook and guidance

• Expect to open sixth Ohio location in Q2 2026, with seventh and eighth stores following by early 2027.

• Margins expected to improve as Ohio retail locations ramp up and the retail base stabilizes.

• Arizona to focus on maximizing performance at two dispensaries and expanding manufacturing/distribution via capital-light model.

• Capital allocation prioritized toward highest return opportunities, including Ohio expansion and Arizona optimization.

• Continued disciplined capital allocation to drive long-term shareholder value.