Q2 2026 Cannara Biotech Inc Earnings Call Transcript
Key Points
- Cannara Biotech Inc (LOVFF) delivered $27.2 million in revenue with strong margins and profitability, generating $6 million of adjusted EBITDA and $2.9 million of operating cash flow.
- The company achieved its 20th consecutive quarter of positive adjusted EBITDA and 14th consecutive quarter of positive operating cash flow.
- Cannara Biotech Inc (LOVFF) increased its national retail market share to 4.4% and maintained its position as the number one licensed producer in Quebec.
- The company received industry recognition, winning Pre-Roll of the Year and Concentrate of the Year at the National Kind Awards.
- Cannara Biotech Inc (LOVFF) successfully launched the vape category in Quebec, capturing over 25% of the category share.
- Operating income declined to $3.3 million from $5.9 million in the prior year due to strategic growth investments and higher non-cash share-based compensation.
- Adjusted EBITDA decreased to $6 million from $7.1 million in the prior year, reflecting increased operating expenses.
- Net income for the quarter was $1.7 million, down from $3.3 million in Q2 of 2025.
- Free cash flow was approximately negative $0.3 million, despite higher capital expenditures.
- Gross cannabis revenues before excise taxes declined 10% sequentially in Q2, primarily due to normal post-holiday seasonality and lower wholesale revenues.
Good morning, everyone. Welcome to Cannara Biotech's Q2 2026 earnings call for the three months ended February 28, 2026. Today's presenter is Nicholas Sosiak, CFO; joined by Zohar Krivorot, Founder and CEO. (Operator Instructions) Please be advised that today's conference is being recorded. Before we begin, please refer to slide two and three for our caution regarding forward-looking statements and non-GAAP measures. I will now turn the call over to Nicholas. You may begin.
Good morning, everyone, and thank you for joining our Q2 earnings call. Q2 reflects continued execution of a model that is delivering consistent and profitable growth. For the quarter, Cannara delivered $27.2 million in revenue with strong margins and profitability, generating $6 million of adjusted EBITDA and $2.9 million of operating cash flow. This represents our 20th consecutive quarter of positive adjusted EBITDA and our 14th consecutive quarter of positive operating cash flow.
Despite normal seasonality, we
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