TerrAscend Corp (OTCPK:TSNDF)

Q4 2025 Terrascend Corp Earnings Call Transcript

Mar 12, 2026 / 09:00 PM GMT

Release Date Price: $0.6563 (-1.01%)

Transcript 8-K10-K

Key Points

Positve

TerrAscend Corp (TSNDF) reported strong performance in core Northeast markets, generating $66.1 million in revenue for Q4 2025 and $261 million for the full year, with gross margins over 52%.
The company achieved its 14th consecutive quarter of positive operating cash flow and 10th consecutive quarter of positive free cash flow.
TerrAscend Corp (TSNDF) completed a $79 million non-diluted debt financing, extending debt maturities to the second half of 2028, reducing near-term refinancing risk.
The company expanded its retail footprint in New Jersey with the Union Shell transaction and entered Ohio through the acquisition of Ratio Cannabis assets.
TerrAscend Corp (TSNDF) demonstrated disciplined M&A strategy, focusing on attractive distressed assets and maintaining financial flexibility with an additional uncommitted term loan of up to $35 million.

Negative

Net revenue for the full year 2025 declined to $260.6 million from $268.1 million in 2024, primarily due to pricing compression in New Jersey.
Gross margins in New Jersey declined slightly due to a competitive pricing environment, impacting overall profitability.
The company reported a net loss from continuing operations of $24.5 million for the full year 2025, an increase from $11.5 million in 2024.
Retail revenue in Maryland declined quarter over quarter, despite an increase in wholesale revenue.
TerrAscend Corp (TSNDF) did not gain market share in New Jersey, as market share is measured as a whole, including both wholesale and retail.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

TSND.TO - Terrascend Corp
Q4 2025 Terrascend Corp Earnings Call
Mar 12, 2026 / 09:00PM GMT

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Presentation
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Unidentified_1 [1]
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Good afternoon. I will be your conference operator today. At this time, I would like to welcome everyone to the Tervasen 4th quarter in full year 2025 financial results conference call. I will now turn the call over to Walter Pinto, managing director of KCSA Strategic Communications for introduction. Please go ahead.

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Unidentified_2 [2]
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Thank you, operator, and good evening. Welcome to the Terraun 4th quarter and full year 2025 financial results conference call. Joining us for today's call is Jason Wild, executive Chairman, Ved Ganem, President and Chief Executive

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