Cannabist Financials
This page shows Cannabist (CBSTQ) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Cost discipline is repairing the income statement, but cash generation and creditor dependence still define how this business operates.
From FY2023 to FY2024, operating performance improved faster than liquidity: operating loss shrank from$105M to$22M . But operating cash flow swung from$7.5M to-$23.4M , and revenue also fell, showing the turnaround is coming mainly from a lower expense base rather than cash being released from day-to-day operations.
The heaviest drag now sits below operations: FY2024 interest expense was
This business also looks less capital-intensive: capital spending fell to
Financial Health Signals
We are recalculating Cannabist's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.
Cannabist passes 5 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Cannabist generates $0.22 in operating cash flow (-$23.4M OCF vs -$105.9M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Cannabist earns $-0.6 in operating income for every $1 of interest expense (-$22.3M vs $38.0M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Cannabist generated $458.7M in revenue in fiscal year 2024. This represents a decrease of 10.3% from the prior year.
Cannabist's EBITDA was $26.7M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 162.8% from the prior year.
Cannabist reported -$105.9M in net income in fiscal year 2024. This represents an increase of 39.7% from the prior year.
Cannabist earned $-0.23 per diluted share (EPS) in fiscal year 2024. This represents an increase of 47.7% from the prior year.
Cash & Balance Sheet
Cannabist generated -$29.2M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 1070.7% from the prior year.
Cannabist held $33.6M in cash against $249.5M in long-term debt as of fiscal year 2024.
Cannabist had 466M shares outstanding in fiscal year 2024. This represents an increase of 10.8% from the prior year.
Margins & Returns
Cannabist's gross margin was 36.7% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 1.5 percentage points from the prior year.
Cannabist's operating margin was -4.9% in fiscal year 2024, reflecting core business profitability. This is up 15.7 percentage points from the prior year.
Cannabist's net profit margin was -23.1% in fiscal year 2024, showing the share of revenue converted to profit. This is up 11.3 percentage points from the prior year.
Capital Allocation
Cannabist invested $5.8M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 41.5% from the prior year.
CBSTQ Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $79.9M-7.5% | $86.3M-1.2% | $87.4M-9.0% | $96.1M-16.2% | $114.8M-8.3% | $125.2M+2.1% | $122.6M-4.5% | $128.4M |
| Cost of Revenue | $57.0M-17.6% | $69.2M+19.0% | $58.2M-6.6% | $62.2M-12.3% | $71.0M-8.0% | $77.1M-3.7% | $80.1M | N/A |
| Gross Profit | $22.9M+33.6% | $17.2M-41.4% | $29.3M-13.6% | $33.9M-22.6% | $43.8M-8.8% | $48.1M+13.0% | $42.5M-2.5% | $43.6M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $34.9M+5.9% | $33.0M-11.4% | $37.3M-18.5% | $45.7M-7.3% | $49.3M+23.1% | $40.0M-24.8% | $53.3M+49.2% | $35.7M |
| Operating Income | -$12.0M+24.0% | -$15.8M-94.1% | -$8.2M+41.4% | -$13.9M-147.4% | -$5.6M-170.3% | $8.0M+174.6% | -$10.7M+86.2% | -$77.7M |
| Interest Expense | $8.3M-43.6% | $14.7M+60.4% | $9.2M-3.5% | $9.5M-2.7% | $9.7M+0.3% | $9.7M+7.5% | $9.0M-24.2% | $11.9M |
| Income Tax | $6.3M-85.3% | $43.2M+5343.5% | $794K-73.2% | $3.0M-86.5% | $21.8M+126.5% | $9.6M+8.7% | $8.9M+163.8% | -$13.9M |
| Net Income | -$14.3M+81.7% | -$77.9M-141.8% | -$32.2M+41.0% | -$54.6M-2836.1% | -$1.9M+87.0% | -$14.3M+59.1% | -$35.1M+52.2% | -$73.4M |
| EPS (Diluted) | $-0.03+81.3% | $-0.16-128.6% | $-0.07 | N/A | $0.00+100.0% | $-0.03+62.5% | $-0.08 | N/A |
CBSTQ Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $536.5M-4.8% | $563.8M-13.1% | $648.8M-6.8% | $696.2M-9.7% | $770.7M-0.8% | $777.1M-4.4% | $812.8M-1.2% | $823.1M |
| Current Assets | $144.7M-13.9% | $168.2M-9.8% | $186.5M-4.3% | $195.0M-17.0% | $235.0M+40.5% | $167.3M-11.9% | $189.9M-0.8% | $191.5M |
| Cash & Equivalents | $20.9M+35.2% | $15.5M-18.4% | $18.9M-43.7% | $33.6M+6.7% | $31.5M+41.0% | $22.3M-49.8% | $44.5M+24.4% | $35.8M |
| Inventory | $66.8M-5.7% | $70.9M-21.8% | $90.7M-4.1% | $94.5M+5.3% | $89.7M-22.7% | $116.1M+4.2% | $111.5M-0.1% | $111.6M |
| Accounts Receivable | $15.4M-19.7% | $19.2M+2.8% | $18.7M-13.8% | $21.7M+41.1% | $15.4M+13.8% | $13.5M+32.2% | $10.2M-34.5% | $15.6M |
| Goodwill | N/A | N/A | N/A | N/A | $0 | $0 | $0 | $0 |
| Total Liabilities | $689.5M-1.9% | $702.7M-1.1% | $710.8M-2.1% | $726.2M-2.7% | $746.7M-0.9% | $753.7M-2.1% | $769.9M+1.6% | $757.8M |
| Current Liabilities | $162.1M-9.4% | $179.0M-21.4% | $227.9M-0.4% | $228.7M-10.5% | $255.5M+21.8% | $209.8M+26.4% | $166.0M+3.7% | $160.0M |
| Long-Term Debt | $298.7M+0.3% | $297.7M+19.8% | $248.5M-0.4% | $249.5M+0.4% | $248.6M+0.4% | $247.5M-18.8% | $304.6M+2.4% | $297.5M |
| Total Equity | -$151.7M-9.9% | -$138.0M-127.7% | -$60.6M-111.2% | -$28.7M-215.6% | $24.8M+4.8% | $23.7M-46.0% | $43.9M-34.3% | $66.9M |
| Retained Earnings | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
CBSTQ Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$24.6M-699.3% | $4.1M+127.0% | -$15.2M-481.2% | $4.0M+122.5% | -$17.7M-413.4% | -$3.4M+44.5% | -$6.2M-166.2% | $9.4M |
| Capital Expenditures | $248K-86.3% | $1.8M-11.4% | $2.0M+21.4% | $1.7M+10.9% | $1.5M-8.8% | $1.7M+72.4% | $965K-43.4% | $1.7M |
| Free Cash Flow | -$24.8M-1183.4% | $2.3M+113.3% | -$17.2M-849.7% | $2.3M+112.0% | -$19.2M-276.0% | -$5.1M+28.8% | -$7.2M-193.5% | $7.7M |
| Investing Cash Flow | $29.5M+824.5% | $3.2M+16.3% | $2.7M+173.5% | $1.0M-96.6% | $29.1M+1982.0% | -$1.5M-164.4% | $2.4M+109.4% | -$25.4M |
| Financing Cash Flow | -$2.6M+75.7% | -$10.8M-214.3% | -$3.4M-61.4% | -$2.1M+5.5% | -$2.2M+86.9% | -$17.1M-237.0% | $12.5M+252.7% | -$8.2M |
| Dividends Paid | N/A | $12K | N/A | N/A | N/A | $333K | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
CBSTQ Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 28.7%+8.8pp | 19.9%-13.6pp | 33.5%-1.8pp | 35.3%-2.9pp | 38.2%-0.2pp | 38.4%+3.7pp | 34.7%+0.7pp | 34.0% |
| Operating Margin | -15.0%+3.3pp | -18.3%-9.0pp | -9.3%+5.2pp | -14.5%-9.6pp | -4.9%-11.3pp | 6.4%+15.2pp | -8.8%+51.8pp | -60.5% |
| Net Margin | -17.8%+72.3pp | -90.2%-53.4pp | -36.8%+20.0pp | -56.8%-55.2pp | -1.6%+9.8pp | -11.5%+17.2pp | -28.6%+28.5pp | -57.2% |
| Return on Equity | N/A | N/A | N/A | N/A | -7.5%+53.0pp | -60.5%+19.3pp | -79.8%+29.9pp | -109.7% |
| Return on Assets | -2.7%+11.2pp | -13.8%-8.8pp | -5.0%+2.9pp | -7.8%-7.6pp | -0.2%+1.6pp | -1.8%+2.5pp | -4.3%+4.6pp | -8.9% |
| Current Ratio | 0.89-0.0 | 0.94+0.1 | 0.82-0.0 | 0.85-0.1 | 0.92+0.1 | 0.80-0.3 | 1.14-0.1 | 1.20 |
| Debt-to-Equity | -1.97+0.2 | -2.16+1.9 | -4.10+4.6 | -8.70-18.7 | 10.01-0.4 | 10.44+3.5 | 6.94+2.5 | 4.45 |
| FCF Margin | -31.1%-33.8pp | 2.7%+22.3pp | -19.7%-22.1pp | 2.4%+19.1pp | -16.7%-12.7pp | -4.1%+1.8pp | -5.9%-11.8pp | 6.0% |
Note: Shareholder equity is negative (-$28.7M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.85), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Frequently Asked Questions
What is Cannabist's annual revenue?
Cannabist (CBSTQ) reported $458.7M in total revenue for fiscal year 2024. This represents a -10.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Cannabist's revenue growing?
Cannabist (CBSTQ) revenue declined by 10.3% year-over-year, from $511.3M to $458.7M in fiscal year 2024.
Is Cannabist profitable?
No, Cannabist (CBSTQ) reported a net income of -$105.9M in fiscal year 2024, with a net profit margin of -23.1%.
What is Cannabist's EBITDA?
Cannabist (CBSTQ) had EBITDA of $26.7M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Cannabist have?
As of fiscal year 2024, Cannabist (CBSTQ) had $33.6M in cash and equivalents against $249.5M in long-term debt.
What is Cannabist's gross margin?
Cannabist (CBSTQ) had a gross margin of 36.7% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is Cannabist's operating margin?
Cannabist (CBSTQ) had an operating margin of -4.9% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Cannabist's net profit margin?
Cannabist (CBSTQ) had a net profit margin of -23.1% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Cannabist's free cash flow?
Cannabist (CBSTQ) generated -$29.2M in free cash flow during fiscal year 2024. This represents a -1070.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Cannabist's operating cash flow?
Cannabist (CBSTQ) generated -$23.4M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Cannabist's total assets?
Cannabist (CBSTQ) had $696.2M in total assets as of fiscal year 2024, including both current and long-term assets.
What are Cannabist's capital expenditures?
Cannabist (CBSTQ) invested $5.8M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
What is Cannabist's current ratio?
Cannabist (CBSTQ) had a current ratio of 0.85 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.
What is Cannabist's debt-to-equity ratio?
Cannabist (CBSTQ) had a debt-to-equity ratio of -8.70 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Cannabist's return on assets (ROA)?
Cannabist (CBSTQ) had a return on assets of -15.2% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Cannabist's cash runway?
Based on fiscal year 2024 data, Cannabist (CBSTQ) had $33.6M in cash against an annual operating cash burn of $23.4M. This gives an estimated cash runway of approximately 17 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
Why is Cannabist's debt-to-equity ratio negative or unusual?
Cannabist (CBSTQ) has negative shareholder equity of -$28.7M as of fiscal year 2024, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Cannabist's Piotroski F-Score?
Cannabist (CBSTQ) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Cannabist's earnings high quality?
Cannabist (CBSTQ) has an earnings quality ratio of 0.22x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Cannabist cover its interest payments?
Cannabist (CBSTQ) has an interest coverage ratio of -0.6x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.