C21 Investments (CWLXF) Financials
Newest figures come from the 20-F for FY2026, filed Jun 12, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the CWLXF SEC filings page.
C21 Investments Inc. (CWLXF) reported $32.6M in revenue for fiscal year 2026, up 8.3% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 6 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 (20-F and 6-K reports).
FY2026 shows revenue recovery reaching operating profit, but cash yield remains low and the equity base keeps shrinking.
Revenue grew8.3% in FY2026 while operating margin expanded2.7 pp ; with gross margin unchanged, the improvement points to overhead absorption rather than a richer gross spread. A net loss of$3.24M coexisted with operating cash flow of$1.36M , so reported losses were not a direct cash drain, although cash generation remained modest.
Free cash flow quality was shaped by limited reinvestment: FCF was
Liabilities rose
Financial Health Signals
We do not publish a peer-relative financial health score for C21 Investments Inc., because the score only covers companies whose filings and listing give us what it needs to compare them with their peers. The signals and metrics below are current.
C21 Investments Inc. passes 8 of 9 financial strength tests. 3 of 4 profitability signals pass, all 3 leverage/liquidity signals pass, both operating efficiency signals pass.
C21 Investments Inc. reported a net loss of $3.2M while generating $1.4M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
C21 Investments Inc. earns $12.17 in operating income for every $1 of interest expense ($2.3M vs $187K). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
C21 Investments Inc. generated $32.6M in revenue in fiscal year 2026. This represents an increase of 8.3% from the prior year.
C21 Investments Inc.'s EBITDA was $4.1M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 35.8% from the prior year.
C21 Investments Inc. reported a net loss of $3.2M in fiscal year 2026. The change from the prior year is not meaningful, because that figure was zero or negative.
C21 Investments Inc. earned -$0.03 per diluted share (EPS) in fiscal year 2026. The change from the prior year is not meaningful, because that figure was zero or negative.
Cash & Balance Sheet
C21 Investments Inc. generated $1.1M in free cash flow in fiscal year 2026, representing cash available after capex. This represents an increase of 16.6% from the prior year.
C21 Investments Inc. held $2.2M in cash against $0 in long-term debt as of fiscal year 2026, with $6.4M of liabilities due within a year.
Not reported for fiscal year 2026.
Margins & Returns
C21 Investments Inc.'s gross margin was 41.7% in fiscal year 2026, indicating the percentage of revenue retained after direct costs. That is unchanged from the prior year.
C21 Investments Inc.'s operating margin was 7.0% in fiscal year 2026, reflecting core business profitability. This is up 2.7 percentage points from the prior year.
C21 Investments Inc.'s net profit margin was -10.0% in fiscal year 2026, showing the share of revenue converted to profit. This is up 3.2 percentage points from the prior year.
C21 Investments Inc.'s ROE was -12.8% in fiscal year 2026, measuring profit generated per dollar of shareholder equity. This is up 1.1 percentage points from the prior year.
Capital Allocation
C21 Investments Inc. spent $103K on share buybacks in fiscal year 2026, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 62.8% from the prior year.
C21 Investments Inc. invested $245K in capex in fiscal year 2026, funding long-term assets and infrastructure. This represents a decrease of 39.8% from the prior year.
Not reported for fiscal year 2026.
CWLXF Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2620-F | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F |
|---|---|---|---|---|---|---|
| Revenue | $32.6M+8.3% | $30.1M+6.5% | $28.3M-2.1% | $28.9M-12.4% | $33.0M-1.4% | $33.5M |
| Cost of Revenue | $19.0M+8.3% | $17.6M+2.5% | $17.1M+10.6% | $15.5M+9.3% | $14.2M-8.1% | $15.4M |
| Gross Profit | $13.6M+8.3% | $12.6M+12.6% | $11.1M-16.8% | $13.4M-28.8% | $18.8M+4.2% | $18.0M |
| SG&A Expenses | $11.3M+0.4% | $11.3M+16.5% | $9.7M+2.5% | $9.4M+4.3% | $9.1M+2.8% | $8.8M |
| Operating Income | $2.3M+77.8% | $1.3M-12.9% | $1.5M-62.8% | $4.0M-59.5% | $9.8M+5.6% | $9.2M |
| EBITDA | $4.1M+35.8% | $3.0M+3.7% | $2.9M-50.3% | $5.8M-49.9% | $11.6M+0.5% | $11.5M |
| Interest Expense | $187K-36.2% | $294K+734.1% | $35K-92.3% | $457K-57.6% | $1.1M-72.6% | $3.9M |
| Income Tax | $4.6M+11.1% | $4.2M+19.2% | $3.5M+23.9% | $2.8M-43.1% | $4.9M+66.2% | $3.0M |
| Net Income | -$3.2Mn/m | -$4.0Mn/m | -$3.3M-1227.3% | $293K-97.1% | $10.0Mn/m | -$7.8M |
| EPS (Basic) | -$0.03n/m | -$0.03n/m | -$0.03n/m | $0.00-100.0% | $0.08n/m | -$0.07 |
| EPS (Diluted) | -$0.03n/m | -$0.03n/m | -$0.03n/m | $0.00-100.0% | $0.08n/m | -$0.07 |
| Diluted Shares (Avg) | 118M-1.8% | 121M-1.9% | 123M0.0% | 123M+1.4% | 121M+15.5% | 105M |
Not reported in any period shown, so not listed: R&D Expenses.
CWLXF Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2620-F | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F |
|---|---|---|---|---|---|---|
| Total Assets | $54.4M-4.5% | $57.0M+4.5% | $54.5M-6.5% | $58.3M-5.7% | $61.8M-7.4% | $66.8M |
| Current Assets | $8.3M+10.7% | $7.5M+3.6% | $7.2M-15.8% | $8.6M-16.4% | $10.3M-9.1% | $11.3M |
| Cash & Equivalents | $2.2M-14.9% | $2.6M+9.0% | $2.4M+27.3% | $1.9M-38.3% | $3.1M-50.8% | $6.2M |
| Short-Term Investments | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0 |
| Inventory | $4.6M+13.3% | $4.1M+49.6% | $2.7M-35.1% | $4.2M+2.9% | $4.1M+50.6% | $2.7M |
| Accounts Receivable | $57K-54.3% | $125K-34.0% | $189K-52.9% | $401K+102.3% | $198K+96.1% | $101K |
| Long-Term Investments | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0 |
| Goodwill | $28.5M0.0% | $28.5M0.0% | $28.5M0.0% | $28.5M0.0% | $28.5M0.0% | $28.5M |
| Total Liabilities | $29.0M+2.3% | $28.3M+20.6% | $23.5M-2.1% | $24.0M-14.7% | $28.1M-35.5% | $43.6M |
| Current Liabilities | $6.4M-19.7% | $8.0M-43.8% | $14.2M-5.4% | $15.0M-6.3% | $16.0M+4.9% | $15.2M |
| Non-Current Liabilities | $22.6M+11.0% | $20.4M+118.6% | $9.3M+3.3% | $9.0M-25.7% | $12.1M-57.1% | $28.3M |
| Long-Term Debt | $0-100.0% | $710Kn/m | $0 | N/A | N/A | N/A |
| Total Equity | $25.4M-11.3% | $28.7M-7.6% | $31.0M-9.5% | $34.3M+1.7% | $33.7M+45.0% | $23.3M |
| Retained Earnings | -$80.1Mn/m | -$76.8Mn/m | -$72.8Mn/m | -$69.5Mn/m | -$69.8Mn/m | -$79.4M |
CWLXF Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2620-F | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.4M-0.2% | $1.4M-58.1% | $3.3M-45.4% | $6.0M-29.2% | $8.4M-0.5% | $8.5M |
| Depreciation & Amortization | $1.8M+4.3% | $1.7M+21.1% | $1.4M-23.6% | $1.8M+1.4% | $1.8M-19.9% | $2.3M |
| Stock-Based Compensation | $237K-72.1% | $850K+3739.3% | $22K-89.4% | $209K-42.8% | $366K-25.9% | $494K |
| Capital Expenditures | $245K-39.8% | $407K-22.0% | $522K+17.9% | $442K-82.7% | $2.6M+1024.9% | $228K |
| Free Cash Flow | $1.1M+16.6% | $959K-65.0% | $2.7M-50.4% | $5.5M-5.9% | $5.9M-28.8% | $8.3M |
| Share Buybacks | $103K-62.8% | $277Kn/m | $0 | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Investing Cash Flow, Financing Cash Flow, Dividends Paid.
CWLXF Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | FY2620-F | FY2520-F | FY2420-F | FY2320-F | FY2220-F | FY2120-F |
|---|---|---|---|---|---|---|
| Gross Margin | 41.7%0.0pp | 41.7%+2.3pp | 39.4%-7.0pp | 46.4%-10.6pp | 57.0%+3.1pp | 53.9% |
| Operating Margin | 7.0%+2.7pp | 4.3%-0.9pp | 5.2%-8.5pp | 13.7%-15.9pp | 29.6%+2.0pp | 27.6% |
| Net Margin | -10.0%+3.2pp | -13.2%-1.5pp | -11.7%-12.7pp | 1.0%-29.2pp | 30.2%+53.6pp | -23.4% |
| Return on Equity | -12.8%+1.1pp | -13.8%-3.2pp | -10.7%-11.5pp | 0.9%-28.7pp | 29.5%+63.2pp | -33.7% |
| Return on Assets | -6.0%+1.0pp | -7.0%-0.9pp | -6.1%-6.6pp | 0.5%-15.6pp | 16.1%+27.8pp | -11.7% |
| Current Ratio | 1.30+0.4x | 0.94+0.4x | 0.51-0.1x | 0.57-0.1x | 0.64-0.1x | 0.74 |
| Debt-to-Equity | 0.000.0x | 0.020.0x | 0.00 | N/A | N/A | N/A |
| Liabilities-to-Equity | 1.14+0.2x | 0.99+0.2x | 0.76+0.1x | 0.70-0.1x | 0.83-1.0x | 1.87 |
| Asset Turnover | 0.60+0.1x | 0.530.0x | 0.520.0x | 0.500.0x | 0.530.0x | 0.50 |
| FCF Margin | 3.4%+0.2pp | 3.2%-6.5pp | 9.7%-9.4pp | 19.1%+1.3pp | 17.8%-6.9pp | 24.7% |
Where C21 Investments Inc. Ranks
Frequently Asked Questions
C21 Investments Inc. (CWLXF) reported $32.6M in total revenue for fiscal year 2026. This represents a 8.3% 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.
C21 Investments Inc. (CWLXF) revenue grew by 8.3% year-over-year, from $30.1M to $32.6M in fiscal year 2026.
No, C21 Investments Inc. (CWLXF) reported a net loss of $3.2M in fiscal year 2026, with a net profit margin of -10.0%.
C21 Investments Inc. (CWLXF) had EBITDA of $4.1M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.
As of fiscal year 2026, C21 Investments Inc. (CWLXF) had $2.2M in cash and equivalents against $0 in long-term debt.
C21 Investments Inc. (CWLXF) had a gross margin of 41.7% in fiscal year 2026, indicating the percentage of revenue retained after direct costs of goods sold.
C21 Investments Inc. (CWLXF) had an operating margin of 7.0% in fiscal year 2026, reflecting the profitability of core business operations before interest and taxes.
C21 Investments Inc. (CWLXF) had a net profit margin of -10.0% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.
C21 Investments Inc. (CWLXF) has a return on equity of -12.8% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.
C21 Investments Inc. (CWLXF) generated $1.1M in free cash flow during fiscal year 2026. This represents a 16.6% 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.
C21 Investments Inc. (CWLXF) generated $1.4M in operating cash flow during fiscal year 2026, representing cash generated from core business activities.
C21 Investments Inc. (CWLXF) had $54.4M in total assets as of fiscal year 2026, including both current and long-term assets.
C21 Investments Inc. (CWLXF) invested $245K in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.
C21 Investments Inc. (CWLXF) had a current ratio of 1.30 as of fiscal year 2026, which is considered adequate.
C21 Investments Inc. (CWLXF) had a debt-to-equity ratio of 0.00 as of fiscal year 2026. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.
C21 Investments Inc. (CWLXF) had a liabilities-to-equity ratio of 1.14 as of fiscal year 2026, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.
C21 Investments Inc. (CWLXF) had a return on assets of -6.0% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.
C21 Investments Inc. (CWLXF) has a Piotroski F-Score of 8 out of 9, indicating strong 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.
C21 Investments Inc. (CWLXF) reported a net loss of $3.2M while generating $1.4M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. 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.
C21 Investments Inc. (CWLXF) has an interest coverage ratio of 12.17x, meaning it can comfortably 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.