Terrascent Financials
Terrascent (TSNDF) reported $263.9M in revenue over the twelve months to Jun 30, 2026, up 5.7% from the prior twelve months. 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 (10-K and 10-Q reports).
TerrAscend is improving operating margins while shrinking cash conversion and leaving a more leveraged equity cushion despite continued reported losses.
From FY2024 to FY2025, revenue contracted from$268M to$261M even as operating margin widened. Because both cost of revenue and SG&A also declined, the margin move points to cost containment or mix improvement, not growth-driven fixed-cost absorption.
The operating line is healthier than the shareholder result: FY2025 operating income was
Free-cash-flow margin fell from
Financial Health Signals
Terrascent does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Terrascent scores -1.06, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($252.3M) relative to total liabilities ($458.4M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Terrascent passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
Terrascent reported a net loss of $81.3M while generating $21.5M 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.
Terrascent earns $1.46 in operating income for every $1 of interest expense ($42.0M vs $28.8M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Terrascent generated $260.6M in revenue in fiscal year 2025. This represents a decrease of 2.8% from the prior year.
Terrascent's EBITDA was $47.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 7.8% from the prior year.
Terrascent reported -$81.3M in net income in fiscal year 2025. This represents a decrease of 11.9% from the prior year.
Terrascent earned -$0.29 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 3.6% from the prior year.
Cash & Balance Sheet
Terrascent generated $12.9M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 58.5% from the prior year.
Terrascent held $37.4M in cash against $225.5M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Terrascent's gross margin was 52.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 1.6 percentage points from the prior year.
Terrascent's operating margin was 16.1% in fiscal year 2025, reflecting core business profitability. This is up 1.6 percentage points from the prior year.
Terrascent's net profit margin was -31.2% in fiscal year 2025, showing the share of revenue converted to profit. This is down 4.1 percentage points from the prior year.
Terrascent's ROE was -82.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 41.0 percentage points from the prior year.
Capital Allocation
Terrascent spent $410K on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 90.7% from the prior year.
Terrascent invested $8.6M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 25.5% from the prior year.
Not reported for fiscal year 2025.
TSNDF Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $67.1M+2.4% | $65.5M-0.9% | $66.1M+1.6% | $65.1M+0.1% | $65.0M+1.1% | $64.3M+16.7% | $55.1M-15.5% | $65.2M |
| Cost of Revenue | $30.9M-0.2% | $30.9M-2.3% | $31.7M+1.6% | $31.2M-1.9% | $31.8M+7.3% | $29.6M+20.8% | $24.5M-23.2% | $31.9M |
| Gross Profit | $36.3M+4.8% | $34.6M+0.3% | $34.5M+1.6% | $33.9M+2.1% | $33.2M-4.2% | $34.7M+13.5% | $30.6M-8.0% | $33.2M |
| SG&A Expenses | $22.9M+6.3% | $21.5M-5.6% | $22.8M+6.8% | $21.3M+1.7% | $21.0M-0.8% | $21.1M+38.5% | $15.3M-38.2% | $24.7M |
| Operating Income | $12.1M+5.1% | $11.5M+50.3% | $7.7M-31.2% | $11.1M+1.5% | $11.0M-10.4% | $12.2M-18.2% | $15.0M+106.2% | $7.3M |
| Interest Expense | $7.2M-2.8% | $7.4M-4.1% | $7.7M+3.9% | $7.4M+7.0% | $7.0M+4.1% | $6.7M+2.8% | $6.5M-6.1% | $6.9M |
| Income Tax | $11.6M+13.0% | $10.3M+712.7% | -$1.7M-115.2% | $11.0M+15.0% | $9.6M-8.7% | $10.5M+251.5% | -$6.9M-152.3% | $13.3M |
| Net Income | -$8.1M-0.6% | -$8.0M-322.4% | $3.6M+114.7% | -$24.6M+49.0% | -$48.1M-292.1% | -$12.3M+59.3% | -$30.2M-40.8% | -$21.4M |
| EPS (Diluted) | -$0.030.0% | -$0.03-400.0% | $0.01+112.5% | -$0.08+52.9% | -$0.17-240.0% | -$0.05+54.5% | -$0.11-37.5% | -$0.08 |
Not reported in any period shown, so not listed: R&D Expenses.
TSNDF Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $553.7M+0.8% | $549.1M-1.5% | $557.4M+0.4% | $555.3M-2.9% | $572.0M-4.8% | $600.7M-1.1% | $607.2M-7.6% | $656.9M |
| Current Assets | $113.5M+10.8% | $102.4M-7.0% | $110.1M-7.8% | $119.4M-10.3% | $133.1M+31.5% | $101.2M-42.8% | $176.9M+67.3% | $105.7M |
| Cash & Equivalents | $42.0M+7.7% | $39.0M+4.2% | $37.4M+2.5% | $36.5M+36.9% | $26.7M-8.8% | $29.2M+10.9% | $26.4M-1.0% | $26.6M |
| Inventory | $39.2M+8.1% | $36.2M+6.4% | $34.1M+0.3% | $33.9M-4.1% | $35.4M-24.6% | $46.9M+18.3% | $39.7M-22.9% | $51.4M |
| Accounts Receivable | $16.3M+5.0% | $15.5M-8.0% | $16.9M-1.3% | $17.1M-14.4% | $20.0M+6.5% | $18.8M-7.2% | $20.2M+15.1% | $17.6M |
| Goodwill | $113.9M+2.8% | $110.8M+0.9% | $109.8M0.0% | $109.8M0.0% | $109.8M+2.7% | $106.9M0.0% | $106.9M0.0% | $106.9M |
| Total Liabilities | $469.7M+2.5% | $458.2M0.0% | $458.4M-0.3% | $459.8M+1.4% | $453.6M+4.1% | $435.6M+1.2% | $430.4M-4.3% | $449.8M |
| Current Liabilities | $62.0M-8.4% | $67.7M-15.3% | $79.9M+4.7% | $76.3M-16.8% | $91.7M+18.6% | $77.3M-15.1% | $91.0M+16.1% | $78.5M |
| Long-Term Debt | $209.7M-4.7% | $219.9M-2.4% | $225.5M-2.0% | $230.0M+8.5% | $212.1M+4.2% | $203.6M-0.5% | $204.5M-0.6% | $205.7M |
| Total Equity | $84.0M-7.6% | $90.9M-8.2% | $99.0M+3.7% | $95.5M-19.3% | $118.4M-28.3% | $165.1M-6.6% | $176.8M-14.6% | $207.1M |
| Retained Earnings | -$883.0M-1.0% | -$873.8M-1.0% | -$864.7M+0.3% | -$867.2M-3.1% | -$841.5M-6.2% | -$792.1M-1.7% | -$778.5M-4.3% | -$746.7M |
TSNDF Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $6.6M-22.5% | $8.5M+5.9% | $8.0M+197.6% | $2.7M-4.4% | $2.8M-64.8% | $8.0M-17.9% | $9.7M+372.5% | $2.1M |
| Capital Expenditures | $1.6M+89.5% | $865K-49.6% | $1.7M-23.7% | $2.2M-1.9% | $2.3M-2.8% | $2.4M-14.4% | $2.8M+16105.9% | $17K |
| Free Cash Flow | $4.9M-35.2% | $7.6M+21.0% | $6.3M+1315.3% | $445K-15.2% | $525K-90.7% | $5.6M-19.3% | $7.0M+241.8% | $2.0M |
| Investing Cash Flow | -$1.7M-43300.0% | $4K+100.3% | -$1.1M+51.3% | -$2.3M+70.1% | -$7.8M-138.6% | -$3.3M+45.1% | -$6.0M-319.2% | -$1.4M |
| Financing Cash Flow | -$1.9M+73.3% | -$7.1M-22.6% | -$5.8M-159.8% | $9.7M+271.3% | $2.6M+212.1% | -$2.3M+46.9% | -$4.4M-16.6% | -$3.8M |
| Share Buybacks | $314K+307.8% | $77K+133.3% | $33K | $0-100.0% | $146K-36.8% | $231K+200.0% | $77K | N/A |
Not reported in any period shown, so not listed: Dividends Paid.
TSNDF Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 54.0%+1.2pp | 52.8%+0.7pp | 52.1%0.0pp | 52.1%+1.0pp | 51.1%-2.8pp | 53.9%-1.6pp | 55.5%+4.5pp | 51.0% |
| Operating Margin | 18.1%+0.5pp | 17.6%+6.0pp | 11.6%-5.5pp | 17.1%+0.2pp | 16.9%-2.2pp | 19.0%-8.1pp | 27.2%+16.0pp | 11.1% |
| Net Margin | -12.0%+0.2pp | -12.2%-17.6pp | 5.4%+43.2pp | -37.7%+36.3pp | -74.0%-54.9pp | -19.1%+35.7pp | -54.8%-21.9pp | -32.9% |
| Return on Equity | -9.6%-0.8pp | -8.8%-12.4pp | 3.6%+29.3pp | -25.7%+14.9pp | -40.6%-33.2pp | -7.4%+9.6pp | -17.1%-6.7pp | -10.3% |
| Return on Assets | -1.5%0.0pp | -1.5%-2.1pp | 0.7%+5.1pp | -4.4%+4.0pp | -8.4%-6.4pp | -2.0%+2.9pp | -5.0%-1.7pp | -3.3% |
| Current Ratio | 1.83+0.3x | 1.51+0.1x | 1.38-0.2x | 1.56+0.1x | 1.45+0.1x | 1.31-0.6x | 1.94+0.6x | 1.35 |
| Debt-to-Equity | 2.50+0.1x | 2.42+0.1x | 2.28-0.1x | 2.41+0.6x | 1.79+0.6x | 1.23+0.1x | 1.16+0.2x | 0.99 |
| FCF Margin | 7.4%-4.3pp | 11.6%+2.1pp | 9.5%+8.8pp | 0.7%-0.1pp | 0.8%-8.0pp | 8.8%-3.9pp | 12.7%+9.6pp | 3.1% |
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Where Terrascent Ranks
Frequently Asked Questions
What is Terrascent's annual revenue?
Terrascent (TSNDF) reported $260.6M in total revenue for fiscal year 2025. This represents a -2.8% 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 Terrascent's revenue growing?
Terrascent (TSNDF) revenue declined by 2.8% year-over-year, from $268.1M to $260.6M in fiscal year 2025.
Is Terrascent profitable?
No, Terrascent (TSNDF) reported a net income of -$81.3M in fiscal year 2025, with a net profit margin of -31.2%.
What is Terrascent's EBITDA?
Terrascent (TSNDF) had EBITDA of $47.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Terrascent have?
As of fiscal year 2025, Terrascent (TSNDF) had $37.4M in cash and equivalents against $225.5M in long-term debt.
What is Terrascent's gross margin?
Terrascent (TSNDF) had a gross margin of 52.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Terrascent's operating margin?
Terrascent (TSNDF) had an operating margin of 16.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Terrascent's net profit margin?
Terrascent (TSNDF) had a net profit margin of -31.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Terrascent's return on equity (ROE)?
Terrascent (TSNDF) has a return on equity of -82.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Terrascent's free cash flow?
Terrascent (TSNDF) generated $12.9M in free cash flow during fiscal year 2025. This represents a -58.5% 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 Terrascent's operating cash flow?
Terrascent (TSNDF) generated $21.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Terrascent's total assets?
Terrascent (TSNDF) had $557.4M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Terrascent's capital expenditures?
Terrascent (TSNDF) invested $8.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Terrascent's current ratio?
Terrascent (TSNDF) had a current ratio of 1.38 as of fiscal year 2025, which is considered adequate.
What is Terrascent's debt-to-equity ratio?
Terrascent (TSNDF) had a debt-to-equity ratio of 2.28 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Terrascent's return on assets (ROA)?
Terrascent (TSNDF) had a return on assets of -14.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Terrascent's Altman Z-Score?
Terrascent (TSNDF) has an Altman Z-Score of -1.06, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Terrascent's Piotroski F-Score?
Terrascent (TSNDF) has a Piotroski F-Score of 4 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 Terrascent's earnings high quality?
Terrascent (TSNDF) reported a net loss of $81.3M while generating $21.5M 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.
Can Terrascent cover its interest payments?
Terrascent (TSNDF) has an interest coverage ratio of 1.46x, 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.