GLG Life Tech Corporation Reports 2025 Third Quarter Financial Results
Rhea-AI Summary
GLG Life Tech (OTC:GLGLF) reported Q3 2025 revenue of $2.1M, down 36% year‑over‑year, and nine‑month revenue of $8.2M, down 22% year‑to‑date. Q3 net loss from continuing operations was $5.2M (loss per share $0.13); nine‑month net income was $15.4M (earnings per share $0.40), reflecting the final disposition of its Runhai subsidiary. Management cut SG&A by 23% in Q3 and 34% YTD, shifted to contract manufacturing with HHY, removed certain Chinese bank debt via the Runhai transfer, and moved its listing to the NEX exchange after TSX delist in Sept 2024.
Management warns cash infusion is needed to pursue strategic plans and avoid going-concern risk.
Positive
- Nine‑month net income of $15.4M from continuing operations
- SG&A reduced by 23% in Q3 2025
- SG&A reduced by 34% over first nine months 2025
- Transfer of Runhai removed Chinese bank debt from balance sheet
- Contract manufacturing with HHY maintains production continuity
Negative
- Q3 2025 revenue down 36% to $2.1M
- Nine‑month revenue down 22% to $8.2M
- Q3 net loss of $5.2M (loss per share $0.13)
- Continued competitive price pressure on Reb A, Reb M, and monk fruit
- Company cautions a cash infusion is required to avoid going‑concern risk
VANCOUVER, BC / ACCESS Newswire / November 26, 2025 / GLG Life Tech Corporation (NEX:GLG.H) ("GLG" or the "Company"), a global leader in the agricultural and commercial development of high-quality zero-calorie natural sweeteners, announces financial results for the three and nine months ended September 30, 2025. The complete set of financial statements and management discussion and analysis are available on SEDAR and on the Company's website at www.glglifetech.com.
FINANCIAL SUMMARY
The Company reported revenues of
Revenue for the first nine months of 2025 decreased by
The Company continues its efforts to closely manage its SG&A expenses, reducing SG&A by
For the three months ended September 30, 2025, the Company had net loss attributable to the Company from continuing operations of
The Company reported net loss per share from continuing operations of
CORPORATE DEVELOPMENTS
2025 AGM Voting Results
The Company held its Annual General and Special Meeting (the "Shareholder Meeting") on May 22, 2025. The shareholders voted in all five nominated directors, with favorable votes for each exceeding
Disposition of Runhai Facility
One of the matters voted on at the Shareholder Meeting was the transfer of the Company's Anhui Runhai Joint Stock Technology Co., Ltd. ("Runhai") subsidiary to Fengyang Xiaogang Hongzhang Health Industrial Park Co. Ltd ("Xiaogang"). Given that the Company has a long-term exclusive contract manufacturing agreement with Qingdao Honghongyuan Health Industry Technology Co., Ltd. ("HHY") - which is staffed almost entirely by the Company's formerly employed production staff/management and utilizes the Company's formerly owned "Runde" facility to produce products for the Company and its customers, all under the production standards mandated by the Company - Management determined that it would be in the interests of the Company and its shareholders to transfer the Runhai subsidiary to a third party.
As described in particular in the Management Proxy Circular, dated April 28, 2025, and distributed to shareholders, the transfer of the subsidiary (including assets, other than intellectual property rights, and debts) for a nominal amount to a third party both brings net improvement to the Company's balance sheet and reduces the Company's exposure to potentially adverse action that could be taken by the government in China towards foreign-held assets. With shareholder's nearly unanimously approving the transfer (votes for the transfer exceeded
The Company will continue to maintain its production focus through the operations at HHY. Given that the production operations at HHY are in all but name essentially identical to the Company's former production operations at its Runde facility, with HHY committed to adhering to the Company's production requirements, the Company has been able to seamlessly service the needs of its global customers with ample headroom to grow its sales volumes. Opting for a contract manufacturing arrangement with HHY (a purely Chinese entity), instead of maintaining direct ownership of Chinese facilities, has enabled the Company to bring major improvements to its balance sheet and significantly mitigate risk of actions that could be taken by the Chinese government at a time where macroeconomic and geopolitical factors have in recent months become more chaotic.
Company Outlook
In recent years, management focused particularly on mitigating the losses - especially from a cash or EBITDA perspective - that the Company suffered over the last several years and to ameliorate the Company's financial position. As a result of those sustained losses, the Company has lacked the cash necessary to fully fund the business operations and strategic product initiatives. The Company continues to manage its cash flows carefully to mitigate risk of insolvency and Management's efforts have been successful in improving the Company's performance, particularly its cash flows, with the Company regularly producing positive EBITDA (on the other hand, interest charges, most of which continue to be accrued rather than paid, continue to have significant impact on the Company's income statement and balance sheet). As a result of these efforts, management has been successful in improving the Company's cash flows. Nevertheless, without an infusion of cash in the months ahead, the Company may not be able to realize its strategic plans and could eventually cease to be a going concern.
A factor that has continued to contribute to the Company's financial situation is the competitive price pressure in the stevia market over the last few years that has reduced mainstream "Reb A" products (such as Reb A 80 and Reb A 97) to the lowest price levels in years; less mainstream products such as "Reb M" have also more recently been facing significant price pressure. Monk fruit prices have also become highly competitive in the marketplace. To maintain margins at sustainable levels, the Company has focused on improving production efficiencies, and continues to strive for a mix of products that is weighted more heavily on higher margin, specialty products, and has focused more on higher margin direct sales. Margins, however, remain slimmer than desired and face additional pressure from the recent tariff actions.
To address operating cash requirements, management previously negotiated revolving loan facilities with third parties for working capital purposes. Management continues to work with third parties for its working capital needs. This has been a significant departure from the Company's prior practice of arranging loans with related parties to fund the Company's operations and the Company has been successful in securing and managing these loan facilities.
Further, the Company's focus on maintaining positive cash flow led the Company to take decisive steps in the last few years to reduce its SG&A costs as well as its production costs. In that time period, both its North American operations and Chinese operations significantly reduced SG&A costs. For many years, the Company's production capacity had been far greater than its projected order levels, as it had then sought rapid increases in orders for Reb A products. Instead, the Company focused on "right-sizing" the Chinese operations - i.e., to optimize staffing and production planning to meet the Company's projected production requirements while retaining the ability to accommodate growth in future order volumes - management made significant progress in this area. These efforts enabled the Company to sell its goods at more competitive and/or more profitable prices, although the competitive price pressures remain strong.
Management has also availed itself of opportunities to improve the Company's balance sheet - to improve the Company's working capital position and to alleviate the debt burden that has impeded the Company's progress for many years now. In 2020, management realized the sale of one of its two idle assets; the sale of the "Runhao" facility resulted in significant debt reduction. In 2023, the Company also realized significant debt reduction through the bankruptcy liquidation of its other long-idled asset, "Runyang". Shareholders, on May 22, 2025 (and as noted further above), approved the transfer of the Company's Runhai facility on terms similar to the previously consummated transfer of the Company's Runde facility. The Company has thereby removed Chinese bank debt from its books, with only long-held related party debt and third-party working capital loans reflected as debt on its balance sheet. The Company has kept its manufacturing capabilities and practices intact through its contract relationship with HHY, comprised of essentially the same personnel and managed under the same strict protocols as was in place with the Company's Runde subsidiary, with manufacturing performed at the same Qingdao Runde facility.
While revenue trends were increasing from late 2023 into early 2025, Management has more recently observed indications that the growth trend - previously driven both by generally increasing sales volumes from existing customers and the acquisition of new customers - is at present no longer being sustained. It is possible that our customers' purchasing flows are being impacted by concern over global macroeconomic factors and/or in some cases (at least anecdotally) reflecting weakening consumer demand across an array of end customer products (not limited to products utilizing sweeteners). Nevertheless, Management continues to focus on ways to grow revenues - whether through innovative product offerings, new customer acquisition, ensuring customer retention, and other efforts - as Management remains driven in part, as a baseline goal, of ensuring EBITDA / cash flow. Management's efforts over the last two years have been successful in realizing that goal and Management aims to continue that trend.
Against this backdrop, the Company has faced significant regulatory hurdles. The Company had been cease-traded, as a result of its delay in filing its 2023 full-year financials (since filed, on June 28, 2024), pursuant to a British Columbia Securities Commission order (the failure-to-file cease trade order or "FFCTO"). As a result of that filing delay, the Company was also delayed in filing its interim first quarter financials for 2024 (filed on July 23, 2024). Further, the Company was under a delisting review initiated by the TSX, on the basis of the Company's share price and market capitalization remaining lower than the TSX's requirements, as well as the Company's sustained losses over the years and negative working capital situation, that as noted above, culminated in a decision by the TSX to delist the Company's shares effective close of business September 3, 2024.
The Company has since transferred its listing to the NEX exchange, where it is currently listed (as of September 4, 2024). While the FFCTO had been in effect during the transition to the NEX exchange, the Company was ultimately notified by the BCSC that the FFCTO has been lifted; since that time, Management has been in contact with the NEX exchange and is preparing its submission to resume trading on the NEX exchange.
Although the regulatory hurdles are substantial, Management continues to have a positive outlook on the Company's ability to sustain and grow revenues, albeit with a cautious eye given global macroeconomic uncertainties and some signs of weakening demand, at least in the near term. As Management seeks to have the Company's stock trading again, Management continues to focus on maintaining and increasing revenues, notwithstanding pricing pressures, as well as on maintaining and improving sales volumes and margins and increasing cash flows.
Cease-Trade Status
As noted in the Outlook section above, while the Company has been cease-traded since April of 2024, the FFCTO was ultimately revoked in May this year. Management has been in contact with the NEX exchange and is preparing its submission to the exchange to resume trading.
SELECTED FINANCIALS
As noted above, the complete set of financial statements and management discussion and analysis for the three and nine months ended September 30, 2025, are available on SEDAR and on the Company's website at www.glglifetech.com.
Results from Operations
The following results from operations have been derived from and should be read in conjunction with the Company's annual consolidated financial statements for 2024 and the condensed interim consolidated financial statements for the three-month and nine-month periods ended September 30, 2025.
In thousands Canadian $, except per share amounts | 3 Months Ended | % Change | 9 Months Ended | % Change | ||||||||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||
Results from Continuing Operations | ||||||||||||||||||||||||
Revenue | $ | 2,144 | $ | 3,373 | (36 | %) | $ | 8,173 | $ | 10,514 | (22 | %) | ||||||||||||
Cost of Sales | $ | (1,827 | ) | $ | (2,762 | ) | 34 | % | $ | (6,974 | ) | $ | (8,584 | ) | 19 | % | ||||||||
% of Revenue | (85 | %) | (82 | %) | (3 | %) | (85 | %) | (82 | %) | (4 | %) | ||||||||||||
Gross Profit | $ | 316 | $ | 612 | (48 | %) | $ | 1,199 | $ | 1,931 | (38 | %) | ||||||||||||
% of Revenue | 15 | % | 18 | % | (3 | %) | 15 | % | 18 | % | (4 | %) | ||||||||||||
Expenses | $ | (299 | ) | $ | (388 | ) | 23 | % | $ | (916 | ) | $ | (1,387 | ) | 34 | % | ||||||||
% of Revenue | (14 | %) | (12 | %) | (2 | %) | (11 | %) | (13 | %) | 2 | % | ||||||||||||
Income/(Loss) from Operations | $ | 17 | $ | 224 | (92 | %) | $ | 283 | $ | 544 | (48 | %) | ||||||||||||
% of Revenue | 1 | % | 7 | % | (6 | %) | 3 | % | 5 | % | (2 | %) | ||||||||||||
Other Income/(Expenses) | $ | (5,183 | ) | $ | (3,745 | ) | (38 | %) | $ | 15,079 | $ | (12,064 | ) | 225 | % | |||||||||
% of Revenue | (242 | %) | (111 | %) | (131 | %) | 184 | % | (115 | %) | 299 | % | ||||||||||||
Net Income/(Loss) | $ | (5,166 | ) | $ | (3,521 | ) | (47 | %) | $ | 15,362 | $ | (11,520 | ) | 233 | % | |||||||||
% of Revenue | (241 | %) | (104 | %) | (137 | %) | 188 | % | (110 | %) | 298 | % | ||||||||||||
Net Income/(Loss) Attributable to GLG | $ | (5,164 | ) | $ | (3,515 | ) | (47 | %) | $ | 15,419 | $ | (11,499 | ) | 234 | % | |||||||||
% of Revenue | (241 | %) | (104 | %) | (137 | %) | 189 | % | (109 | %) | 298 | % | ||||||||||||
Net Earnings/(Loss) Per Share Attributable to GLG | $ | (0.13 | ) | $ | (0.09 | ) | (47 | %) | $ | 0.40 | $ | (0.30 | ) | 234 | % | |||||||||
Consolidated Results (Consolidating Continued and Discontinued Operations) | ||||||||||||||||||||||||
Net Income/(Loss) - Continuing Operations | $ | (5,166 | ) | $ | (3,521 | ) | (47 | %) | $ | 15,362 | $ | (11,520 | ) | 233 | % | |||||||||
Net Income/(Loss) - Discontinued Operations | $ | 134 | $ | 90,640 | (100 | %) | $ | 3,997 | $ | 85,432 | (95 | %) | ||||||||||||
Net Income/(Loss) | $ | (5,032 | ) | $ | 87,119 | (106 | %) | $ | 19,359 | $ | 73,912 | (74 | %) | |||||||||||
Net Income/(Loss) Attributable to GLG | $ | (5,032 | ) | $ | 86,083 | (106 | %) | $ | 19,370 | $ | 72,951 | (73 | %) | |||||||||||
Net Earnings/(Loss) Per Share Attributable to GLG | $ | (0.13 | ) | $ | 2.24 | (106 | %) | $ | 0.50 | $ | 1.90 | (73 | %) | |||||||||||
Other Comprehensive Income/(Loss) | $ | 58 | $ | (1,258 | ) | 105 | % | $ | (35 | ) | $ | (1,974 | ) | 98 | % | |||||||||
Comprehensive Net Income/(Loss) | $ | (4,974 | ) | $ | 85,859 | (106 | %) | $ | 19,324 | $ | 71,938 | (73 | %) | |||||||||||
Comprehensive Net Income/(Loss) Attributable to GLG | $ | (4,972 | ) | $ | 84,826 | (106 | %) | $ | 19,273 | $ | 70,993 | (73 | %) | |||||||||||
Revenue
Revenue for the three months ended September 30, 2025, decreased by
Revenue for the nine months ended September 30, 2025, decreased by
Cost of Sales
For the three months ended September 30, 2025, the cost of sales decreased to
For the nine months ended September 30, 2025, the cost of sales decreased to
Gross Profit (Loss)
Gross profit for the three months ended September 30, 2025, decreased by
Gross profit for the nine months ended September 30, 2025, decreased by
Selling, General and Administration Expenses
Selling, General and Administration ("SG&A") expenses include sales, marketing, general and administration costs ("G&A"), stock-based compensation, and depreciation and amortization expenses on G&A fixed assets. A breakdown of SG&A expenses into these components is presented below:
In thousands Canadian $ | 3 Months Ended | % Change | 9 Months Ended | % Change | ||||||||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||
Results from Continuing Operations | ||||||||||||||||||||||||
G&A Expenses | $ | 290 | $ | 375 | (23 | %) | $ | 886 | $ | 1,349 | (34 | %) | ||||||||||||
Depreciation Expenses | $ | 9 | $ | 13 | (31 | %) | $ | 30 | $ | 38 | (21 | %) | ||||||||||||
Total | $ | 299 | $ | 388 | (23 | %) | $ | 916 | $ | 1,387 | (34 | %) | ||||||||||||
G&A expenses for the three months ended September 30, 2025, decreased by
G&A expenses for the first nine months of 2025, decreased by
Net Loss Attributable to the Company
In thousands Canadian $ | 3 Months Ended | % Change | 9 Months Ended | % Change | ||||||||||||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||||||||||||||
Net Income/(Loss) - Continuing Operations | ||||||||||||||||||||||||
Net Income/(Loss) | $ | (5,166 | ) | $ | (3,521 | ) | (47 | %) | $ | 15,362 | $ | (11,520 | ) | 233 | % | |||||||||
% of Revenue | (241 | %) | (104 | %) | (137 | %) | 188 | % | (110 | %) | 298 | % | ||||||||||||
Net Income/(Loss) Attributable to NCI | $ | (1 | ) | $ | (7 | ) | 86 | % | $ | (56 | ) | $ | (21 | ) | (167 | %) | ||||||||
Net Income/(Loss) Attributable to GLG | $ | (5,164 | ) | $ | (3,515 | ) | (47 | %) | $ | 15,419 | $ | (11,499 | ) | 234 | % | |||||||||
% of Revenue | (241 | %) | (104 | %) | (137 | %) | 189 | % | (109 | %) | 298 | % | ||||||||||||
Net Earnings/(Loss) Per Share Attributable to GLG | $ | (0.13 | ) | $ | (0.09 | ) | (47 | %) | $ | 0.40 | $ | (0.30 | ) | 234 | % | |||||||||
For the three months ended September 30, 2025, the Company had net loss attributable to the Company from continuing operations of
For the nine months ended September 30, 2025, the Company had net income attributable to the Company from continuing operations of
Quarterly Basic and Diluted Income (Loss) per Share
The basic and diluted net loss per share from continuing operations was
The basic and diluted net income per share from continuing operations was
Additional Information
Additional information relating to the Company, including our Annual Information Form, is available on SEDAR (www.sedar.com). Additional information relating to the Company is also available on our website (www.glglifetech.com).
For further information, please contact:
Simon Springett, Investor Relations
Phone: +1 (604) 669-2602 ext. 101
Fax: +1 (604) 662-8858
Email: ir@glglifetech.com
About GLG Life Tech Corporation
GLG Life Tech Corporation is a global leader in the supply of high-purity zero calorie natural sweeteners including stevia and monk fruit extracts used in food and beverages. GLG's vertically integrated operations, which incorporate our Fairness to Farmers program and emphasize sustainability throughout, cover each step in the stevia and monk fruit supply chains including non-GMO seed and seedling breeding, natural propagation, growth and harvest, proprietary extraction and refining, marketing and distribution of the finished products. Additionally, to further meet the varied needs of the food and beverage industry, GLG, through its Naturals+ product line, supplies a host of complementary ingredients reliably sourced through its supplier network in China. For further information, please visit www.glglifetech.com.
Forward-looking statements: This press release may contain certain information that may constitute "forward-looking statements" and "forward looking information" (collectively, "forward-looking statements") within the meaning of applicable securities laws. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes" or variations of such words and phrases or words and phrases that state or indicate that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
While the Company has based these forward-looking statements on its current expectations about future events, the statements are not guarantees of the Company's future performance and are subject to risks, uncertainties, assumptions and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Such factors include amongst others the effects of general economic conditions, consumer demand for our products and new orders from our customers and distributors, changing foreign exchange rates and actions by government authorities, uncertainties associated with legal proceedings and negotiations, industry supply levels, competitive pricing pressures and misjudgments in the course of preparing forward-looking statements. Specific reference is made to the risks set forth under the heading "Risk Factors" in the Company's Annual Information Form for the financial year ended December 31, 2024. In light of these factors, the forward-looking events discussed in this press release might not occur.
Further, although the Company has attempted to identify factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
As there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements, readers should not place undue reliance on forward-looking statements.
SOURCE: GLG Life Tech Corporation
View the original press release on ACCESS Newswire
FAQ
What were GLGLF Q3 2025 revenues and year‑over‑year change?
Why did GLGLF report nine‑month net income of $15.4M in 2025?
How has GLGLF reduced operating costs in 2025?
What is GLGLF's current listing status after the TSX delist?
Does GLGLF face cash‑flow or going‑concern risk?
How did GLGLF maintain production after transferring Runhai?
