InterCure Announces Preliminary Estimated 2025 Revenue of NIS 265 Million, Positive Adjusted EBITDA and Cash¹ of NIS 43 Million
Rhea-AI Summary
InterCure (Nasdaq: INCR) reported preliminary 2025 results with estimated NIS 265 million revenue, roughly +11% vs. 2024, and positive Adjusted EBITDA for both halves (twelfth consecutive positive half). The company ended 2025 with NIS 43 million cash and nearly 20% H2 revenue growth, plus first significant German revenues.
Key actions include resumed Nir Oz production, >70 new GMP SKUs, an agreed acquisition of Botanico, a 28% Cannasoul stake, and NIS 81 million in compensation advances (NIS 251 million claim submitted).
Positive
- Estimated annual revenue of NIS 265 million (+11% vs. 2024)
- Nearly 20% revenue growth in second half of 2025
- Twelfth consecutive half-year of positive Adjusted EBITDA
- Cash balance of NIS 43 million as of Dec 31, 2025
- Entered SPA to acquire Botanico; expected >NIS 30 million H2 2026 revenue
- Acquired 28% of Cannasoul with exclusive path to 51%
Negative
- Submitted war-related damages claim of NIS 251 million remains unresolved
- Only NIS 81 million in compensation advances received to date
- Ongoing restructuring proceedings at Bazelet create legal uncertainty
Key Figures
Market Reality Check
Peers on Argus
Peer action is mixed: OGI appeared in momentum scanners up 4.35%, while SXTC was down 2.04%. With scanner data flagging no clear sector move and INCR’s own direction not specified there, this setup points more to company-specific drivers than a coordinated industry rotation.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 03 | Strategic collaboration | Positive | +4.3% | Investment and collaboration with Cannasoul, securing up to 51% ownership path. |
| Oct 08 | Earnings update | Positive | -0.3% | H1 2025 results with NIS 130M revenue, positive EBITDA and operating cash flow. |
| Sep 19 | Acquisition announcement | Positive | -2.0% | Two-phase acquisition of ISHI to add premium U.S. cannabis tech and brands. |
Recent strategic and financial updates skew positive in tone, but two of three prior events saw negative next-day price reactions, indicating a tendency for the stock to underreact or sell off on good news.
Over the last several months, InterCure has focused on strategic expansion and financial stabilization. In September 2025, it announced the ISHI acquisition to secure premium U.S. cannabis technology and brands. In October 2025, it reported NIS 130 million in first-half 2025 revenue with positive operating cash flow and resumed production at Nir Oz. By November 2025, it deepened R&D and U.S. exposure via a Cannasoul investment. Today’s 2025 preliminaries build directly on these growth and recovery milestones.
Market Pulse Summary
This announcement highlights preliminary 2025 revenue of NIS 265 million, nearly 20% H2 growth, continued positive Adjusted EBITDA, and cash of NIS 43 million. It also underscores resumed Nir Oz production, first meaningful German revenues, and strategic moves around ISHI and Cannasoul. Investors may watch the final Form 20-F, progress on war-damage compensation of NIS 251 million, and how new products and facilities translate into sustained profitability.
Key Terms
adjusted ebitda financial
gmp medical
skus technical
AI-generated analysis. Not financial advice.
InterCure reports preliminary estimated revenue of NIS 265 million for 2025 and positive Adjusted EBITDA2, marking its twelfth consecutive half-year of positive Adjusted EBITDA.
Revenue for 2025 represents an increase of approximately
During the second half of 2025, the Company generated its first significant revenues from the German market.
NEW YORK and HERZLIYA, Israel, Feb. 19, 2026 (GLOBE NEWSWIRE) -- InterCure Ltd. (Nasdaq: INCR) (TASE: INCR) (“InterCure” or the “Company”) today announced preliminary results for the full year of 2025. All amounts are expressed in New Israeli Shekels (NIS), unless otherwise noted.
Preliminary full year 2025 Financial Highlights and Milestones
| | ● | Annual revenue for 2025 is estimated at NIS 265 million, including approximately NIS 135 million in revenue for the second half of the year. |
| | ● | Adjusted EBITDA is expected to be positive in both the first and second halves of 2025, marking the Company’s twelfth consecutive half-year of positive Adjusted EBITDA. |
| | ● | Cash on hand of NIS 43 million as of December 31, 2025. |
| | ● | Resumed production, importation and sales from the Nir Oz facility, delivering first batches since the October 7, 2023 attack and the war in Gaza. |
| | ● | Launched a record of more than 70 new GMP SKUs during 2025, with premium medical products that have established category-leading positions. |
| | ● | Expanded the Company’s partnership strategy through an exclusive partnership agreement with premier cannabis operators Purplefarm, FN Canna and Koots Canna. |
| | ● | Received a total of NIS 81 million in compensation advances from Israeli authorities for war-related damages, as part of a total submitted damages3 claim of NIS 251 million. The Company continues to work closely with Israeli authorities to secure full compensation for damages to its southern facility. |
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| ● | In September 2025, the Company entered into a share purchase agreement to acquire Botanico Ltd. (ISHI), a strategic acquisition expected to strengthen InterCure’s access to premium U.S. genetics, advanced cultivation technologies, and international market opportunities. Botanico commenced operations at the cultivation facility and the Company anticipates revenues of over NIS 30 million during the second half of 2026 upon closing of the transaction. |
| | ● | In November 2025, the Company entered into strategic investment and collaboration agreements with Cannasoul R&D Ltd., acquiring a |
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| ● | The Company continues to monitor regulatory developments in the United States regarding potential cannabis regulations post rescheduling and believes it is strategically positioned to benefit from the evolving market. |
| | ● | Regarding the restructuring proceedings initiated by Bazelet, the Company continues to monitor the related legal developments and explore strategic business options. In parallel, the Company commenced initial production at an additional facility and reached understandings to maintain ongoing production activities with Bazelet under the updated stay-of-proceedings order. |
The Company plans to file its Annual Report on form 20-F, which will include its full financial results for the year ended December 31, 2025 by the end of April, 2026.
Alexander Rabinovich, Chief Executive Officer and Chairman of InterCure, noted: “2025 marked a year of disciplined execution and renewed growth for InterCure. We delivered meaningful acceleration in the second half of the year with nearly
About InterCure (dba Canndoc)
InterCure (dba Canndoc) (Nasdaq: INCR) (TASE: INCR) is the leading, profitable, and one of the fastest growing cannabis companies outside of North America. Canndoc, a wholly owned subsidiary of InterCure, is Israel’s largest licensed cannabis producer and one of the first to offer Good Manufacturing Practices (GMP) certified and pharmaceutical-grade medical cannabis products. InterCure leverages its market leading distribution network, best in class international partnerships and a high-margin vertically integrated “seed-to-sale” model to lead the fastest growing cannabis global market outside of North America.
For more information, visit: https://www.intercure.co
Non-IFRS Measures
This press release makes reference to certain non-IFRS financial measures. Adjusted EBITDA, as defined by InterCure, means earnings before interest, income taxes, depreciation, and amortization, adjusted for changes in the fair value of inventory, share-based payment expense, impairment losses (and gains) on financial assets, and other income, net which included war-related damage compensation from the tax authorities, changes to allowance for credit risk, and impairment of inventory. This measure is not a recognized measure under IFRS, does not have a standardized meaning prescribed by IFRS and is therefore unlikely to be comparable to similar measures presented by other companies. InterCure’s method of calculating this measure may differ from methods used by other entities and accordingly, this measure may not be comparable to similarly titled measures used by other entities or in other jurisdictions. InterCure uses this measure because it believes it provides useful information to both management and investors with respect to the operating and financial performance of the Company.
Forward-Looking Statements
This press release contains forward-looking statements. Forward-looking statements may include, but are not limited to, the Company’s expected growth, including in revenues and Adjusted EBITDA, success of its global expansion plans, its expansion strategy to major markets worldwide, the Company’s ability to leverage its vertically integrated model, scientific leadership, and international partnerships to drive long-term value for patients and shareholders, its ability to benefit from the evolving market in the United States, the potential outcome of the Bazelet proceedings, expected receipt of additional compensation from the Israeli government, and the expected completion of the acquisitions of Botanico Ltd. and Cannasoul R&D Ltd. and benefits therefrom, as well as statements, other than historical facts, that address activities, events or developments that InterCure intends, expects, projects, believes or anticipates will or may occur in the future. These statements are often characterized by terminology such as “believes,” “hopes,” “may,” “anticipates,” “should,” “intends,” “plans,” “will,” “expects,” “estimates,” “projects,” “positioned,” “strategy” and similar expressions and are based on assumptions and assessments made in light of management’s experience and perception of historical trends, current conditions, expected future developments and other factors believed to be appropriate. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements. Many factors could cause InterCure’s actual activities or results to differ materially from the activities and results anticipated in forward-looking statements, including, but not limited to, the following: the Company’s success in executing its global expansion plans (including the pending acquisitions of Botanico Ltd. (ISHI) and Cannasoul R&D Ltd.), its continued growth, expected operations and financial results, business strategy, competitive strengths, goals and expansion into major markets worldwide, the impact of the war in Israel and the war in Ukraine, and the conditions of the markets generally. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond InterCure’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to: changes in general economic, business and political conditions, changes in applicable laws, the U.S. regulatory landscape and enforcement related to cannabis, changes in public opinion and perception of the cannabis industry, and reliance on the expertise and judgment of our senior management. More detailed information about the risks and uncertainties affecting us is contained under the heading “Risk Factors” included in the Company’s most recent Annual Report on Form 20-F, as well as in the Company’s Form 6-K containing the unaudited condensed consolidated financial statements for the six months ended June 30, 2025, and in other filings that the Company has made and may make with the Securities and Exchange Commission in the future.
Company Contact:
InterCure Ltd.
Amos Cohen, Chief Financial Officer
amos@intercure.co
1 Including restricted cash and deposits.
2 Adjusted EBITDA means net income (loss) before interest, taxes, depreciation and amortization adjusted for changes in the fair value of inventory, share-based payment expense, impairment losses (and gains) on financial assets, and other expenses (or income). Other income, net includes war-related damage compensation from the tax authorities, changes to allowance for credit risk and impairment of inventory.
3 The claim is not final and remains subject to adjustment. The total amount claimed may be increased as further information becomes available.
FAQ
What revenue did InterCure (INCR) report for full-year 2025?
Did InterCure (INCR) generate positive Adjusted EBITDA in 2025?
How much cash did InterCure (INCR) have at the end of 2025?
What did InterCure (INCR) say about the Botanico acquisition and expected revenue?
What war-related compensation did InterCure (INCR) receive or claim in 2025?
Did InterCure (INCR) report any new market or product developments in 2025?
