Rubicon Organics Reports 2025 Financial Results

Rhea-AI Summary

Rubicon Organics (OTCQX: ROMJF) reported record 2025 net revenue of $59.5 million (up 22% vs 2024) and Q4 2025 net revenue of $16.5 million (up 16% YoY). Adjusted EBITDA improved to $5.0 million and the company returned to operating profit of $1.8 million in 2025.

The Cascadia facility completed first harvests in February 2026, has rated capacity of 4,500 kg, and combined production capacity across both facilities is cited at 15,500 kg. Management expects margin and cash-flow gains in H2 2026.

Positive

• Net revenue +22% to $59.5M in 2025
• Q4 2025 revenue reached $16.5M (+16% YoY)
• Adjusted EBITDA +25% to $5.0M for 2025
• Operating income turned positive to $1.8M
• Cascadia facility first harvests completed; rated capacity 4,500 kg
• Combined annual production capacity of 15,500 kg

Negative

• Cash and equivalents fell to $3.99M from $9.86M at year-end
• Fair value adjustments rose to $2.67M in 2025, up from $0.12M
• Near-term margin pressure expected from Cascadia ramp and higher cash outflows in H1 2026
• B.C. market softness and late-2025 strike could depress early 2026 results

• Delivered record net revenue of $59.5 million for 2025 (22% increase from 2024) and record quarterly net revenue of $16.5 million in Q4 2025 (up 16% from Q4 2024);
  
  
• Adjusted EBITDA¹ of $5.0 million (25% increase from 2024) for the year ended December 31, 2025;
  
  
• Generated income from operations of $1.8 million, representing a turnaround from a loss of $1.2 million in 2024;
  
  
• Rapid scale-up of the Cascadia Facility with first harvests completed in February 2026.
  
  

VANCOUVER, British Columbia, March 24, 2026 (GLOBE NEWSWIRE) -- Rubicon Organics Inc. (TSXV: ROMJ) (OTCQX: ROMJF) (“Rubicon Organics” or the “Company”), Canada’s leading premium licensed producer focused on cultivating and selling premium and super-premium cannabis products, announces it has reported its financial results for the year ended December 31, 2025. All financial information in this press release is reported in Canadian dollars, unless otherwise noted.

“In a milestone year, we delivered record revenues, expanded our genetic and market share leadership, and completed one of the industry’s fastest integrations with the Cascadia acquisition,” said CEO Margaret Brodie. “As we enter 2026, we are operating from our strongest foundation to date. Cascadia is now fully planted and early harvests are complete. We expect this expanded supply to support both domestic and international growth, underpinning meaningful improvements in margin, adjusted EBITDA, and cash flow in the second half of 2026. We remain deeply focused on disciplined execution and on delivering the highest-quality cannabis from the Canadian market.”

2025 Highlights:

For the twelve months ended December 31, 2025

• Net revenue of $59.5 million (22% increase from 2024)
  
  
• Gross profit before fair value adjustments of $19.5 million (27% increase from 2024)
  
  
• Achieved Adjusted EBITDA¹ of $5.0 million
  
  
• Profit from operations of $1.8 million and net income of $1.1 million
  
  
• #1² premium licensed producer in Canada, driven by 1964 Supply Co.™, the leading premium brand by sales²
  
  
• Industry recognition winning 7 prestigious awards including Budtender Choice, and Brand of the Year for 1964 Supply Co.™
  
  
• Wildflower™ is the #2² topical brand in Canada with market share of 25.9%²  
  
  
• 18% ² national market share of premium vapes
  
  
• Acquired, modified, and ramped up Cascadia cultivation facility with currently rated capacity of 4,500 kgs of premium quality cannabis, and first harvests achieved in February 2026
  
  
• Closed a non-brokered private placement offering for aggregate gross proceeds of approximately $4.5 million
  
  
• Secured a $3 million long-term capital loan at interest rate of 6.79% for 5 years over a 10-year amortization period.
  
  

For the three months ended December 31, 2025 (“Q4 2025”)

• Net revenue of $16.5 million (16% increase from Q4 2024)
  
  
• Gross profit before fair value adjustments of $5.3 million (4% increase from Q4 2024)
  
  
• Achieved Adjusted EBITDA¹ of $1.2 million
  
  
• #1² premium licensed producer in Canada with 8.0%² of the premium market
  
  
• #1² premium vape in Canada with a market share of 18.7%².
  
  

________________
_{¹ Adjusted EBITDA is a non-GAAP measure that is calculated as earnings (losses) from operations before interest, tax, depreciation and amortization, share-based compensation expense, fair value changes, and pre-revenue startup costs. See Non-GAAP Financial Measures for details on the Adjusted EBITDA calculation.
² Hifyre data for the three and twelve months ended December 31, 2025}

2025 Results of Operations
($000s)

For the year ended:		December 31, 2025			December 31, 2024
Net revenue	$	59,450		$	48,696
Cost of Sales		39,979			33,393
Gross profit before fair value adjustments		19,471			15,303
Fair value adjustments to cannabis plants, inventory sold, and other charges		2,666			117
Gross profit	$	22,137		$	15,420
As at:
Cash and cash equivalents	$	3,989		$	9,857
Working capital	$	23,643		$	19,945

Subsequent Sales & Operational Highlights

Cascadia completed its first harvests on February 19^th, 2026. With the facility fully planted, management expects monetization in late Q2 2026, with production quality projected to reach flagship-brand standards by mid-2026. The Company is also anticipating the results of a GACP audit and its related certification, which we expect to receive in the coming months.

2026 Outlook

Leveraging Our New Scale

Demand for our flower products has consistently exceeded our available supply. We are building the teams, systems, and infrastructure needed to support the next phase of growth. With the Cascadia facility now licensed and fully operational, 2026 marks a pivotal year for Rubicon to address these supply constraints. The combined annual production capacity of 15,500 kg across our two complementary facilities, the Pacifica greenhouse and the Cascadia indoor facility, positions us well to meet growing domestic and international demand for premium cannabis. Furthermore, this figure reflects current operational output, with the rated capacity of both facilities sitting above this level. As operations mature and efficiencies are realized, we expect production to increase meaningfully over the next several years, supporting our ability to serve a broader customer base and fulfill larger supply commitments.

The acquisition, licensing, and rapid operationalization of the Cascadia Facility is a direct demonstration of our commitment to capturing this opportunity and our ability to execute with speed and purpose. The facility is now fully planted and we have completed its first harvests. Additionally, an important near‑term milestone is the anticipated Good Agricultural and Collection Practices (“GACP”) certification for Cascadia. Achieving this certification will support our ability to meet international medical market requirements and enhance our credentials in maintaining quality and consistency throughout our portfolio.

Continued Emphasis on Genetics

Our deep genetics library remains a core strategic differentiator. In 2026, we are focused on demonstrating the depth and consistency of that library through a disciplined cadence of new genetic launches across our brand portfolio. Recent additions include BC Organic Lemolada, and BC Organic Mandarin Zktz, which were introduced into the market in early 2026. We believe a steady pipeline of sought-after cultivars is essential to maintain our leadership in the premium and super-premium segments of the Canadian market and to drive long-term consumer loyalty.

International

Building on the success of our inaugural international shipments in 2025, we are moving forward on our international strategy in 2026. With an upcoming branded launch, this will mark the international introduction of the 1964 Supply Co™ brand to key markets. This launch will represent a meaningful step in establishing Rubicon’s premium brands on the global stage.

Margin Improvements

Improving gross margin is a key financial priority for 2026 and we are actively pursuing several initiatives to achieve this. Central to our approach is leveraging the increased scale of our two-facility growing operations, which will reduce our need to rely on third-party suppliers and allow us to more efficiently absorb our fixed production costs across the facilities. Additionally, we are committed to improving our yields as we continue to explore promising methods towards meaningful cultivation improvements. Yield gains derived both from genetic selection and facility optimization are expected to be key contributors to margin expansion over the course of the year.

While we are well-positioned to meet the growing demand for our product, we do note that softness in the B.C. market, partly attributable to a strike that occurred towards the end of 2025, has created near-term headwinds that are expected to influence our early 2026 results. We continue to monitor this market closely and remain confident in its long-term recovery.

Financial Growth

For 2026, we are forecasting growth in both net revenue and Adjusted EBITDA, driven by our newly realized capacity increases and ongoing strategic initiatives. We anticipate that gross margin and Adjusted EBITDA will be under pressure in the first half of 2026 reflecting continued investment in the ramp-up of the Cascadia Facility ahead of its first commercial harvest, and resulting in higher near-term cash outflows. As production from Cascadia comes online and revenues are realized, we expect a meaningful acceleration in gross margins, Adjusted EBITDA, and operating cash inflows through the second half of 2026. Based on our current view of demand for our products, we remain confident that the growth exhibited in 2025, which culminated in record revenues, will continue into 2026.

Conference Call

The Company will be hosting a conference call to discuss 2025 results on Tuesday, March 24, 2026. Conference call details are as follows:

Time:	7:00 AM PT / 10:00 AM ET
Conference ID:	68562
Local dial-in:	+1 (289) 514 5100
Toll Free N. America:	+1 (800) 717 1738
Webcast:	https://onlinexperiences.com/scripts/Server.nxp?LASCmd=AI:4;F:QS!10100&ShowUUID=2A9CD702-2774-4357-AB08-7BF1F20DC002

ABOUT RUBICON ORGANICS INC.

Rubicon Organics is the Canadian leader in certified organic and premium cannabis. With a vertically integrated model and strong national distribution, the company is scaling a house of trusted, high-performing brands including Simply Bare™ Organics, 1964 Supply Co.™, Wildflower™, and Homestead Cannabis Supply™.

The Company operates two complementary cultivation facilities in British Columbia: the flagship 125,000‑square‑foot Pacifica hybrid greenhouse in Delta and the 47,500‑square‑foot Cascadia indoor facility in Hope, acquired in 2025 and expected to increase annual production capacity by approximately 40% and begin generating revenue in the first half of 2026.

With proprietary genetics, award-winning products, and certifications enabling international distribution, Rubicon is positioned at the forefront of the premium cannabis segment.

As the Canadian market continues to evolve and global demand for high-quality cannabis increases, Rubicon Organics’ disciplined execution, brand equity, and consumer loyalty set it apart. The Company’s continued focus on premium quality, thoughtful innovation, and operational excellence has supported steady revenue growth and positive Adjusted EBITDA.

Rubicon Organics represents a rare combination of category leadership, operational strength, and long-term growth potential.

For more information visit www.rubiconorganics.com.

CONTACT INFORMATION

Margaret Brodie
CEO
Phone: +1 (437) 929-1964
Email: ir@rubiconorganics.com

The TSX Venture Exchange or its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) does not accept responsibility for the adequacy or accuracy of this press release.

Non-GAAP Financial Measures

This press release contains certain financial performance measures that are not recognized or defined under IFRS (“Non-GAAP Measures”) including, but not limited to, “Adjusted EBITDA”. As a result, this data may not be comparable to data presented by other companies.

The Company believes that these Non-GAAP Measures are useful indicators of operating performance and are specifically used by management to assess the financial and operational performance of the Company as well as its liquidity. Accordingly, they should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. For more information, please refer to the “Selected Financial Information” section in the MD&A for the year ended December 31, 2025, which is available on SEDAR+ at www.sedarplus.ca.

Adjusted EBITDA

Below is the Company’s quantitative reconciliation of Adjusted EBITDA calculated as earnings (losses) from operations before interest, tax, depreciation and amortization, share-based compensation expense, fair value changes, and pre-revenue startup costs. The following table presents the Company’s reconciliation of Adjusted EBITDA to the most comparable IFRS financial measure for the three months and years ended December 31, 2025 and 2024:

($000s)	Three months ended						Year ended
		December 31, 2025			December 31, 2024			December 31, 2025			December 31, 2024
(Loss) income from operations	$	(2,052	)	$	292		$	1,825		$	(1,170	)
IFRS fair value accounting related to cannabis plants and inventory		1,297			(54	)		(2,666	)		(117	)
Depreciation and amortization		967			852			3,360			3,271
Share-based compensation expense		159			539			1,443			2,045
Cascadia pre-revenue startup costs**		808			—			1,060			—
Adjusted EBITDA*	$	1,179		$	1,629		$	5,022		$	4,029

^{*Included in Adjusted EBITDA in the year ended December 31, 2025 is $250 of one-time costs incurred for the ERP implementation project (December 31, 2024: $861)
**Consistent with industry practice, beginning in Q3 2025 the Company has adjusted Cascadia Facility pre-revenue startup costs from Adjusted EBITDA to show a comparable and consistent operating performance measure}

Cautionary Statement Regarding Forward Looking Information

This press release contains forward-looking information within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, statements regarding Rubicon Organics' goal of achieving industry leading profitability are "forward-looking statements". Forward-looking information can be identified by the use of words such as “will” or variations of such word or statements that certain actions, events or results "will" be taken, occur or be achieved.

Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward looking statements. The forward-looking information in this press release is based upon certain assumptions that management considers reasonable in the circumstances, including the impact on revenue of new products and brands entering the market, and the timing of achieve Adjusted EBITDA¹ profitability and cashflow positive. Risks and uncertainties associated with the forward looking information in this press release include, among others, dependence on obtaining and maintaining regulatory approvals, including acquiring and renewing federal, provincial, local or other licenses and any inability to obtain all necessary governmental approvals licenses and permits for construction at its facilities in a timely manner; regulatory or political change such as changes in applicable laws and regulations, including bureaucratic delays or inefficiencies or any other reasons; any other factors or developments which may hinder market growth; Rubicon Organics' limited operating history and lack of historical profits; reliance on management; and the effect of capital market conditions and other factors on capital availability; competition, including from more established or better financed competitors; and the need to secure and maintain corporate alliances and partnerships, including with customers and suppliers; and those factors identified under the heading "Risk Factors" in Rubicon Organic’s annual information form dated March 23, 2026 filed with Canadian provincial securities regulatory authorities.

These factors should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking statements. Although Rubicon Organics has attempted to identify important risk factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other risk factors that cause actions, events or results to differ from those anticipated, estimated or intended. 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 forward-looking statements. Rubicon Organics assumes no obligation to update any forward-looking statement, even if new information becomes available as a result of future events, new information or for any other reason except as required by law.

We have made numerous assumptions about the forward-looking statements and information contained herein, including among other things, assumptions about: optimizing yield, achieving revenue growth, increasing gross profit, operating cashflow and Adjusted EBITDA¹ profitability. Even though the management of Rubicon Organics believes that the assumptions made, and the expectations represented by such statements or information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in forward-looking statements. Investors are cautioned against undue reliance on forward-looking statements or information. Forward-looking statements and information are designed to help readers understand management's current views of our near and longer term prospects and may not be appropriate for other purposes. Rubicon Organics assumes no obligation to update any forward-looking statement, even if new information becomes available as a result of future events, changes in assumptions, new information or for any other reason except as required by law.

FAQ

What were Rubicon Organics (ROMJF) full-year 2025 financial results?

Rubicon reported $59.5 million in net revenue for 2025, a 22% increase year-over-year. According to the company, adjusted EBITDA was $5.0 million and operating income was positive at $1.8 million for the year.

How did Rubicon Organics (ROMJF) perform in Q4 2025 versus Q4 2024?

Q4 2025 net revenue was $16.5 million, up 16% from Q4 2024. According to the company, gross profit before fair value adjustments rose and Adjusted EBITDA for the quarter was approximately $1.2 million.

What is the status and capacity of the Cascadia facility for Rubicon (ROMJF)?

Cascadia completed first harvests on February 19, 2026 and is fully planted, with rated capacity of 4,500 kg. According to the company, monetization is expected in late Q2 2026 and quality aims to reach flagship standards by mid-2026.

How will Cascadia affect Rubicon Organics (ROMJF) 2026 margins and cash flow?

Management expects margin and cash-flow improvements in H2 2026 as Cascadia production comes online. According to the company, H1 2026 may see margin pressure from ramp costs and higher near-term cash outflows.

Did Rubicon Organics (ROMJF) raise additional capital or take on debt in 2025?

Yes. The company closed a private placement raising about $4.5 million and secured a $3.0 million long-term loan at 6.79% interest. According to the company, the loan has a five-year term with a ten-year amortization schedule.

What market and brand positions did Rubicon report for 1964 Supply Co. and Wildflower in 2025?

Rubicon said 1964 Supply Co. is the leading premium brand by sales and ranked #12 among premium licensed producers. According to the company, Wildflower is #22 in topicals with a 25.9% market share and premium vapes hold 18% share.