Vext Reports Q3 2025 Financial Results; Revenue Up 41% Year-over-Year and Operating Cash Flow Year-To-Date Reaches $8.5 Million
Vext (OTCQX: VEXTF) reported Q3 2025 revenue of $12.7M, up 41% YoY, driven by expanded Ohio retail operations and steady Arizona store performance. Year-to-date operating cash flow reached $8.5M versus $(0.7)M in the prior-year period. Adjusted EBITDA for Q3 was $2.112M (16.7% margin), down from 32% a year earlier. The company reported a Q3 net loss of $2.628M and positive net cash from operations of $1.259M in the quarter. Vext now operates five consolidated Ohio dispensaries and says it is on track to reach the eight-license cap in 2026.
Management expects continued operational momentum, improved Q4 cash flow as Q3 inventory is worked through, and ongoing construction/licensing of three Ohio locations for 2026.
Vext (OTCQX: VEXTF) ha riportato ricavi del terzo trimestre 2025 pari a 12,7 mln di dollari, in aumento del 41% YoY, trainati dall'espansione delle operazioni al dettaglio in Ohio e da una performance costante dei negozi in Arizona. Il flusso di cassa operativo dall'inizio dell'anno è arrivato a 8,5 mln di dollari rispetto a (0,7) mln nello stesso periodo dell'anno precedente. L'EBITDA rettificato del Q3 è stato di 2,112 mln (margine 16,7%), in diminuzione rispetto al 32% dell'anno precedente. La società ha riportato una perdita netta nel Q3 di 2,628 mln e un flusso di cassa netto operativo positivo di 1,259 mln nel trimestre. Vext gestisce ora cinque dispensari consolidati in Ohio e afferma di essere sulla buona strada per raggiungere il tetto di otto licenze nel 2026.
La direzione si aspetta un continuo slancio operativo, un miglioramento del flusso di cassa nel Q4 man mano che si procede con l'inventario del Q3 e una prosecuzione della costruzione/licenza di tre sedi in Ohio per il 2026.
Vext (OTCQX: VEXTF) reportó ingresos del tercer trimestre de 2025 de 12,7 millones de dólares, un aumento del 41% interanual, impulsado por la expansión de las operaciones minoristas en Ohio y el desempeño estable de las tiendas en Arizona. El flujo de caja operativo acumulado hasta la fecha fue de 8,5 millones de dólares frente a (0,7) millones en el periodo del año anterior. El EBITDA ajustado del Q3 fue de 2,112 millones de dólares (margen 16,7%), por debajo del 32% del año anterior. La compañía reportó una pérdida neta en el Q3 de 2,628 millones y un flujo de caja neto operativo positivo de 1,259 millones en el trimestre. Vext opera ahora cinco dispensarios consolidados en Ohio y dice estar en camino de alcanzar el techo de ocho licencias en 2026. La dirección espera impulso operativo continuo, un mejor flujo de caja en Q4 a medida que se procesa el inventario del Q3 y la continuación de la construcción/licencias de tres ubicaciones en Ohio para 2026.
Vext(OTCQX: VEXTF)는 2025년 3분기 매출이 1270만 달러로 전년 대비 41% 증가했다고 발표했으며 이는 오하이오 주의 소매업 확장과 애리조나 주 매장의 안정적인 실적에 의해 견인되었습니다. 연간 누적 영업현금흐름은 850만 달러에 도달했고 전년 동기의 (70만) 달러와 비교됩니다. 3분기 조정 EBITDA는 211.2만 달러로 마진은 16.7%, 1년 전의 32%에서 감소했습니다. 회사는 3분기에 262.8만 달러의 순손실과 분기 동안 125.9만 달러의 양의 순영업현금 흐름을 보고했습니다. Vext는 현재 오하이오 주의 5개 합병소를 운영하고 있으며 2026년에 8개 라이선스 상한에 도달할 계획이라고 밝혔습니다. 경영진은 지속적인 운영 모멘텀과 Q4 현금 흐름의 개선, 2026년을 위한 오하이오 지역 3곳의 건설/허가를 계속 진행할 것으로 기대합니다.
Vext (OTCQX: VEXTF) a enregistré un chiffre d'affaires du T3 2025 de 12,7 millions de dollars, en hausse de 41% sur un an, tiré par l'expansion des opérations de vente au détail dans l'Ohio et la performance stable des magasins en Arizona. Le flux de trésorerie opérationnel cumulé à ce jour s'élève à 8,5 millions de dollars contre (0,7) million l'année précédente. L'EBITDA ajusté du T3 est de 2,112 millions de dollars (marge 16,7%), en baisse par rapport à 32% l'année précédente. La société a enregistré une perte nette au T3 de 2,628 millions et un flux de trésorerie net opérationnel positif de 1,259 million au cours du trimestre. Vext exploite désormais cinq dispensaires consolidés dans l'Ohio et indique être sur la bonne voie pour atteindre le plafond de huit licences en 2026. La direction prévoit une dynamique opérationnelle continue, une amélioration du flux de trésorerie au T4 à mesure que l'inventaire du T3 est épuisé, et la poursuite des travaux/l'acquisition de licences de trois sites dans l'Ohio pour 2026.
Vext (OTCQX: VEXTF) meldete für das Q3 2025 einen Umsatz von 12,7 Mio. USD, ein Anstieg von 41% im Jahresvergleich, getrieben durch die erweiterte Einzelhandelspräsenz in Ohio und stabile Leistungen der Arizona-Filialen. Der kumulierte operative Cashflow beläuft sich bisher auf 8,5 Mio. USD gegenüber (0,7) Mio. USD im Vorjahr. Das bereinigte EBITDA für Q3 betrug 2,112 Mio. USD (Marge 16,7%), gegenüber 32% vor einem Jahr. Das Unternehmen meldete einen Nettoverlust im Q3 von 2,628 Mio. USD und einen positiven Nettocashflow aus operativer Tätigkeit von 1,259 Mio. USD im Quartal. Vext betreibt nun fünf konsolidierte Ohio-Dispensaries und sagt, dass es 2026 das Acht-Lizenzen-Limit erreichen wird. Das Management erwartet weiterhin operatives Momentum, einen verbesserten Q4-Cashflow, während der Q3-Bestand abgebaut wird, sowie die fortgesetzte Bau-/Lizenzierung von drei Standorten in Ohio für 2026.
ڤِـيِكست (OTCQX: VEXTF) أبلغ عن إيرادات الربع الثالث من عام 2025 بلغت 12.7 مليون دولار، بارتفاع 41% سنويًا، مدفوعًا بتوسع عمليات البيع بالتجزئة في أوهايو وأداء متوازن للمتاجر في أريزونا. وصل التدفق النقدي التشغيلي حتى تاريخه إلى 8.5 مليون دولار مقابل (0.7) مليون في الفترة نفسها من العام الماضي. بلغ EBITDA المعدل للربع الثالث 2.112 مليون دولار وهو هامش 16.7%، منخفضًا من 32% قبل عام. أبلغت الشركة عن خسارة صافية في الربع الثالث قدرها 2.628 مليون دولار وتدفق نقدي صافي من العمليات إيجابي بمقدار 1.259 مليون دولار خلال الربع. تدير Vext حاليًا خمسة عيادات توزيع مُجمّعة في أوهايو وتقول إنها في طريقها للوصول إلى الحد الأقصى المتمثل بـثماني تراخيص في 2026. وتتوقع الإدارة زخمًا تشغيليًا مستمرًا وتحسن التدفق النقدي في الربع الرابع مع معالجة مخزون الربع الثالث، واستمرار البناء/التراخيص لثلاثة مواقع في أوهايو حتى 2026.
- Revenue +41% YoY to $12.7M
- Year-to-date operating cash flow $8.5M vs $(0.7)M prior-year
- Expanded Ohio retail footprint to 5 consolidated dispensaries, targeting 8 by 2026
- Adjusted EBITDA margin fell to 16.7% from 32.0% YoY
- Q3 net loss $2.628M
- Quarterly Adjusted EBITDA declined from $2.874M in Q3 2024 to $2.112M
- Revenue of
$12.7 million , up41% YoY, driven by expanded Ohio retail operations and continued resilient performance in Arizona. - YTD operating cash flow of
$8.5 million compared to$(0.7) million in Q3 2024 YTD. - Strengthened Ohio retail footprint to five consolidated locations. On track to reach the state dispensary license cap of eight in 20261, positioning Vext to capture sustained growth from growing adult-use market in Ohio.
Vancouver, British Columbia--(Newsfile Corp. - November 20, 2025) - Vext Science, Inc. (CSE: VEXT) (OTCQX: VEXTF) ("Vext" or the "Company") a U.S.-based cannabis operator with vertical operations in Arizona and Ohio, today reported its financial results for the period ended September 30, 2025. All currency references used in this news release are in U.S. currency unless otherwise noted.
Summary Financial Results (in thousands of US dollars)
| Q3 2025 | Q2 2025 | Q3 2024 | ||||||||||
| Revenue | $ | 12,670 | $ | 13,407 | $ | 8,987 | ||||||
| EBITDA* | $ | 2,315 | $ | 5,263 | $ | 1,925 | ||||||
| Adjusted EBITDA* | $ | 2,112 | $ | 4,077 | $ | 2,873 | ||||||
| Adjusted EBITDA Margin (%)* | ||||||||||||
| Net cash provided by operating activities | $ | 1,259 | $ | 4,175 | $ | (243 | ) | |||||
| Cash Flow Margin (%)* | ( |
* See "Non-IFRS Financial Measures" below for more information regarding's Vext's use of non-IFRS financial measures and other reconciliations.
Management Commentary
"Vext delivered another solid quarter, with revenue of
"For the remainder of 2025, we expect continued operational momentum and remain focused on maximizing performance across our five Ohio dispensaries, while advancing construction and licensing of the three additional locations planned for 2026. We continue to generate strong cash flow, and we expect Q4 cash flow to improve as we work through the inventory built in Q3. Overall, we're operating from a position of strength across both our core markets and remain well placed to leverage our vertically-integrated platform and growing retail footprint to drive sustainable, profitable growth and create long-term value for shareholders," added Mr. Offenberger.
Summary of Recent Announcements
- On September 17, 2025, Vext announced that it has received regulatory approval from the Ohio Department of Commerce to transfer ownership of the Herbal Wellness Center dispensary in Portsmouth, Ohio to Vext. The Company completed the closing and associated title transfers on October 1, 2025.
Q3 2025 Financial Results Conference Call
The Company will host a conference call and webcast on Thursday, November 20, 2025, at 08:00 a.m. ET to discuss the financial results.
Date: November 20, 2025 | Time: 8:00 am E.T.
Participant Dial-in: +1-647-849-3159 or 1-833-752-3966
Replay Dial-in: +1-412-317-0088 or 1-855-669-9658
Conference ID: 10204616
Playback #: 4318941 (Expires on December 4, 2025)
Listen to webcast: https://www.gowebcasting.com/14537
For more details, visit Vext's investor website or contact the IR team at investors@vextscience.com.
Non-IFRS Financial Measures
This news release contains certain "non-IFRS financial measures" (equivalent to "non-GAAP financial measures", as such term is defined in National Instrument 52-112 - Non-GAAP and Other Financial Measures Disclosure ("NI 52-112")), "non-IFRS ratios" (equivalent to "non-GAAP ratios", as such term is defined in NI 52-112), or "supplementary financial measures" (as such term is defined in NI 52-112), which are described in further detail below. These financial measures do not have a standardized definition under IFRS, nor are they calculated or presented in accordance with IFRS and may not be comparable to similar measures presented by other companies. The Company has provided these financial measures as supplemental information and in addition to the financial measures that are calculated and presented in accordance with IFRS. The Company believes that these supplemental financial measures provide a valuable additional measure to use when analyzing the operating performance of the business. These supplemental financial measures should not be considered superior to, as a substitute for or as an alternative to, and should only be considered in conjunction with, the IFRS financial measures presented herein.
The Company defines Cash Flow Margin by dividing Net cash provided by operating activities by Revenue. The Company believes that this measure provides investors with insight into the Company's ability to generate cash from its revenue base. It is used by the Company to assess operating efficiency and liquidity performance without the impact of financing or investing activities. The calculation of Cash Flow Margin is as follows:
| Q3 2025 | Q2 2025 | Q3 2024 | |||||||
| Net cash provided by operating activities (in thousands of US dollars) | $ | 1,259 | $ | 4,175 | $ | (243 | ) | ||
| Revenue (in thousands of US dollars) | $ | 12,670 | $ | 13,407 | $ | 8,987 | |||
| Cash Flow Margin (%) | ( | ) |
The Company defines EBITDA as earnings before interest, taxes, depreciation and amortization.
The Company defines "Adjusted EBITDA" as net income (loss) from operations, as reported, before interest and tax, adjusted to exclude extraordinary items, non-recurring items, other non-cash items, including stock-based compensation expense, depreciation and amortization, foreign exchange and acquisition related costs, if applicable. The Company defines "Adjusted EBITDA Margin" as Adjusted EBITDA divided by Revenue. The Company believes that these measures are useful financial metrics as they assist in determining the ability to generate cash from operations. Investors should be cautioned that EBITDA and Adjusted EBITDA should not be construed as an alternative to net earnings or cash flows as determined under IFRS. The reconciling items between net earnings, EBITDA, and Adjusted EBITDA are as follows:
| (in thousands of US dollars) | Q3 2025 | Q2 2025 | Q3 2024 | |||||||||
| Revenue | $ | 12,670 | $ | 13,407 | $ | 8,987 | ||||||
| Net Income after taxes | (2,628 | ) | (1,478 | ) | (2,496 | ) | ||||||
| Interest (Net) | 693 | 889 | 827 | |||||||||
| Income Taxes | 243 | 1,742 | (239 | ) | ||||||||
| Depreciation & Amortization | 4,006 | 4,110 | 3,834 | |||||||||
| EBITDA | 2,315 | 5,263 | 1,926 | |||||||||
| Accretion | - | - | - | |||||||||
| Share (Profit) / Loss on JVs | - | - | 121 | |||||||||
| Share-based compensation | 11 | 66 | 393 | |||||||||
| (Gain)/Loss on Asset Disposal | - | 32 | 2 | |||||||||
| FV of WPCU loan | 846 | -685 | 612 | |||||||||
| Loan costs EWB amortized | 44 | 44 | 44 | |||||||||
| Foreign Exchange | 1 | 3 | - | |||||||||
| Change in FV of Biological | (969 | ) | 334 | (224 | ) | |||||||
| FV increment on acquired inventory sold | - | - | - | |||||||||
| Miscellaneous Income | (136 | ) | (980 | ) | - | |||||||
| Adjusted EBITDA | $ | 2,112 | $ | 4,077 | $ | 2,874 | ||||||
| Adjusted EBITDA Margin (%)1 |
About Vext Science, Inc.
Vext Science, Inc. is a U.S.-based cannabis operator with vertical operations in Arizona and Ohio. Vext's expertise spans from cultivation through to retail operations in its key markets. Based out of Arizona, Vext owns and operates state-of-the-art cultivation facilities, fully built-out manufacturing facilities as well as dispensaries in both Arizona and Ohio. The Company manufactures Vapen™, one of the leading THC concentrates, edibles, and distillate cartridge brands in Arizona. Its selection of award-winning products are created with Vext's in-house, high-quality flower and distributed across Arizona and Ohio. Vext's leadership team brings a proven track record of building and operating profitable multi-state operations. The Company's primary focus is to continue growing in its core states of Arizona and Ohio, bringing together cutting-edge science, manufacturing, and marketing to provide a reliable and valuable customer experience while generating shareholder value.
Vext Science, Inc. is listed on the Canadian Securities Exchange under the symbol VEXT and trades on the OTCQX market under the symbol VEXTF. Learn more at www.vextscience.com and connect with Vext on Twitter/X and LinkedIn.
For more details on the Vapen brand:
Vapen website: VapenBrands.com
Instagram: @vapen
Facebook: @vapenbrands
Forward-Looking Statements
Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in Vext's periodic filings with Canadian securities regulators. When used in this news release, words such as "will, could, plan, estimate, expect, intend, may, potential, believe, should," and similar expressions, are forward-looking statements.
Forward-looking statements may include, without limitation, statements regarding future developments and the business and operations of Vext, including but not limited to the Company's expansion in Ohio and the anticipated results therefrom, the receipt of applicable regulatory approvals and the opening of additional dispensaries in Ohio, all of which are subject to the risk factors contained in Vext's continuous disclosure documents filed on SEDAR+ at www.sedarplus.ca.
Although Vext has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended, including, but not limited to: dependence on obtaining regulatory approvals; being engaged in activities currently considered illegal under U.S. Federal laws; change in laws; reliance on management; requirements for additional financing; competition; hindered market growth and state adoption due to inconsistent public opinion and perception of the medical-use and adult-use marijuana industry; and regulatory or political change.
There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. Because of these risks and uncertainties, the results or events predicted in these forward-looking statements may differ materially from actual results or events.
Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this release. Vext disclaims any intention or obligation to update or revise such information, except as required by applicable law, and Vext does not assume any liability for disclosure relating to any other company mentioned herein.
The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.
Eric Offenberger
Chief Executive Officer
844-211-3725
For further information:
Jonathan Ross, Vext Investor Relations
jon.ross@loderockadvisors.com
416-244-9851
SOURCE: Vext Science, Inc.
1 As a Tier 1 Cultivator, Vext has received approval under the Ohio Division of Cannabis Control's (DCC) 10(B) license program to develop three additional dual-use dispensaries, including Fairfield, putting Vext on track to reach the state license cap of eight dispensaries in 2026.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/275204
FAQ
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