Village Farms Delivers Another Quarter of Record Financial Performance in Q3/25
Village Farms (NASDAQ: VFF) reported Q3 2025 results on November 10, 2025, delivering record quarterly performance.
Key metrics: Consolidated net sales were $66.7M (+21% YoY); net income from continuing ops was $10.8M or $0.09/share; adjusted EBITDA was $20.7M (~31.0% of sales); operating cash flow was $24.4M and cash on hand was approximately $87.6M.
Business highlights include Canadian cannabis net sales of $46.6M with a record gross margin of 56%, international export sales up 758%, a funded 40 metric ton Canadian capacity expansion (~33% more capacity), Netherlands Phase II expected online in Q1 2026 to quintuple capacity to ~10,000 kg, and a $10M share repurchase authorization.
Village Farms (NASDAQ: VFF) ha riportato i risultati del terzo trimestre 2025 il 10 novembre 2025, registrando una performance trimestrale record.
Metriche chiave: Vendite nette consolidate sono state $66.7M (+21% anno su anno); utile netto dalle operazioni continuative è stato $10.8M o $0.09/condiviso; EBITDA rettificato è stato $20.7M (~31,0% delle vendite); flusso di cassa operativo è stato $24.4M e la liquidità disponibile era circa $87.6M.
Le principali evidenze aziendali includono vendite nette canadesi di cannabis pari a $46.6M con un margine lordo record del 56%, esportazioni internazionali in aumento del 758%, un'espansione di capacità canadese finanziata per 40 metric ton (circa il 33% in più di capacità), l'atteso online del Phase II nei Paesi Bassi nel primo trimestre del 2026 per quintuplicare la capacità fino a ~10,000 kg, e un'autorizzazione di riacquisto di azioni da $10M.
Village Farms (NASDAQ: VFF) presentó los resultados del 3T de 2025 el 10 de noviembre de 2025, registrando un desempeño trimestral récord.
Métricas clave: Ventas netas consolidadas fueron $66.7M (+21% interanual); utilidad neta de las operaciones continuas fue $10.8M o $0.09/acción; EBITDA ajustado fue $20.7M (~31.0% de las ventas); flujo de efectivo operativo fue $24.4M y efectivo en mano fue aproximadamente $87.6M.
Los aspectos destacados del negocio incluyen ventas netas canadienses de cannabis de $46.6M con un margen bruto récord del 56%, exportaciones internacionales aumentaron 758%, una expansión de capacidad canadiense financiada por 40 toneladas métricas (~33% más capacidad), Países Bajos Phase II previsto en línea en el 1T 2026 para quintuplicar la capacidad a ~10,000 kg, y una autorización de recompra de acciones de $10M.
Village Farms (NASDAQ: VFF)는 2025년 11월 10일 2025년 3분기 실적을 발표했고 분기 사상 최대치를 기록했습니다.
주요 지표: 통합 순매출은 $66.7M (+전년동기 대비 21%); 지속사업의 순이익은 $10.8M 또는 $0.09/주; 조정 EBITDA는 $20.7M (매출의 약 31.0%); 영업현금흐름은 $24.4M이고 현금 보유액은 대략 $87.6M였습니다.
사업 하이라이트로는 캐나다 대마초 순매출 $46.6M 및 기록적 총마진 56%, 국제 수출 매출이 758% 증가, 자금 조달된 캐나다 용량 확장 40 메트릭 톤(~33% 추가 용량), 네덜란드 Phase II가 2026년 1분기에 온라인화되어 수용능력이 10,000kg 정도로 5배 증가할 것으로 예상, 그리고 $10M의 자사주 매입 승인.
Village Farms (NASDAQ: VFF) a publié les résultats du T3 2025 le 10 novembre 2025, affichant une performance trimestrielle record.
Indicateurs clés : Ventes nettes consolidées se sont établies à $66.7M (+21% YoY); résultat net des activités continues était $10.8M ou $0.09/par action; EBITDA ajusté était $20.7M (~31,0% des ventes); flux de trésorerie opérationnel $24.4M et la trésorerie disponible était d’environ $87.6M.
Les faits marquants incluent des ventes nettes canadiennes de cannabis de $46.6M avec une marge brute record de 56%, les ventes à l’exportation internationale en hausse de 758%, une expansion de capacité au Canada financée (40 tonnes métriques), l’activation du Phase II des Pays-Bas attendu au T1 2026 pour décupler la capacité à environ 10 000 kg, et une autorisation de rachat d’actions de $10M.
Village Farms (NASDAQ: VFF) berichtete am 10. November 2025 über die Ergebnisse des dritten Quartals 2025 und verzeichnete eine Rekordleistung im Quartal.
Schlüsselkriterien: Consolidated net sales waren $66.7M (+21% YoY); Net income from continuing ops betrug $10.8M bzw. $0.09/Anteil; adjusted EBITDA war $20.7M (~31,0% des Umsatzes); operativer Cashflow war $24.4M und liquide Mittel betrugen ca. $87.6M.
Zu den Geschäftshighlights zählen kanadische Cannabis-Nettoumsätze von $46.6M mit einer Rekord-Bruttomarge von 56%, internationale Exportverkäufe um 758% gestiegen, eine mit Mitteln finanzierte kanadische Kapazitätserweiterung von 40 Metrix-Tonnen (~33% mehr Kapazität), Niederlande Phase II voraussichtlich im Q1 2026 online, um die Kapazität auf ca. 10.000 kg zu vervielfachen, und eine Rückkauf-Autorisierung von $10M.
Village Farms (NASDAQ: VFF) أبلغت عن نتائج الربع الثالث من 2025 في 10 نوفمبر 2025، محققة أداءً فصلياً قياسياً.
المقاييس الرئيسية: المبيعات الصافية المجمعة بلغت $66.7M (+21% على أساس سنوي); صافي الدخل من العمليات المستمرة كان $10.8M أو $0.09/سهم; EBITDA المعدل كان $20.7M (حوالي 31.0% من المبيعات); التدفق النقدي من العمليات كان $24.4M والنقد المتوفر كان حوالي $87.6M.
تشمل أبرز معالم الأعمال المبيعات الصافية للقنب في كندا بمقدار $46.6M مع هامش إجمالي قياسي بلغ 56%، ارتفاع في المبيعات الدولية بنسبة 758%، توسعة قدرات كندية ممولة بـ 40 طن متري (~33% زيادة في القدرة)، من المتوقع أن تكون المرحلة الثانية Phase II في هولندا متاحة في الربع الأول من 2026 ليتضاعف القدر إلى نحو 10,000 kg، وموافقة إعادة شراء أسهم بقيمة $10M.
- Net sales +21% YoY to $66.7M
- Net income from continuing ops $10.8M
- Adjusted EBITDA $20.7M (~31.0% of sales)
- Operating cash flow $24.4M in Q3; $46.7M YTD
- Canadian gross margin reached 56%
- International export sales +758% YoY
- Retail branded Canadian sales down 4% due to mix shift
- U.S. cannabis net sales declined to $3.3M
- U.S. adjusted EBITDA remained negative at ($0.3M)
- Texas medicinal license still pending (award expected Dec 1, 2025)
Insights
Village Farms reported record Q3 results, strong cash flow, and capacity expansions that materially improve near-term growth and leverage.
Consolidated sales rose 21% to
Dependencies and risks: sustained margin gains depend on continued higher-margin mix and export demand; capital deployment for the announced 40 metric ton expansion and Netherlands Phase II relies on existing cash and on-schedule construction to translate into revenue. Watch near-term catalysts including the Netherlands Phase II operational start in
- Consolidated Net Sales Increased
21% YoY to$66.7 Million ; International Export Sales Increased758% - Consolidated Net Income from Continuing Ops of
$10.8 Million or$0.09 Per Share, Up YoY and Sequentially - Consolidated Adjusted EBITDA of
$20.2 Million or30.3% of Sales; Both Company Records - Operating Cash Flow of
$24.4 Million Brings YTD Total to$46.7 Million ; Company Ends Quarter with Approximately$88 Million in Cash - Canadian Cannabis Delivers Record Net Sales, Record Gross Margin of
56% , Record Adj. EBITDA and Record Cash Flow from Operations; 40 Metric Ton Production Capacity Expansion Underway - Continued Momentum in Netherlands Cannabis Sales as Capacity Expansion Progresses on Schedule
VANCOUVER, British Columbia, Nov. 10, 2025 (GLOBE NEWSWIRE) -- Village Farms International, Inc. (“Village Farms” or the “Company”) (NASDAQ: VFF) today reported financial results for its third quarter ended September 30, 2025. All figures are in U.S. dollars unless otherwise indicated.
Management Commentary
“The Company delivered another quarter of record financial performance that demonstrates our continued success profitably scaling what we believe is one of the most attractive platforms for value creation in the global cannabis industry,” said Founder, President and Chief Executive Officer Michael DeGiglio. “Our team achieved several new performance records in Q3, with both year-over-year and sequential increases in each of net income from continuing operations, adjusted EBITDA and cash flow from operations. Congratulations to all our Village Farms team members around the world whose hard work, tenacity and integrity are continuing to enable our success.”
“In Canada, our recent efforts to align our product portfolio toward higher margin SKUs is driving sales growth in targeted channels and, along with our expanding international export sales, we delivered
“In the Netherlands, we experienced continued momentum in sales growth during the third quarter and our Drachten facility has now reached its full operating capacity. Our team has continued to improve our portfolio of product offerings to coffeeshops as well as our overall market penetration, and we remain very pleased with our competitive position in the Dutch market. Construction of our second and larger Dutch facility, which will expand production capacity five-fold, is progressing on plan and remains on schedule to be operational during the first quarter of next year. Once complete, we expect this facility to enable us to drive further improvements in revenue growth and cash flow generation for the Company.”
“Our strong third quarter performance also drove another quarter of continued healthy cash flows from operations of
“Looking ahead, we remain highly motivated to exceed our own expectations and are confident in our ability to continue driving profitable sales growth and strong cash flow generation. With capacity expansion projects in Europe and Canada coming online next year, along with the strength of our balance sheet and our focus on continuous improvement, we see a very bright future for Village Farms as we continue executing our growth strategy and pursuing various expansion opportunities around the world.”
Third Quarter 2025 Financial Highlights
(All comparable periods are for the third quarter of 2024 unless otherwise stated)
Consolidated
- Consolidated net sales increased
21% to$66.7 million from$54.9 million ; - Consolidated net income from continuing operations was
$10.8 million , or$0.09 per share compared with a net loss of$0.8 million , or ($0.01) per share; - Consolidated cash flow from operations was
$24.4 million compared with$6.5 in the prior year period; - YTD consolidated cash flow from operations was
$46.7 million compared with$2.8 million ; and, - Consolidated adjusted EBITDA from continuing operations (a non-GAAP measure) was
$20.7 million or31.0% of sales, compared with$4.7 million or8.5% of sales in the prior year period.
Canadian Cannabis
- Net sales increased
29% to$46.6 million (C$64.1 million ) from$36.5 million (C$49.8 million ); - International medical export sales increased
758% ; retail branded sales decreased4% due to a planned mix shift toward higher-margin products; - Gross margin increased to
56% from26% , driven by improvements in operating efficiency leading to lower costs of production and an increased mix of higher-margin international export sales; - Net income increased
900% to$11.7 million (C$16.0 million ) from$1.2 million (C$1.6 million ); - Adjusted EBITDA increased
306% to$19.3 million (C$26.6 million ) from$4.8 million (C$6.5 million ); and, - Cash flow from operations increased
331% to$19.4 million (C$26.8 million ) from$4.5 million (C$6.1 million ).
U.S. Cannabis (Balanced Health Botanicals)
- Net sales were
$3.3 million compared with$3.9 million ; - Gross margin decreased to
60% from63% ; - Net loss was
$0.4 million compared with a net loss of$0.2 million ; and - Adjusted EBITDA was (
$0.3 million ) compared with ($0.2 million ).
Netherlands Cannabis (Leli Holland)
Leli Holland was non-operational during the comparable quarter of 2024. As a result, comparative financial performance to the prior-year quarter is not meaningful.
- Net sales were
$3.6 million ; - Net income was
$0.8 million ; and - Adjusted EBITDA was
$1.3 million .
Village Farms Produce
- Sales from continuing operations of
$12.8 million were essentially flat as compared to the prior year as 2025 sales has a commission to Vanguard Food, L.P.; - Net income from continuing operations improved to
$1.3 million compared to$0.3 million ; and, - Adjusted EBITDA from continuing operations improved to
$2.5 million from$1.7 million .
Strategic Growth and Operational Highlights
Canadian Cannabis
- Company continues to maintain a top five overall market share position in Canada and the number two position in dried flower despite planned reductions in sales of lower-margin SKUs1;
- Significantly surpassed the high end of its targeted gross margin range of 30
-40% , marking the third consecutive quarter meeting or exceeding the target range, contributing to record quarterly and YTD adjusted EBITDA performance; - Introduced several new and unique packaging innovations to the Canadian market, including the launch of a one-way aroma valve built directly into its dried flower packaging, windowed packaging for its flower products which enables consumers to see product before purchase, and a proprietary built-in matchbox accessory for its pre-roll offerings to meet growing demand for ready-to-enjoy cannabis experiences;
- Published groundbreaking peer-reviewed research in Scientific Reports (Nature Portfolio), highlighting the natural variability of THC potency within cannabis plants, reinforcing a need for a greater focus on product quality versus potency and more transparent and accurate labelling across the industry; and,
- Subsequent to quarter end, began expansion of cultivation capacity in its Delta 2 greenhouse to meet increasing demand in Canadian and international export markets. The expansion is being funded with existing cash on hand and is expected to yield an incremental 40 metric tons of annualized cannabis production, expanding capacity by approximately
33% .
- Based on estimated retail sales from HiFyre, other third parties and provincial boards
International Cannabis (Reported within Canadian Cannabis)
- International export sales increased
758% year-over-year, driven by continued strength of demand in Germany and steady performance across other international markets; - Company believes that it remains the largest exporter of medical cannabis to Europe, and that it has gained market share sequentially in Germany in each of the past four quarters1
- Company continues to distribute several leading cultivars in Germany and other international medical markets through third-party partners2; and
- Company anticipates entering additional international medical markets during the first half of calendar year 2026.
- Based on German government data and Company estimates
- Based on Company estimates and ranking compiled by German outlet Flowzz
Netherlands Cannabis (Leli Holland)
- Operations in the Company’s Phase I facility in Drachten have now ramped to full capacity while demonstrating strong profitability and cash flow generation;
- Leli Holland products are now represented in
91% of participating coffeeshops, representing increased market penetration sequentially as compared to the second quarter; - The Company has continued to introduce new products into the market, including hash offerings and pre-rolls and it expects to launch additional products for coffeeshops during the fourth quarter;
- Construction of the Company’s Phase II facility in Groningen remains on track to be operational in Q1 2026. When completed, the Phase II facility is expected to quintuple total annualized production capacity to approximately 10,000 kilograms.
U.S. Cannabis
- The Company's application for a Texas medicinal marijuana license remains pending review by the Department of Public Services. New license awards are expected to be granted on December 1, 2025. If awarded, the Company plans to work with its listing authority to structure an acceptable ownership structure and comply with all applicable regulatory requirements.
Corporate
- On September 29, 2025, the Company’s Board of Directors unanimously approved a US
$10 million share repurchase authorization for up to 5,687,000 common shares (five percent of the Company’s issued and outstanding common shares at the date of announcement). - On November 6, 2025, the Company announced the hiring of Brian Ellis to the role of Chief Information and Technology Officer (CITO) to lead the Company’s global technology and information strategy. Mr. Ellis brings over 25 years of enterprise architecture, IT strategy, and large-scale digital transformation experience across various global industries, including roles at Nike, Topgolf Callaway, and Booking.com.
Conference Call
Village Farms’ management team will host a conference call to discuss its third quarter 2025 financial results today, Monday, November 10, 2025, at 8:30 a.m. ET. Participants can access the conference call via a webcast at Village Farms Third Quarter 2025 Conference Call Webcast or on the company website at Village Farms - Events. Participants wanting to access the conference call by telephone must register in advance at Village Farms Third Quarter 2025 Conference Call Registration to receive telephone dial-in information.
The live question and answer session will be limited to analysts; however, others are invited to submit questions ahead of the conference call via email at investorrelations@villagefarms.com. Management will address questions received via email during the question-and-answer session as time permits.
About Village Farms International, Inc.
Village Farms leverages decades of experience in Controlled Environment Agriculture as a large-scale, vertically-integrated supplier of high-value, high-growth plant-based Consumer Packaged Goods. The Company built a strong foundation as the leading and longest-tenured fresh produce supplier to grocery and large-format retailers throughout the US and Canada, but now focuses its agricultural expertise on high-growth cannabinoid opportunities internationally while maintaining strategic optionality through remaining produce assets.
In Canada, the Company's wholly owned Canadian subsidiary, Pure Sunfarms, is one of the single largest cannabis operations in the world (2.2 million square feet of greenhouse production), a low-cost producer and one of Canada’s highest quality and best-selling brands. The Company owns an incremental 2.6 million square feet of greenhouse capacity in Canada for future expansion, and also owns
Internationally, Village Farms is targeting selected, nascent, legal cannabis opportunities with significant growth potential. The Company exports medical cannabis from its EU GMP certified facility in Canada to international markets including Germany, the United Kingdom, Israel, Australia, and New Zealand. The Company is expanding its export business to new countries and customers, and making select investments in international production assets. In Europe, wholly-owned Leli Holland has one of 10 licenses to grow and distribute recreational cannabis within the Dutch Coffee Shop Experiment.
In the US, wholly-owned Balanced Health Botanicals is one of the leading CBD and hemp-derived brands and e-commerce platforms in the country. Subject to compliance with all applicable US federal and state laws and stock exchange rules, Village Farms plans to enter the US THC market via multiple strategies, leveraging its Texas-based greenhouse assets (2.2 million square feet of existing greenhouse capacity and 950 acres of owned, unoccupied land for future expansion).
Village Farms Clean Energy (VFCE), through a partnership with Atlanta-based Terreva Renewables, creates renewable natural gas from landfill gas at its Delta RNG facility. VFCE receives royalties on all revenue generated.
Contact Information
Sam Gibbons
Senior Vice President, Corporate Affairs
Phone: (407) 936-1190 ext. 328
Email: sgibbons@villagefarms.com
Lawrence Chamberlain
LodeRock Advisors
Phone: (416) 519-4196
Email: lawrence.chamberlain@loderockadvisors.com
| Canadian Cannabis Performance Summary | ||||||||||||||||||||||
| (millions except % metrics) | Three Months Ended September 30, | |||||||||||||||||||||
| 2025 | 2024 | |||||||||||||||||||||
| CAD $ | USD $ | CAD $ | USD $ | Change of C $ | ||||||||||||||||||
| Total Net Sales | $ | 64.1 | $ | 46.6 | $ | 49.8 | $ | 36.5 | 29 | % | ||||||||||||
| Total Cost of Sales | $ | 28.3 | $ | 20.6 | $ | 36.7 | $ | 26.9 | -23 | % | ||||||||||||
| Gross Profit | $ | 35.8 | $ | 26.0 | $ | 13.1 | $ | 9.6 | 173 | % | ||||||||||||
| Gross Margin % | 112 | % | ||||||||||||||||||||
| SG&A | $ | 12.8 | $ | 9.1 | $ | 10.9 | $ | 8.0 | 17 | % | ||||||||||||
| Net income | $ | 16.0 | $ | 11.7 | $ | 1.6 | $ | 1.2 | 900 | % | ||||||||||||
| Adjusted EBITDA (1) | $ | 26.6 | $ | 19.3 | $ | 6.5 | $ | 4.8 | 309 | % | ||||||||||||
| Adjusted EBITDA Margin (1) | 218 | % | ||||||||||||||||||||
| Cash flow from Operations | $ | 26.8 | $ | 19.4 | $ | 6.1 | $ | 4.5 | 339 | % | ||||||||||||
| (millions except % metrics) | Nine Months Ended September 30, | |||||||||||||||||||||
| 2025 | 2024 | |||||||||||||||||||||
| CAD $ | USD $ | CAD $ | USD $ | Change of C $ | ||||||||||||||||||
| Total Net Sales | $ | 175.5 | $ | 125.9 | $ | 156.0 | $ | 114.7 | 13 | % | ||||||||||||
| Total Cost of Sales | $ | 97.7 | $ | 70.0 | $ | 115.4 | $ | 84.8 | -15 | % | ||||||||||||
| Gross Profit | $ | 77.8 | $ | 55.9 | $ | 40.6 | $ | 29.9 | 92 | % | ||||||||||||
| Gross Margin % | 70 | % | ||||||||||||||||||||
| SG&A | $ | 37.1 | $ | 26.5 | $ | 33.3 | $ | 24.4 | 11 | % | ||||||||||||
| Net income | $ | 29.5 | $ | 21.2 | $ | 4.6 | $ | 3.4 | 541 | % | ||||||||||||
| Adjusted EBITDA (1) | $ | 52.7 | $ | 37.9 | $ | 18.6 | $ | 13.6 | 183 | % | ||||||||||||
| Adjusted EBITDA Margin (1) | 152 | % | ||||||||||||||||||||
| Cash flow from Operations | $ | 56.0 | $ | 40.6 | $ | 19.4 | $ | 14.3 | 189 | % | ||||||||||||
| Canadian Cannabis’ Composition of Sales by Channel | ||||||||||||||||||
| (millions except % metrics) | Three Months Ended September 30, | |||||||||||||||||
| 2025 | 2024 | |||||||||||||||||
| CAD $ | USD $ | CAD $ | USD $ | Change of C $ | ||||||||||||||
| Retail Branded Sales | $ | 58.6 | $ | 42.5 | $ | 61.3 | $ | 44.9 | -4 | % | ||||||||
| Non-Branded Sales | $ | 10.1 | $ | 7.3 | $ | 10.1 | $ | 7.4 | 0 | % | ||||||||
| International Sales | $ | 16.3 | $ | 11.9 | $ | 1.9 | $ | 1.4 | 758 | % | ||||||||
| Other | $ | 0.7 | $ | 0.5 | $ | 0.6 | $ | 0.4 | 17 | % | ||||||||
| Less: Excise Taxes | $ | (21.6 | ) | $ | (15.7 | ) | $ | (24.1 | ) | $ | (17.7 | ) | -10 | % | ||||
| Net Sales | $ | 64.1 | $ | 46.5 | $ | 49.8 | $ | 36.5 | 29 | % | ||||||||
| (millions except % metrics) | Nine Months Ended September 30, | |||||||||||||||||
| 2025 | 2024 | |||||||||||||||||
| CAD $ | USD $ | CAD $ | USD $ | Change of C $ | ||||||||||||||
| Retail Branded Sales | $ | 166.3 | $ | 119.0 | $ | 195.9 | $ | 144.0 | -15 | % | ||||||||
| Non-Branded Sales | $ | 28.8 | $ | 20.7 | $ | 30.1 | $ | 22.1 | -4 | % | ||||||||
| International Sales | $ | 40.6 | $ | 29.2 | $ | 6.0 | $ | 4.4 | 577 | % | ||||||||
| Other | $ | 2.0 | $ | 1.4 | $ | 1.8 | $ | 1.3 | 11 | % | ||||||||
| Less: Excise Taxes | $ | (62.2 | ) | $ | (44.5 | ) | $ | (77.7 | ) | $ | (57.1 | ) | -20 | % | ||||
| Net Sales | $ | 175.5 | $ | 125.8 | $ | 156.0 | $ | 114.7 | 13 | % | ||||||||
Presentation of Financial Results
The Company’s financial statements for the three and nine months ended September 30, 2025, as well as the comparative periods for 2024, have been prepared and presented under United States Generally Accepted Accounting Principals (“GAAP”).
| RESULTS OF OPERATIONS | |||||||||||||||
| (In thousands of U.S. dollars, except per share amounts, and unless otherwise noted) | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Sales | $ | 66,741 | $ | 54,938 | $ | 166,320 | $ | 150,522 | |||||||
| Cost of sales | (34,803 | ) | (41,301 | ) | (97,860 | ) | (112,031 | ) | |||||||
| Gross profit | 31,938 | 13,637 | 68,460 | 38,491 | |||||||||||
| Selling, general and administrative expenses | (15,599 | ) | (14,565 | ) | (45,629 | ) | (45,871 | ) | |||||||
| Interest expense | (646 | ) | (779 | ) | (2,162 | ) | (2,594 | ) | |||||||
| Interest income | 360 | 229 | 544 | 757 | |||||||||||
| Foreign exchange (loss) gain | (238 | ) | 352 | 1,470 | (929 | ) | |||||||||
| Other (loss) income | (282 | ) | 379 | 4,169 | 528 | ||||||||||
| Goodwill and intangible asset impairments | — | — | — | (11,939 | ) | ||||||||||
| Income (loss) before taxes and equity method investment income | 15,533 | (747 | ) | 26,852 | (21,557 | ) | |||||||||
| Provision for income taxes | (4,717 | ) | (94 | ) | (8,203 | ) | (674 | ) | |||||||
| Equity method investment income, net of tax | — | — | — | — | |||||||||||
| Income (loss) from continuing operations | 10,816 | (841 | ) | 18,649 | (22,231 | ) | |||||||||
| (Loss) Income from discontinued operations, net of tax | (276 | ) | 91 | 11,015 | (4,756 | ) | |||||||||
| Income (loss) including non-controlling interests | 10,540 | (750 | ) | 29,664 | (26,987 | ) | |||||||||
| Less: net (income) loss attributable to non-controlling interests, net of tax | (323 | ) | (70 | ) | 347 | (234 | ) | ||||||||
| Net income (loss) attributable to Village Farms International, Inc. shareholders | $ | 10,217 | $ | (820 | ) | $ | 30,011 | $ | (27,221 | ) | |||||
| Adjusted EBITDA from continuing operations | $ | 20,686 | $ | 4,675 | $ | 41,246 | $ | 8,505 | |||||||
| Adjustments attributable to discontinued operations | (398 | ) | 627 | (7,617 | ) | (3,171 | ) | ||||||||
| Adjusted EBITDA (1) | $ | 20,288 | $ | 5,302 | $ | 33,629 | $ | 5,334 | |||||||
| Basic income (loss) per share attributable to Village Farms International, Inc. shareholders from: | $ | — | $ | — | $ | — | $ | — | |||||||
| Continuing operations | $ | 0.09 | $ | (0.01 | ) | $ | 0.17 | $ | (0.21 | ) | |||||
| Discontinued operations | (0.00 | ) | 0.00 | 0.10 | (0.04 | ) | |||||||||
| Basic income (loss) per share attributable to Village Farms International, Inc. shareholders | $ | 0.09 | $ | (0.01 | ) | $ | 0.27 | $ | (0.25 | ) | |||||
| Diluted income (loss) per share attributable to Village Farms International, Inc. shareholders from: | $ | — | $ | — | $ | — | $ | — | |||||||
| Continuing operations | $ | 0.08 | $ | (0.01 | ) | $ | 0.16 | $ | (0.21 | ) | |||||
| Discontinued operations | $ | — | $ | — | $ | 0.10 | $ | (0.04 | ) | ||||||
| Diluted income (loss) per share attributable to Village Farms International, Inc. shareholders | $ | 0.08 | $ | (0.01 | ) | $ | 0.26 | $ | (0.25 | ) | |||||
(1) Adjusted EBITDA is not a recognized earnings measure and does not have a standardized meaning prescribed by GAAP. Therefore, Adjusted EBITDA may not be comparable to similar measures presented by other issuers. Management believes that Adjusted EBITDA is a useful supplemental measure in evaluating the performance of the Company because it excludes non-recurring and other items that do not reflect our business performance. Adjusted EBITDA includes the Company’s
We caution that our results of operations for the three months and nine months ended September 30, 2025, and 2024 may not be indicative of our future performance.
| SEGMENTED RESULTS OF OPERATIONS | |||||||||||||||||||||||||||
| (In thousands of U.S. dollars, except per share amounts, and unless otherwise noted) | |||||||||||||||||||||||||||
| For The Three Months Ended September 30, 2025 | |||||||||||||||||||||||||||
| VF Fresh (Produce) | Cannabis Canada | Cannabis U.S. | Clean Energy | Cannabis Netherlands | Corporate | Total | |||||||||||||||||||||
| Sales | $ | 12,841 | $ | 46,583 | $ | 3,337 | $ | 393 | $ | 3,587 | $ | — | $ | 66,741 | |||||||||||||
| Cost of sales | (10,833 | ) | (20,628 | ) | (1,348 | ) | (66 | ) | (1,928 | ) | — | (34,803 | ) | ||||||||||||||
| Selling, general and administrative expenses | (217 | ) | (9,140 | ) | (2,425 | ) | (22 | ) | (702 | ) | (3,093 | ) | (15,599 | ) | |||||||||||||
| Other (expense) income, net | (465 | ) | (328 | ) | (3 | ) | — | (44 | ) | 34 | (806 | ) | |||||||||||||||
| Income (loss) before taxes and equity method investment income | 1,326 | 16,487 | (439 | ) | 305 | 913 | (3,059 | ) | 15,533 | ||||||||||||||||||
| Provision for income taxes | (26 | ) | (4,486 | ) | — | (82 | ) | (123 | ) | — | (4,717 | ) | |||||||||||||||
| Equity method investment income, net of tax | — | — | — | — | — | — | — | ||||||||||||||||||||
| Income (loss) from continuing operations | 1,300 | 12,001 | (439 | ) | 223 | 790 | (3,059 | ) | 10,816 | ||||||||||||||||||
| Loss from discontinued operations net of tax | (276 | ) | — | — | — | — | — | (276 | ) | ||||||||||||||||||
| Income (loss) including non-controlling interests | 1,024 | 12,001 | (439 | ) | 223 | 790 | (3,059 | ) | 10,540 | ||||||||||||||||||
| Less: net income attributable to non-controlling interests, net of tax | — | (323 | ) | — | — | — | — | (323 | ) | ||||||||||||||||||
| Net income (loss) | $ | 1,024 | $ | 11,678 | $ | (439 | ) | $ | 223 | $ | 790 | $ | (3,059 | ) | $ | 10,217 | |||||||||||
| Adjusted EBITDA from continuing operations | $ | 2,479 | $ | 19,310 | $ | (332 | ) | $ | 305 | $ | 1,265 | $ | (2,341 | ) | $ | 20,686 | |||||||||||
| Adjustments attributable to discontinued operations | (398 | ) | - | - | - | - | - | (398 | ) | ||||||||||||||||||
| Adjusted EBITDA (1) | $ | 2,081 | $ | 19,310 | $ | (332 | ) | $ | 305 | $ | 1,265 | $ | (2,341 | ) | $ | 20,288 | |||||||||||
| Basic income (loss) per share from continuing operations | $ | 0.01 | $ | 0.10 | $ | - | $ | - | $ | 0.01 | $ | (0.03 | ) | $ | 0.09 | ||||||||||||
| Basic income per share from discontinued operations | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||
| Basic income (loss) per share | $ | 0.01 | $ | 0.10 | $ | - | $ | - | $ | 0.01 | $ | (0.03 | ) | $ | 0.09 | ||||||||||||
| Diluted income (loss) per share from continuing operations | $ | 0.01 | $ | 0.10 | $ | - | $ | - | $ | 0.01 | $ | (0.03 | ) | $ | 0.09 | ||||||||||||
| Diluted income per share from discontinued operations | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||
| Diluted income (loss) per share | $ | 0.01 | $ | 0.10 | $ | - | $ | - | $ | 0.01 | $ | (0.03 | ) | $ | 0.09 | ||||||||||||
| For The Three Months Ended September 30, 2024 | |||||||||||||||||||||||||||
| VF Fresh (Produce) | Cannabis Canada | Cannabis U.S. | Clean Energy | Cannabis Netherlands | Corporate | Total | |||||||||||||||||||||
| Sales | $ | 14,340 | $ | 36,463 | $ | 3,943 | $ | 192 | $ | — | $ | — | $ | 54,938 | |||||||||||||
| Cost of sales | (12,930 | ) | (26,864 | ) | (1,443 | ) | (64 | ) | — | — | (41,301 | ) | |||||||||||||||
| Selling, general and administrative expenses | (715 | ) | (7,983 | ) | (2,692 | ) | (1 | ) | (385 | ) | (2,789 | ) | (14,565 | ) | |||||||||||||
| Other expense, net | (383 | ) | (16 | ) | — | 170 | — | 410 | 181 | ||||||||||||||||||
| Goodwill and intangible asset impairments | — | — | — | — | — | — | — | ||||||||||||||||||||
| Income (loss) before taxes and equity method investment income | 312 | 1,600 | (192 | ) | 297 | (385 | ) | (2,379 | ) | (747 | ) | ||||||||||||||||
| (Provision for) recovery of income taxes | (27 | ) | (308 | ) | — | — | 239 | 2 | (94 | ) | |||||||||||||||||
| Equity method investment income, net of tax | — | — | — | — | — | — | — | ||||||||||||||||||||
| Income (loss) from continuing operations | 285 | 1,292 | (192 | ) | 297 | (146 | ) | (2,377 | ) | (841 | ) | ||||||||||||||||
| Income from discontinued operations net of tax | 91 | — | — | — | — | — | 91 | ||||||||||||||||||||
| Income (loss) including non-controlling interests | 376 | 1,292 | (192 | ) | 297 | (146 | ) | (2,377 | ) | (750 | ) | ||||||||||||||||
| Less: net (income) loss attributable to non-controlling interests, net of tax | — | (124 | ) | — | — | 54 | — | (70 | ) | ||||||||||||||||||
| Net income (loss) | $ | 376 | $ | 1,168 | $ | (192 | ) | $ | 297 | $ | (92 | ) | $ | (2,377 | ) | $ | (820 | ) | |||||||||
| Adjusted EBITDA from continuing operations | $ | 1,704 | $ | 4,752 | $ | (159 | ) | $ | 313 | $ | (54 | ) | $ | (1,881 | ) | $ | 4,675 | ||||||||||
| Adjustments attributable to discontinued operations | 627 | - | - | - | - | - | 627 | ||||||||||||||||||||
| Adjusted EBITDA (1) | $ | 2,331 | $ | 4,752 | $ | (159 | ) | $ | 313 | $ | (54 | ) | $ | (1,881 | ) | $ | 5,302 | ||||||||||
| Basic income (loss) per share from continuing operations | $ | - | $ | 0.01 | $ | - | $ | - | $ | - | $ | (0.02 | ) | $ | (0.01 | ) | |||||||||||
| Basic income per share from discontinued operations | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||
| Basic income (loss) per share | $ | - | $ | 0.01 | $ | - | $ | - | $ | - | $ | (0.02 | ) | $ | (0.01 | ) | |||||||||||
| Diluted income (loss) per share from continuing operations | $ | - | $ | 0.01 | $ | - | $ | - | $ | - | $ | (0.02 | ) | $ | (0.01 | ) | |||||||||||
| Diluted income per share from discontinued operations | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||
| Diluted income (loss) per share | $ | - | $ | 0.01 | $ | - | $ | - | $ | - | $ | (0.02 | ) | $ | (0.01 | ) | |||||||||||
| For The Nine Months Ended September 30, 2025 | |||||||||||||||||||||||||||
| VF Fresh (Produce) | Cannabis Canada | Cannabis U.S. | Clean Energy | Cannabis Netherlands | Corporate | Total | |||||||||||||||||||||
| Sales | $ | 21,442 | $ | 125,938 | $ | 11,082 | $ | 1,302 | $ | 6,556 | $ | — | $ | 166,320 | |||||||||||||
| Cost of sales | (20,277 | ) | (70,040 | ) | (4,064 | ) | (219 | ) | (3,260 | ) | — | (97,860 | ) | ||||||||||||||
| Selling, general and administrative expenses | (1,802 | ) | (26,506 | ) | (7,405 | ) | (23 | ) | (1,698 | ) | (8,195 | ) | (45,629 | ) | |||||||||||||
| Other income (expense), net | 3,478 | (820 | ) | (220 | ) | — | (44 | ) | 1,627 | 4,021 | |||||||||||||||||
| Income (loss) before taxes and equity method investment income | 2,841 | 28,572 | (607 | ) | 1,060 | 1,554 | (6,568 | ) | 26,852 | ||||||||||||||||||
| Provision for income taxes | (26 | ) | (7,720 | ) | — | (286 | ) | (171 | ) | — | (8,203 | ) | |||||||||||||||
| Equity method investment income, net of tax | — | — | — | — | — | — | — | ||||||||||||||||||||
| Income (loss) from continuing operations | 2,815 | 20,852 | (607 | ) | 774 | 1,383 | (6,568 | ) | 18,649 | ||||||||||||||||||
| Income from discontinued operations net of tax | 11,015 | — | — | — | — | — | 11,015 | ||||||||||||||||||||
| Income (loss) including non-controlling interests | 13,830 | 20,852 | (607 | ) | 774 | 1,383 | (6,568 | ) | 29,664 | ||||||||||||||||||
| Less: net loss attributable to non-controlling interests, net of tax | — | 347 | — | — | — | — | 347 | ||||||||||||||||||||
| Net income (loss) | $ | 13,830 | $ | 21,199 | $ | (607 | ) | $ | 774 | $ | 1,383 | $ | (6,568 | ) | $ | 30,011 | |||||||||||
| Adjusted EBITDA from continuing operations | $ | 7,128 | $ | 37,868 | $ | (173 | ) | $ | 1,060 | $ | 2,560 | $ | (7,197 | ) | $ | 41,246 | |||||||||||
| Adjustments attributable to discontinued operations | (7,617 | ) | - | - | - | - | - | (7,617 | ) | ||||||||||||||||||
| Adjusted EBITDA (1) | $ | (489 | ) | $ | 37,868 | $ | (173 | ) | $ | 1,060 | $ | 2,560 | $ | (7,197 | ) | $ | 33,629 | ||||||||||
| Basic income (loss) per share from continuing operations | $ | 0.02 | $ | 0.19 | $ | (0.01 | ) | $ | 0.02 | $ | 0.01 | $ | (0.06 | ) | $ | 0.17 | |||||||||||
| Basic income per share from discontinued operations | $ | 0.10 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 0.10 | |||||||||||||
| Basic income (loss) per share | $ | 0.12 | $ | 0.19 | $ | (0.01 | ) | $ | 0.02 | $ | 0.01 | $ | (0.06 | ) | $ | 0.27 | |||||||||||
| Diluted income (loss) per share from continuing operations | $ | 0.02 | $ | 0.18 | $ | (0.01 | ) | $ | 0.02 | $ | 0.01 | $ | (0.06 | ) | $ | 0.16 | |||||||||||
| Diluted income per share from discontinued operations | $ | 0.10 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 0.10 | |||||||||||||
| Diluted income (loss) per share | $ | 0.12 | $ | 0.18 | $ | (0.01 | ) | $ | 0.02 | $ | 0.01 | $ | (0.06 | ) | $ | 0.26 | |||||||||||
| For The Nine Months Ended September 30, 2024 | |||||||||||||||||||||||||||
| VF Fresh (Produce) | Cannabis Canada | Cannabis U.S. | Clean Energy | Cannabis Netherlands | Corporate | Total | |||||||||||||||||||||
| Sales | $ | 22,778 | $ | 114,654 | $ | 12,777 | $ | 313 | $ | — | $ | — | $ | 150,522 | |||||||||||||
| Cost of sales | (22,129 | ) | (84,842 | ) | (4,953 | ) | (107 | ) | — | — | (112,031 | ) | |||||||||||||||
| Selling, general and administrative expenses | (2,274 | ) | (24,436 | ) | (9,058 | ) | (38 | ) | (1,089 | ) | (8,976 | ) | (45,871 | ) | |||||||||||||
| Other expense (income), net | (1,406 | ) | (687 | ) | — | 170 | — | (315 | ) | (2,238 | ) | ||||||||||||||||
| Goodwill and intangible asset impairments | — | — | (11,939 | ) | — | — | — | (11,939 | ) | ||||||||||||||||||
| (Loss) income before taxes and equity method investment income | (3,031 | ) | 4,689 | (13,173 | ) | 338 | (1,089 | ) | (9,291 | ) | (21,557 | ) | |||||||||||||||
| (Provision for) recovery of income taxes | (23 | ) | (896 | ) | — | — | 239 | 6 | (674 | ) | |||||||||||||||||
| Equity method investment income, net of tax | — | — | — | — | — | — | — | ||||||||||||||||||||
| (Loss) income from continuing operations | (3,054 | ) | 3,793 | (13,173 | ) | 338 | (850 | ) | (9,285 | ) | (22,231 | ) | |||||||||||||||
| Loss from discontinued operations net of tax | (4,756 | ) | — | — | — | — | — | (4,756 | ) | ||||||||||||||||||
| (Loss) income including non-controlling interests | (7,810 | ) | 3,793 | (13,173 | ) | 338 | (850 | ) | (9,285 | ) | (26,987 | ) | |||||||||||||||
| Less: net (income) loss attributable to non-controlling interests, net of tax | — | (394 | ) | — | — | 160 | — | (234 | ) | ||||||||||||||||||
| Net (loss) income | $ | (7,810 | ) | $ | 3,399 | $ | (13,173 | ) | $ | 338 | $ | (690 | ) | $ | (9,285 | ) | $ | (27,221 | ) | ||||||||
| Adjusted EBITDA from continuing operations | $ | 1,180 | $ | 13,643 | $ | (1,014 | ) | $ | 354 | $ | (119 | ) | $ | (5,539 | ) | $ | 8,505 | ||||||||||
| Adjustments attributable to discontinued operations | (3,171 | ) | - | - | - | - | - | (3,171 | ) | ||||||||||||||||||
| Adjusted EBITDA (1) | $ | (1,991 | ) | $ | 13,643 | $ | (1,014 | ) | $ | 354 | $ | (119 | ) | $ | (5,539 | ) | $ | 5,334 | |||||||||
| Basic (loss) income per share from continuing operations | $ | (0.03 | ) | $ | 0.03 | $ | (0.12 | ) | $ | - | $ | (0.01 | ) | $ | (0.08 | ) | $ | (0.21 | ) | ||||||||
| Basic loss per share from discontinued operations | $ | (0.04 | ) | $ | - | $ | - | $ | - | $ | - | $ | - | $ | (0.04 | ) | |||||||||||
| Basic (loss) income per share | $ | (0.07 | ) | $ | 0.03 | $ | (0.12 | ) | $ | - | $ | (0.01 | ) | $ | (0.08 | ) | $ | (0.25 | ) | ||||||||
| Diluted (loss) income per share from continuing operations | $ | (0.03 | ) | $ | 0.03 | $ | (0.12 | ) | $ | - | $ | (0.01 | ) | $ | (0.08 | ) | $ | (0.21 | ) | ||||||||
| Diluted loss per share from discontinued operations | $ | (0.04 | ) | $ | - | $ | - | $ | - | $ | - | $ | - | $ | (0.04 | ) | |||||||||||
| Diluted (loss) income per share | $ | (0.07 | ) | $ | 0.03 | $ | (0.12 | ) | $ | - | $ | (0.01 | ) | $ | (0.08 | ) | $ | (0.25 | ) | ||||||||
(1) Adjusted EBITDA is not a recognized earnings measure and does not have a standardized meaning prescribed by GAAP. Therefore, Adjusted EBITDA presented for these segments may not be comparable to similar measures presented by other issuers. Management believes that Adjusted EBITDA is a useful supplemental measure in evaluating the performance of the Company because it excludes non-recurring and other items that do not reflect the underlying business performance of the Company.
This press release is intended to be read in conjunction with the Company’s Consolidated Financial Statements ("Financial Statements”) and Management’s Discussion & Analysis ("MD&A”) for the three and nine months ended September 30, 2025 in the Company Form 10-Q, which will be filed on (www.sec.gov/edgar.shtml) and SEDAR (www.sedar.com) and will be available at www.villagefarms.com.
| Reconciliation of Net Income (Loss) to Adjusted EBITDA | |||||||||||||||||||||||||||
| The following tables reflect a reconciliation of net income to Adjusted EBITDA, as presented by the Company: | |||||||||||||||||||||||||||
| For The Three Months Ended September 30, 2025 | |||||||||||||||||||||||||||
| (in thousands of U.S. dollars) | VF Fresh (Produce) | Cannabis Canada | Cannabis U.S. | Clean Energy | Cannabis Netherlands | Corporate | Total | ||||||||||||||||||||
| Net income (loss) from continuing operations | $ | 1,300 | $ | 11,678 | $ | (439 | ) | $ | 223 | $ | 790 | $ | (3,059 | ) | $ | 10,493 | |||||||||||
| Add: | — | — | — | — | — | — | — | ||||||||||||||||||||
| Amortization and depreciation | 813 | 2,928 | 47 | — | 349 | 25 | 4,162 | ||||||||||||||||||||
| Foreign currency exchange (gain) loss | (12 | ) | 19 | — | — | — | 217 | 224 | |||||||||||||||||||
| Interest expense, net | 345 | 192 | — | — | — | (251 | ) | 286 | |||||||||||||||||||
| Provision for income taxes | 26 | 4,486 | — | 82 | 123 | — | 4,717 | ||||||||||||||||||||
| Share-based compensation | 7 | 217 | 60 | — | 3 | 727 | 1,014 | ||||||||||||||||||||
| Deferred financing fees | — | 32 | — | — | — | — | 32 | ||||||||||||||||||||
| Adjustments attributable to non-controlling interest | — | (242 | ) | — | — | — | — | (242 | ) | ||||||||||||||||||
| Adjusted EBITDA from continuing operations | 2,479 | 19,310 | (332 | ) | 305 | 1,265 | (2,341 | ) | 20,686 | ||||||||||||||||||
| Adjustments attributable to discontinued operations | (398 | ) | — | — | — | — | — | (398 | ) | ||||||||||||||||||
| Adjusted EBITDA (2) | $ | 2,081 | $ | 19,310 | $ | (332 | ) | $ | 305 | $ | 1,265 | $ | (2,341 | ) | $ | 20,288 | |||||||||||
| For The Three Months Ended September 30, 2024 | |||||||||||||||||||||||||||
| (in thousands of U.S. dollars) | VF Fresh (Produce) | Cannabis Canada | Cannabis U.S. | Clean Energy | Cannabis Netherlands | Corporate | Total | ||||||||||||||||||||
| Net income (loss) from continuing operations | $ | 285 | $ | 1,168 | $ | (192 | ) | $ | 297 | $ | (92 | ) | $ | (2,377 | ) | $ | (911 | ) | |||||||||
| Add: | — | — | — | — | — | — | — | ||||||||||||||||||||
| Amortization and depreciation | 817 | 3,341 | 50 | — | 324 | 46 | 4,578 | ||||||||||||||||||||
| Foreign currency exchange loss (gain) | 20 | (28 | ) | — | — | — | (350 | ) | (358 | ) | |||||||||||||||||
| Interest expense, net | 555 | 42 | — | 16 | — | (63 | ) | 550 | |||||||||||||||||||
| Provision for (recovery of) income taxes | 27 | 308 | — | — | (241 | ) | — | 94 | |||||||||||||||||||
| Share-based compensation | — | 29 | (17 | ) | — | — | 863 | 875 | |||||||||||||||||||
| Adjustments attributable to non-controlling interest | — | (108 | ) | — | — | (45 | ) | — | (153 | ) | |||||||||||||||||
| Adjusted EBITDA from continuing operations | 1,704 | 4,752 | (159 | ) | 313 | (54 | ) | (1,881 | ) | 4,675 | |||||||||||||||||
| Adjustments attributable to discontinued operations | 627 | — | — | — | — | — | 627 | ||||||||||||||||||||
| Adjusted EBITDA (2) | $ | 2,331 | $ | 4,752 | $ | (159 | ) | $ | 313 | $ | (54 | ) | $ | (1,881 | ) | $ | 5,302 | ||||||||||
| For The Nine Months Ended September 30, 2025 | |||||||||||||||||||||||||||
| (in thousands of U.S. dollars) | VF Fresh (Produce) | Cannabis Canada | Cannabis U.S. | Clean Energy | Cannabis Netherlands | Corporate | Total | ||||||||||||||||||||
| Net income (loss) from continuing operations | $ | 2,815 | $ | 21,199 | $ | (607 | ) | $ | 774 | $ | 1,383 | $ | (6,568 | ) | $ | 18,996 | |||||||||||
| Add: | — | — | — | — | — | — | — | ||||||||||||||||||||
| Amortization and depreciation | 3,086 | 8,231 | 145 | — | 1,003 | 107 | 12,572 | ||||||||||||||||||||
| Foreign currency exchange gain | (94 | ) | (116 | ) | — | — | — | (1,327 | ) | (1,537 | ) | ||||||||||||||||
| Interest expense, net | 1,269 | 649 | — | — | — | (300 | ) | 1,618 | |||||||||||||||||||
| Provision for income taxes | 26 | 7,720 | — | 286 | 171 | — | 8,203 | ||||||||||||||||||||
| Share-based compensation | 26 | 290 | 72 | — | 3 | 891 | 1,282 | ||||||||||||||||||||
| Deferred financing fees | — | 79 | — | — | — | — | 79 | ||||||||||||||||||||
| Other impairments | — | — | 217 | — | — | — | 217 | ||||||||||||||||||||
| Adjustments attributable to non-controlling interest | — | (184 | ) | — | — | — | — | (184 | ) | ||||||||||||||||||
| Adjusted EBITDA from continuing operations | 7,128 | 37,868 | (173 | ) | 1,060 | 2,560 | (7,197 | ) | 41,246 | ||||||||||||||||||
| Adjustments attributable to discontinued operations | (7,617 | ) | — | — | — | — | — | (7,617 | ) | ||||||||||||||||||
| Adjusted EBITDA (2) | $ | (489 | ) | $ | 37,868 | $ | (173 | ) | $ | 1,060 | $ | 2,560 | $ | (7,197 | ) | $ | 33,629 | ||||||||||
| For The Nine Months Ended September 30, 2024 | |||||||||||||||||||||||||||
| (in thousands of U.S. dollars) | VF Fresh (Produce) | Cannabis Canada | Cannabis U.S. | Clean Energy | Cannabis Netherlands | Corporate | Total | ||||||||||||||||||||
| Net income (loss) from continuing operations | $ | (3,054 | ) | $ | 3,399 | $ | (13,173 | ) | $ | 338 | $ | (690 | ) | $ | (9,285 | ) | $ | (22,465 | ) | ||||||||
| Add: | — | — | — | — | — | — | — | ||||||||||||||||||||
| Amortization and depreciation | 2,456 | 9,221 | 154 | — | 951 | 152 | 12,934 | ||||||||||||||||||||
| Foreign currency exchange loss (gain) | 58 | (6 | ) | — | — | — | 714 | 766 | |||||||||||||||||||
| Interest expense, net | 1,697 | 524 | — | 16 | — | (400 | ) | 1,837 | |||||||||||||||||||
| Provision for (recovery of) income taxes | 23 | 896 | — | — | (241 | ) | (4 | ) | 674 | ||||||||||||||||||
| Share-based compensation | — | 126 | 66 | — | — | 3,284 | 3,476 | ||||||||||||||||||||
| Deferred financing fees | — | 10 | — | — | — | — | 10 | ||||||||||||||||||||
| Goodwill and intangible impairments (1) | — | — | 11,939 | — | — | — | 11,939 | ||||||||||||||||||||
| Adjustments attributable to non-controlling interest | — | (527 | ) | — | — | (139 | ) | — | (666 | ) | |||||||||||||||||
| Adjusted EBITDA from continuing operations | 1,180 | 13,643 | (1,014 | ) | 354 | (119 | ) | (5,539 | ) | 8,505 | |||||||||||||||||
| Adjustments attributable to discontinued operations | (3,171 | ) | — | — | — | — | — | (3,171 | ) | ||||||||||||||||||
| Adjusted EBITDA (2) | $ | (1,991 | ) | $ | 13,643 | $ | (1,014 | ) | $ | 354 | $ | (119 | ) | $ | (5,539 | ) | $ | 5,334 | |||||||||
(1) Reflects impairment to goodwill and intangibles of
(2) Adjusted EBITDA is not a recognized earnings measure and does not have a standardized meaning prescribed by GAAP. Therefore, Adjusted EBITDA presented for these segments may not be comparable to similar measures presented by other issuers. Management believes that Adjusted EBITDA is a useful supplemental measure in evaluating the performance of the Company because it excludes non-recurring and other items that do not reflect the underlying business performance of the Company.
A detailed discussion of our consolidated and segment results can be found in the 10-Q MD&A on the Village Farms website under Financial Reports (https://villagefarms.com/financial-reports/) within the Investors section.
Cautionary Statement Regarding Forward-Looking Information
As used in this Press Release, the terms “Village Farms”, “Village Farms International”, the “Company”, “we”, “us”, “our” and similar references refer to Village Farms International, Inc. and our consolidated subsidiaries, and the term “Common Shares” refers to our common shares, no par value. Our financial information is presented in U.S. dollars and all references in this Press Release to “$” means U.S. dollars and all references to “C$” means Canadian dollars.
This Press Release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the U.S. Securities Act of 1933, as amended, (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and is subject to the safe harbor created by those sections. This Press Release also contains "forward-looking information" within the meaning of applicable Canadian securities laws. We refer to such forward-looking statements and forward-looking information collectively as "forward-looking statements". Forward-looking statements may relate to the Company's future outlook or financial position and anticipated events or results and may include statements regarding the financial position, business strategy, budgets, expansion plans, litigation, projected production, projected costs, capital expenditures, financial results, tariffs, taxes, plans and objectives of or involving the Company or statements regarding the anticipated benefits from the closing of the transaction involving Vanguard Food LP. Particularly, statements regarding future results, performance, achievements, prospects or opportunities for the Company, the greenhouse vegetable or produce industry, the cannabis industry and market and our energy segment are forward-looking statements. In some cases, forward-looking information can be identified by such terms as "can", "outlook", "may", "might", "will", "could", "should", "would", "occur", "expect", "plan", "anticipate", "believe", "intend", "try", "estimate", "predict", "potential", "continue", "likely", "schedule", "objectives", or the negative or grammatical variation thereof or other similar expressions concerning matters that are not historical facts. The forward-looking statements in this Press Release are subject to risks that may include, but are not limited to: our limited operating history in the cannabis and cannabinoids industry, including that of Pure Sunfarms, Corp. (“Pure Sunfarms”), Rose LifeScience Inc. (“Rose” or “Rose LifeScience”) and Balanced Health Botanicals, LLC (“Balanced Health”); the limited operational history of the Delta RNG Project in our energy segment and Leli Holland B.V. ("Leli"); the legal status of the cannabis business of Pure Sunfarms and Rose and the hemp business of Balanced Health and uncertainty regarding the legality and regulatory status of cannabis in the United States; risks relating to the integration of Balanced Health and Rose into our consolidated business; risks relating to obtaining additional financing on acceptable terms, including our dependence upon credit facilities and dilutive transactions; potential difficulties in achieving and/or maintaining profitability; variability of product pricing; risks inherent in the cannabis, hemp, CBD, cannabinoids, and agricultural businesses; our market position and competitive position; our ability to leverage current business relationships for future business involving hemp and cannabinoids; the ability of Pure Sunfarms and Rose to cultivate and distribute cannabis in Canada as well as exports; risks related to the start-up of international production at our Netherlands operations under Leli; existing and new governmental regulations, including risks related to regulatory compliance and regarding obtaining and maintaining licenses required under the Cannabis Act (Canada), the Criminal Code and other Acts, S.C. 2018, C. 16 (Canada) for its Canadian operational facilities, and changes in our regulatory requirements; legal and operational risks relating to expected conversion of our greenhouses to cannabis production in Canada and in the United States; risks related to rules and regulations at the U.S. Federal (Food and Drug Administration and United States Department of Agriculture), state and municipal levels with respect to produce and hemp, cannabidiol-based products commercialization; retail consolidation, technological advances and other forms of competition; transportation disruptions; product liability and other potential litigation; retention of key executives; labor issues; uninsured and underinsured losses; vulnerability to rising energy costs; inflationary effects on costs of cultivation and transportation; recessionary effects on demand of our products; environmental, health and safety risks, foreign exchange exposure, risks associated with cross-border trade and the potential for tariffs and other trade restrictions; difficulties in managing our growth; restrictive covenants under our credit facilities; natural catastrophes; elevated interest rates; and tax risks.
The Company has based these forward-looking statements on factors and assumptions about future events and financial trends that it believes may affect its financial condition, results of operations, business strategy and financial needs. Although the forward-looking statements contained in this Press Release are based upon assumptions that management believes are reasonable based on information currently available to management, there can be no assurance that actual results will be consistent with these forward-looking statements. Forward-looking statements necessarily involve known and unknown risks and uncertainties, many of which are beyond the Company's control, which may cause the Company's or the industry's actual results, performance, achievements, prospects and opportunities in future periods to differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, the factors contained in the Company's filings with securities regulators, including this Press Release and the Company’s most recently filed annual report on Form 10-K.
When relying on forward-looking statements to make decisions, the Company cautions readers not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties and should not be read as guarantees of future results, performance, achievements, prospects and opportunities. The forward-looking statements made in this Press Release relate only to events or information as of the date on which the statements are made in this Press Release. Except as required by law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
| Village Farms International, Inc. | ||||||||
| Condensed Consolidated Statements of Financial Position | ||||||||
| (In thousands of United States dollars, except share data) | ||||||||
| (Unaudited) | ||||||||
| September 30, 2025 | December 31, 2024 | |||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 82,561 | $ | 24,631 | ||||
| Restricted cash | 5,000 | — | ||||||
| Trade receivables, net | 31,351 | 22,160 | ||||||
| Inventories, net | 34,203 | 41,256 | ||||||
| Other receivables | 579 | 247 | ||||||
| Prepaid expenses and deposits | 2,931 | 2,806 | ||||||
| Current assets of discontinued operations | — | 24,919 | ||||||
| Total current assets | 156,625 | 116,019 | ||||||
| Non-current assets | ||||||||
| Property, plant and equipment, net | 179,845 | 175,226 | ||||||
| Investments | 6,279 | 2,656 | ||||||
| Goodwill | 43,696 | 42,315 | ||||||
| Intangibles, net | 23,755 | 25,105 | ||||||
| Deferred tax asset | 719 | 1,005 | ||||||
| Right-of-use assets | 3,587 | 4,372 | ||||||
| Other assets | 3,878 | 2,178 | ||||||
| Non-current assets of discontinued operations | — | 20,430 | ||||||
| Total assets | $ | 418,384 | $ | 389,306 | ||||
| LIABILITIES | ||||||||
| Current liabilities | ||||||||
| Line of credit | $ | — | $ | 4,000 | ||||
| Trade payables | 9,511 | 11,254 | ||||||
| Current maturities of long-term debt | 4,841 | 8,142 | ||||||
| Accrued sales taxes | 11,758 | 8,740 | ||||||
| Accrued loyalty program | 519 | 1,029 | ||||||
| Accrued liabilities | 10,116 | 8,972 | ||||||
| Lease liabilities - current | 1,134 | 1,060 | ||||||
| Income tax payable | 8,538 | 51 | ||||||
| Other current liabilities | 7,381 | 1,053 | ||||||
| Current liabilities of discontinued operations | 2,608 | 17,918 | ||||||
| Total current liabilities | 56,406 | 62,219 | ||||||
| Non-current liabilities | ||||||||
| Long-term debt | 29,753 | 32,420 | ||||||
| Deferred tax liability | 20,161 | 19,940 | ||||||
| Lease liabilities - non-current | 3,459 | 4,199 | ||||||
| Other non-current liabilities | 3,240 | 2,196 | ||||||
| Non-current liabilities of discontinued operations | — | 4,374 | ||||||
| Total liabilities | 113,019 | 125,348 | ||||||
| MEZZANINE EQUITY | ||||||||
| Redeemable non-controlling interest | 9,997 | 9,953 | ||||||
| SHAREHOLDERS’ EQUITY | ||||||||
| Common stock, no par value per share - unlimited shares authorized; 114,970,100 shares issued and outstanding at September 30, 2025 and 112,337,049 shares issued and outstanding at December 31, 2024. | 390,893 | 387,349 | ||||||
| Additional paid in capital | 31,886 | 30,604 | ||||||
| Accumulated other comprehensive loss | (12,406 | ) | (18,932 | ) | ||||
| Retained earnings | (115,005 | ) | (145,016 | ) | ||||
| Total shareholders’ equity | 295,368 | 254,005 | ||||||
| Total liabilities, mezzanine equity and shareholders’ equity | $ | 418,384 | $ | 389,306 | ||||
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
| Village Farms International, Inc. | ||||||||||||||||
| Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) | ||||||||||||||||
| (In thousands of United States dollars, except per share data) | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Sales | $ | 66,741 | $ | 54,938 | $ | 166,320 | $ | 150,522 | ||||||||
| Cost of sales | (34,803 | ) | (41,301 | ) | (97,860 | ) | (112,031 | ) | ||||||||
| Gross profit | 31,938 | 13,637 | 68,460 | 38,491 | ||||||||||||
| Selling, general and administrative expenses | (15,599 | ) | (14,565 | ) | (45,629 | ) | (45,871 | ) | ||||||||
| Interest expense | (646 | ) | (779 | ) | (2,162 | ) | (2,594 | ) | ||||||||
| Interest income | 360 | 229 | 544 | 757 | ||||||||||||
| Foreign exchange (loss) gain | (238 | ) | 352 | 1,470 | (929 | ) | ||||||||||
| Other (loss) income | (282 | ) | 379 | 4,169 | 528 | |||||||||||
| Goodwill and intangible asset impairments | — | — | — | (11,939 | ) | |||||||||||
| Income (loss) before taxes and equity method investment income | 15,533 | (747 | ) | 26,852 | (21,557 | ) | ||||||||||
| Provision for income taxes | (4,717 | ) | (94 | ) | (8,203 | ) | (674 | ) | ||||||||
| Equity method investment income, net of tax | — | — | — | — | ||||||||||||
| Income (loss) from continuing operations | 10,816 | (841 | ) | 18,649 | (22,231 | ) | ||||||||||
| (Loss) Income from discontinued operations, net of tax | (276 | ) | 91 | 11,015 | (4,756 | ) | ||||||||||
| Income (loss) including non-controlling interests | 10,540 | (750 | ) | 29,664 | (26,987 | ) | ||||||||||
| Less: net (income) loss attributable to non-controlling interests, net of tax | (323 | ) | (70 | ) | 347 | (234 | ) | |||||||||
| Net income (loss) attributable to Village Farms International, Inc. shareholders | $ | 10,217 | $ | (820 | ) | $ | 30,011 | $ | (27,221 | ) | ||||||
| Basic income (loss) per share attributable to Village Farms International, Inc. shareholders from: | ||||||||||||||||
| Continuing operations | $ | 0.09 | $ | (0.01 | ) | $ | 0.17 | $ | (0.21 | ) | ||||||
| Discontinued operations | - | - | 0.10 | (0.04 | ) | |||||||||||
| Basic income (loss) per share attributable to Village Farms International, Inc. shareholders | $ | 0.09 | $ | (0.01 | ) | $ | 0.27 | $ | (0.25 | ) | ||||||
| Diluted income (loss) per share attributable to Village Farms International, Inc. shareholders from: | ||||||||||||||||
| Continuing operations | $ | 0.08 | $ | (0.01 | ) | $ | 0.16 | $ | (0.21 | ) | ||||||
| Discontinued operations | - | - | 0.10 | (0.04 | ) | |||||||||||
| Diluted income (loss) per share attributable to Village Farms International, Inc. shareholders | $ | 0.08 | $ | (0.01 | ) | $ | 0.26 | $ | (0.25 | ) | ||||||
| Weighted average number of common shares used in the computation of net income (loss) per share (in thousands): | ||||||||||||||||
| Basic | 113,039 | 111,917 | 112,577 | 111,045 | ||||||||||||
| Diluted | 120,565 | 111,917 | 115,292 | 111,045 | ||||||||||||
| Income (loss) including non-controlling interests | $ | 10,540 | $ | (750 | ) | $ | 29,664 | $ | (26,987 | ) | ||||||
| Other comprehensive income (loss): | ||||||||||||||||
| Foreign currency translation adjustment | (3,920 | ) | 2,595 | 6,915 | (3,655 | ) | ||||||||||
| Comprehensive income (loss) including non-controlling interests | 6,620 | 1,845 | 36,579 | (30,642 | ) | |||||||||||
| Comprehensive (income) loss attributable to non-controlling interests | (140 | ) | (222 | ) | (40 | ) | 10 | |||||||||
| Comprehensive income (loss) attributable to Village Farms International, Inc. shareholders | $ | 6,480 | $ | 1,623 | $ | 36,539 | $ | (30,632 | ) | |||||||
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
| Village Farms International, Inc. | ||||||||
| Condensed Consolidated Statements of Cash Flows | ||||||||
| (In thousands of United States dollars) | ||||||||
| (Unaudited) | ||||||||
| Nine Months Ended September 30, | ||||||||
| 2025 | 2024 | |||||||
| Cash flows provided by (used in) operating activities: | ||||||||
| Income (loss) from continuing operations including non-controlling interests | $ | 18,649 | $ | (22,231 | ) | |||
| Adjustments to reconcile net loss attributable to Village Farms International, Inc. shareholders to net cash provided by (used in) operating activities of continuing operations: | ||||||||
| Depreciation and amortization | 12,572 | 12,934 | ||||||
| Amortization of deferred charges | 79 | 10 | ||||||
| Interest expense | 2,162 | 2,594 | ||||||
| Interest paid on long-term debt | (2,215 | ) | (3,128 | ) | ||||
| Unrealized foreign exchange (gain) loss | (56 | ) | 143 | |||||
| Goodwill and intangible asset impairments | — | 11,939 | ||||||
| Non-cash lease expense | 740 | 593 | ||||||
| Share-based compensation | 1,282 | 3,476 | ||||||
| Deferred income taxes | (133 | ) | 384 | |||||
| Changes in non-cash working capital items | 13,630 | (3,911 | ) | |||||
| Net cash provided by operating activities from continuing operations | 46,710 | 2,803 | ||||||
| Cash flows used in investing activities: | ||||||||
| Purchases of property, plant and equipment | (7,117 | ) | (5,527 | ) | ||||
| Purchases of intangibles | — | (80 | ) | |||||
| Net cash used in investing activities from continuing operations | (7,117 | ) | (5,607 | ) | ||||
| Cash flows (used in) provided by financing activities: | ||||||||
| Repayments on borrowings | (6,612 | ) | (4,301 | ) | ||||
| Purchase of non-controlling interest | — | (3,817 | ) | |||||
| Proceeds from exercise of warrants and options | 3,544 | — | ||||||
| Other financing activities | (543 | ) | — | |||||
| Net cash used in financing activities from continuing operations | (3,611 | ) | (8,118 | ) | ||||
| Discontinued Operations | ||||||||
| Net cash (used in) provided by operating activities from discontinued operations | (5,865 | ) | 7,139 | |||||
| Net cash provided by (used in) investing activities from discontinued operations | 38,710 | (2,620 | ) | |||||
| Net cash used in financing activities from discontinued operations | (4,000 | ) | — | |||||
| Net cash flows provided by discontinued operations | 28,845 | 4,519 | ||||||
| Effect of exchange rate changes on cash and cash equivalents | (1,897 | ) | (192 | ) | ||||
| Net increase (decrease) in cash, cash equivalents and restricted cash | 62,930 | (6,595 | ) | |||||
| Cash, cash equivalents and restricted cash, beginning of period | 24,631 | 35,291 | ||||||
| Cash, cash equivalents and restricted cash, end of period | $ | 87,561 | $ | 28,696 | ||||
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
FAQ
What were Village Farms (VFF) Q3 2025 net sales and YoY change?
How much cash did Village Farms (VFF) hold at the end of Q3 2025?
What did Village Farms (VFF) report for adjusted EBITDA in Q3 2025?
How did Village Farms (VFF) Canada perform in Q3 2025 on margin and exports?
What capacity expansions did Village Farms (VFF) announce in Q3 2025 and timing?
Did Village Farms (VFF) authorize a share repurchase in Q3 2025?
What is the status of Village Farms (VFF) U.S. licensing and Texas application?
