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C21 Investments Inc. reported third-quarter revenue of $8.1 million, up 3% year-over-year, driven by a 4% increase in same-store retail sales despite a 4% decline in overall Nevada cannabis sales. Gross margin fell to 38.2% as pricing pressure and holiday discounting weighed on profitability.
The company generated Income from Operations of $0.4 million and Net Income Before Tax of $0.2 million, but recorded a net loss of $0.6 million, or ($0.01) per share, mainly due to an Income Tax expense of $0.83 million. Adjusted EBITDA was $1.1 million, and Free Cash Flow before working capital changes reached $1.0 million, marking another quarter of positive cash generation.
Current liabilities decreased to $6.3 million at December 31, 2025, from $8.0 million at March 31, 2025, as the company used cash to pay $0.6 million of income tax, retire $0.3 million of debenture principal, and reduce payables and other short-term obligations. C21 maintains an uncertain tax position of $12.0 million related to U.S. Internal Revenue Code Section 280E and has refiled amended U.S. federal income tax returns, which introduces ongoing tax-related risk alongside its continued focus on strategic growth opportunities.
C21 Investments Inc. reports Q3 results for the three and nine months ended December 31, 2025, showing modest growth but continued net losses. Quarterly revenue reached $8.14 million, up from $7.91 million a year earlier, driven mainly by Nevada retail sales and the new South Reno dispensary. For the nine-month period, revenue rose to $25.16 million from $22.01 million, while income from operations improved to $1.79 million from $0.44 million.
Despite stronger operations, heavy interest, accretion, and especially income taxes kept the company in the red, with a Q3 net loss of $0.61 million and a nine-month loss of $1.86 million. The effective tax rate reached 299% year-to-date due to U.S. cannabis tax rules, and an uncertain tax position was recorded. C21 generated $0.96 million of operating cash from continuing operations over nine months and ended with cash of $2.42 million and a working capital surplus of $2.01 million.
During the period, C21 closed a $3.5 million South Reno dispensary asset acquisition funded by a C$4 million convertible debenture financing, expanded its Nevada lease portfolio, and continued normal course issuer bid share repurchases. It also settled long-running Eco Firma Farms litigation with a $2.4 million cash obligation and agreement to issue 555,793 shares, offset by extinguishing $1.77 million of related liabilities.