TerrAscend Experiences $65M in Q2 Earnings From Proceeding Operations

[PRESS RELEASE] – TORONTO, Aug. 7, 2025 – TerrAscend Corp., a number one North American hashish corporate, reported its monetary effects for the second one quarter ended June 30, 2025. All quantities are expressed in U.S. greenbacks and are ready beneath U.S. in most cases accredited accounting rules (GAAP), except indicated in a different way.

The next monetary measures are reported as effects from proceeding operations except in a different way famous, because of the corporate’s up to now mentioned aim to promote all of its Michigan property, which can be reported as discontinued operations efficient as of the second one quarter ended June 30, 2025. All ancient classes were restated accordingly.

2d Quarter 2025 Monetary Highlights

• Internet income was once $65 million, in comparison to $67.2 million in Q2 2024.
• Gross benefit margin was once 51.1%, in comparison to 49.6% in Q2 2024.
• GAAP web loss from proceeding operations was once $6.4 million, in comparison to a web lack of $6.3 million in Q2 2024.
• EBITDA from proceeding operations¹ was once $15.9 million, in comparison to $15.4 million in Q2 2024.
• Adjusted EBITDA from proceeding operations¹ was once $16 million, in comparison to $17.3 million in Q2 2024.
• Adjusted EBITDA margin from proceeding operations¹ was once 24.6%, in comparison to 25.7% in Q2 2024.
• Internet money equipped from proceeding operations was once $7.3 million, in comparison to $16.7 million in Q2 2024, which integrated an $8.4 million tax refund.
• Loose Money Flow¹ was once $5 million, in comparison to $14.8 million in Q2 2024, which integrated an $8.4 million tax refund.

“In the second one quarter of 2025, we made the verdict to go out the Michigan marketplace, to scale back current debt and permit concentrated enlargement and progressed profitability in core markets,” TerrAscend Government Chairman Jason Wild mentioned. “Adjusted EBITDA from proceeding operations totaled $16 million with adjusted EBITDA margin of 24.6%. The second one quarter marked our twelfth consecutive quarter of sure money drift from proceeding operations and 8th consecutive quarter of sure loose money drift. Constant efficiency in our 3 Northeast markets of New Jersey, Maryland and Pennsylvania have been the important thing drivers of those effects. In New Jersey we maintained our marketplace management place, in Maryland we’re on a $75 million income run price with gross margins within the prime 50’s, and in Pennsylvania our retail and wholesale income grew sequentially as we transfer in opposition to doable adult-use within the state.”

Wild mentioned, “At the M&A entrance, we introduced a definitive settlement in early Might to obtain Union Kick back dispensary in New Jersey, a well-situated dispensary with restricted pageant inside of a 10-mile radius, which is able to convey our general dispensaries within the state to 4 upon regulatory approval. In a while thereafter, we closed at the Ratio Hashish acquisition, our first dispensary in Ohio, a just lately transformed, nonetheless nascent adult-use state. Next to the tip of the quarter, we finished a $79 million non-dilutive senior secured syndicated time period mortgage, which supplies get entry to to an extra uncommitted time period mortgage facility of as much as $35 million for strategic M&A and extends all senior secured debt maturities till overdue 2028. Our trade is robust, and our self belief stays prime as we proceed to paintings in opposition to additional operational efficiencies, increasing our core trade, and extra accretive acquisitions in key markets.”

Monetary Abstract Q2 2025 and Comparative Classes

2d Quarter 2025 Trade and Operational Highlights

• Introduced determination to go out the Michigan marketplace, with plans to promote considerably all Michigan property in the second one part of 2025 and use the online proceeds to pay down current debt.
• Accomplished twelfth consecutive quarter of sure money drift from proceeding operations and 8th consecutive quarter of sure loose money drift.
• Maintained a management place in New Jersey with all 3 Apothecarium retail places score within the best 15 out of over 220 dispensaries statewide in general devices offered.²
• Phillipsburg, N.J., dispensary ranked No. 3 within the state in unit gross sales and No. 2 in income.²
• Finished enlargement of cultivation and production functions at New Jersey facility.
• Expanded cultivation capability by way of 50% at Maryland facility, with first harvest finished in June.
• Retail income higher quarter-over-quarter throughout all markets.
• Pennsylvania income grew 6.9% quarter-over-quarter.
• Repurchased 535,000 stocks at a weighted reasonable worth of USD$0.29 in step with percentage all over the quarter as a part of the $10 million percentage repurchase program initiated in August of 2024.
• Closed on acquisition of Ratio Hashish, a well-situated and successful dispensary in Ohio.
• Signed definitive settlement to obtain Union Kick back, an $11 million income run price dispensary in New Jersey, which, upon last, will convey TerrAscend’s general choice of dispensaries to 4 within the state.

Next Occasions

• Closed on $79 million non-dilutive refinancing extending all senior secured debt maturities till overdue 2028, with an extra uncommitted time period mortgage facility offering as much as $35 million for strategic M&A.

1. EBITDA from proceeding operations, Adjusted EBITDA from proceeding operations, Adjusted EBITDA margin from proceeding operations, and Loose Money Waft are non-GAAP measures outlined within the segment titled “Definition and Reconciliation of Non-GAAP Measures” within the corporate’s press unencumber, and reconciled to essentially the most immediately related GAAP measure, on the finish of the discharge.   
2. Consistent with LIT Indicators.

2d Quarter 2025 Monetary Effects

Internet income from proceeding operations for the second one quarter of 2025 was once $65 million, in comparison to $67.2 million for the second one quarter of 2024, representing a slight lower year-over-year and consistent with the corporate’s expectancies as communicated on final quarter’s profits convention name.

Retail income higher 1% year-over-year. The rise in retail income was once pushed by way of a partial quarter of gross sales from the hot Ratio acquisition in Ohio, which was once offset by way of worth compression within the New Jersey marketplace. Wholesale income declined 10.8% year-over-year. Wholesale enlargement in Maryland was once offset by way of a decline in New Jersey, whilst Pennsylvania remained stable.  

Gross benefit margin for the second one quarter of 2025 was once 51.1%, as in comparison to 49.6% for the second one quarter of 2024, pushed by way of persisted sturdy efficiency in each New Jersey and Maryland.

Basic and administrative (G&A) bills for the second one quarter of 2025 have been $21 million, and 32.3% of income, in comparison to $22.6 million, and 33.7% of income, in the second one quarter of 2024.

GAAP web loss from proceeding operations for the second one quarter of 2025 was once $6.4 million, in comparison to a web lack of $6.3 million in the second one quarter of 2024.

Adjusted EBITDA from proceeding operations for the second one quarter of 2025 was once $16 million, or 24.6% of income, in comparison to adjusted EBITDA from proceeding operations of $17.3 million for the second one quarter of 2024, or 25.7% of income.

Stability Sheet and Money Waft

Money and money equivalents have been $26.7 million as of June 30, 2025. Internet money equipped by way of proceeding operations was once $7.3 million in the second one quarter of 2025, in comparison to $16.7 million in the second one quarter of 2024, which integrated an $8.4 million tax refund. This represents the corporate’s twelfth consecutive quarter of sure money drift from proceeding operations.

Capex spending was once $2.3 million in the second one quarter of 2025, basically associated with expansions on the corporate’s Maryland and New Jersey amenities. The 50% enlargement of cultivation in Maryland was once finished in April, with the primary harvest happening in June. Additionally, the expanded edibles manufacturing and greenhouse enlargement in New Jersey have been each finished in the second one quarter of 2025. Loose money drift was once $5 million in the second one quarter of 2025, in comparison to $14.8 million in the second one quarter of 2024, which integrated an $8.4 million tax refund, representing the corporate’s 8th consecutive quarter of sure loose money drift.

All the way through the quarter, the corporate dispensed $1.3 million to its New Jersey minority companions and paid down $0.5 million of debt.

Next to quarter finish, the corporate closed on an upsized senior secured syndicated time period mortgage of $79 million, $68 million of which was once used to retire current indebtedness throughout different lenders, with the remaining designated for long run enlargement projects. As a part of this transaction, an extra uncommitted time period mortgage facility in an mixture important quantity of as much as $35 million shall be to be had for long run M&A. This transaction extends all senior secured debt maturities till overdue 2028. It additionally supplies additional monetary flexibility to execute at the corporate’s enlargement technique, together with natural enlargement projects and strategic M&A.

As of June 30, 2025, there have been roughly 381 million fundamental stocks of the corporate issued and remarkable, together with 306 million commonplace stocks, 11 million most well-liked stocks as transformed, and 63 million exchangeable stocks. Moreover, there have been 38 million warrants and choices remarkable at a weighted reasonable worth of $3.77.

[PRESS RELEASE] – TORONTO, Aug. 7, 2025 – TerrAscend Corp., a number one North American hashish corporate, reported its monetary effects for the second one quarter ended June 30, 2025. All quantities are expressed in U.S. greenbacks and are ready beneath U.S. in most cases accredited accounting rules (GAAP), except indicated in a different way.

The next monetary measures are reported as effects from proceeding operations except in a different way famous, because of the corporate’s up to now mentioned aim to promote all of its Michigan property, which can be reported as discontinued operations efficient as of the second one quarter ended June 30, 2025. All ancient classes were restated accordingly.

2d Quarter 2025 Monetary Highlights

• Internet income was once $65 million, in comparison to $67.2 million in Q2 2024.
• Gross benefit margin was once 51.1%, in comparison to 49.6% in Q2 2024.
• GAAP web loss from proceeding operations was once $6.4 million, in comparison to a web lack of $6.3 million in Q2 2024.
• EBITDA from proceeding operations¹ was once $15.9 million, in comparison to $15.4 million in Q2 2024.
• Adjusted EBITDA from proceeding operations¹ was once $16 million, in comparison to $17.3 million in Q2 2024.
• Adjusted EBITDA margin from proceeding operations¹ was once 24.6%, in comparison to 25.7% in Q2 2024.
• Internet money equipped from proceeding operations was once $7.3 million, in comparison to $16.7 million in Q2 2024, which integrated an $8.4 million tax refund.
• Loose Money Flow¹ was once $5 million, in comparison to $14.8 million in Q2 2024, which integrated an $8.4 million tax refund.

“In the second one quarter of 2025, we made the verdict to go out the Michigan marketplace, to scale back current debt and permit concentrated enlargement and progressed profitability in core markets,” TerrAscend Government Chairman Jason Wild mentioned. “Adjusted EBITDA from proceeding operations totaled $16 million with adjusted EBITDA margin of 24.6%. The second one quarter marked our twelfth consecutive quarter of sure money drift from proceeding operations and 8th consecutive quarter of sure loose money drift. Constant efficiency in our 3 Northeast markets of New Jersey, Maryland and Pennsylvania have been the important thing drivers of those effects. In New Jersey we maintained our marketplace management place, in Maryland we’re on a $75 million income run price with gross margins within the prime 50’s, and in Pennsylvania our retail and wholesale income grew sequentially as we transfer in opposition to doable adult-use within the state.”

Wild mentioned, “At the M&A entrance, we introduced a definitive settlement in early Might to obtain Union Kick back dispensary in New Jersey, a well-situated dispensary with restricted pageant inside of a 10-mile radius, which is able to convey our general dispensaries within the state to 4 upon regulatory approval. In a while thereafter, we closed at the Ratio Hashish acquisition, our first dispensary in Ohio, a just lately transformed, nonetheless nascent adult-use state. Next to the tip of the quarter, we finished a $79 million non-dilutive senior secured syndicated time period mortgage, which supplies get entry to to an extra uncommitted time period mortgage facility of as much as $35 million for strategic M&A and extends all senior secured debt maturities till overdue 2028. Our trade is robust, and our self belief stays prime as we proceed to paintings in opposition to additional operational efficiencies, increasing our core trade, and extra accretive acquisitions in key markets.”

Monetary Abstract Q2 2025 and Comparative Classes

2d Quarter 2025 Trade and Operational Highlights

• Introduced determination to go out the Michigan marketplace, with plans to promote considerably all Michigan property in the second one part of 2025 and use the online proceeds to pay down current debt.
• Accomplished twelfth consecutive quarter of sure money drift from proceeding operations and 8th consecutive quarter of sure loose money drift.
• Maintained a management place in New Jersey with all 3 Apothecarium retail places score within the best 15 out of over 220 dispensaries statewide in general devices offered.²
• Phillipsburg, N.J., dispensary ranked No. 3 within the state in unit gross sales and No. 2 in income.²
• Finished enlargement of cultivation and production functions at New Jersey facility.
• Expanded cultivation capability by way of 50% at Maryland facility, with first harvest finished in June.
• Retail income higher quarter-over-quarter throughout all markets.
• Pennsylvania income grew 6.9% quarter-over-quarter.
• Repurchased 535,000 stocks at a weighted reasonable worth of USD$0.29 in step with percentage all over the quarter as a part of the $10 million percentage repurchase program initiated in August of 2024.
• Closed on acquisition of Ratio Hashish, a well-situated and successful dispensary in Ohio.
• Signed definitive settlement to obtain Union Kick back, an $11 million income run price dispensary in New Jersey, which, upon last, will convey TerrAscend’s general choice of dispensaries to 4 within the state.

Next Occasions

• Closed on $79 million non-dilutive refinancing extending all senior secured debt maturities till overdue 2028, with an extra uncommitted time period mortgage facility offering as much as $35 million for strategic M&A.

1. EBITDA from proceeding operations, Adjusted EBITDA from proceeding operations, Adjusted EBITDA margin from proceeding operations, and Loose Money Waft are non-GAAP measures outlined within the segment titled “Definition and Reconciliation of Non-GAAP Measures” within the corporate’s press unencumber, and reconciled to essentially the most immediately related GAAP measure, on the finish of the discharge.   
2. Consistent with LIT Indicators.

2d Quarter 2025 Monetary Effects

Internet income from proceeding operations for the second one quarter of 2025 was once $65 million, in comparison to $67.2 million for the second one quarter of 2024, representing a slight lower year-over-year and consistent with the corporate’s expectancies as communicated on final quarter’s profits convention name.

Retail income higher 1% year-over-year. The rise in retail income was once pushed by way of a partial quarter of gross sales from the hot Ratio acquisition in Ohio, which was once offset by way of worth compression within the New Jersey marketplace. Wholesale income declined 10.8% year-over-year. Wholesale enlargement in Maryland was once offset by way of a decline in New Jersey, whilst Pennsylvania remained stable.  

Gross benefit margin for the second one quarter of 2025 was once 51.1%, as in comparison to 49.6% for the second one quarter of 2024, pushed by way of persisted sturdy efficiency in each New Jersey and Maryland.

Basic and administrative (G&A) bills for the second one quarter of 2025 have been $21 million, and 32.3% of income, in comparison to $22.6 million, and 33.7% of income, in the second one quarter of 2024.

GAAP web loss from proceeding operations for the second one quarter of 2025 was once $6.4 million, in comparison to a web lack of $6.3 million in the second one quarter of 2024.

Adjusted EBITDA from proceeding operations for the second one quarter of 2025 was once $16 million, or 24.6% of income, in comparison to adjusted EBITDA from proceeding operations of $17.3 million for the second one quarter of 2024, or 25.7% of income.

Stability Sheet and Money Waft

Money and money equivalents have been $26.7 million as of June 30, 2025. Internet money equipped by way of proceeding operations was once $7.3 million in the second one quarter of 2025, in comparison to $16.7 million in the second one quarter of 2024, which integrated an $8.4 million tax refund. This represents the corporate’s twelfth consecutive quarter of sure money drift from proceeding operations.

Capex spending was once $2.3 million in the second one quarter of 2025, basically associated with expansions on the corporate’s Maryland and New Jersey amenities. The 50% enlargement of cultivation in Maryland was once finished in April, with the primary harvest happening in June. Additionally, the expanded edibles manufacturing and greenhouse enlargement in New Jersey have been each finished in the second one quarter of 2025. Loose money drift was once $5 million in the second one quarter of 2025, in comparison to $14.8 million in the second one quarter of 2024, which integrated an $8.4 million tax refund, representing the corporate’s 8th consecutive quarter of sure loose money drift.

All the way through the quarter, the corporate dispensed $1.3 million to its New Jersey minority companions and paid down $0.5 million of debt.

Next to quarter finish, the corporate closed on an upsized senior secured syndicated time period mortgage of $79 million, $68 million of which was once used to retire current indebtedness throughout different lenders, with the remaining designated for long run enlargement projects. As a part of this transaction, an extra uncommitted time period mortgage facility in an mixture important quantity of as much as $35 million shall be to be had for long run M&A. This transaction extends all senior secured debt maturities till overdue 2028. It additionally supplies additional monetary flexibility to execute at the corporate’s enlargement technique, together with natural enlargement projects and strategic M&A.

As of June 30, 2025, there have been roughly 381 million fundamental stocks of the corporate issued and remarkable, together with 306 million commonplace stocks, 11 million most well-liked stocks as transformed, and 63 million exchangeable stocks. Moreover, there have been 38 million warrants and choices remarkable at a weighted reasonable worth of $3.77.