TerrAscend Corp. · TSX:TSND
TerrAscend — Q3 2026 Earnings Presentation
24 slides from TerrAscend's earnings presentation, Nov 5, 2026
Slide 1: 2026 Third Quarter Financial Results
2026 Third Quarter Financial Results November 5, 2026 Terrascend.com TSX: TSND | OTCQX: TSNDF
Slide 2: Executive Leadership Speakers
Executive Leadership Speakers Jason Wild Ziad Ghanem Eric Jackson Executive Chairman President & Chief Financial Officer Chief Executive Officer p. 2
Slide 3: Disclaimer: Forward-Looking Information and Statements
Disclaimer Forward-Looking Information and Statements This presentation contains “forward-looking information” within the meaning of applicable Canadian securities laws and “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of th
Slide 4: Disclaimer: Definition and Reconciliation of Non-GAAP Measures
Disclaimer Definition and Reconciliation of Non-GAAP Measures In addition to reporting the financial results in accordance with generally accepted accounting principles in the United States (“GAAP”), the Company reports certain non-GAAP financial measures, including EBITDA from continuing operations
Slide 5: Overview
Overview Jason Wild, Executive Chairman terrascend.com
Slide 6: Q3 2026 Financial Highlights
Q3 2026 Financial Highlights $68.2 M 52.3% $8.8 M Net Revenue Gross Profit Margin Net Cash Provided from Continuing Operations • 17.7% Operating Cash Flow Yield +5% YoY +20 bps YoY Representing 17th Consecutive Positive Quarter $17.5 M 25.6% $6.1 M Adjusted EBITDA from Adjusted EBITDA Margin Free Ca
Slide 7: Strength Across Vertically Integrated Core Markets
Strength Across Vertically Integrated Core Markets • New Jersey: Closed on Aunt Mary’s in late September, 5th dispensary in the state, generating over US$10M in annualized revenue and immediately accretive on an EBITDA and free cash flow basis. • Maryland: Revenue grew YOY and sequentially while mai
Slide 8: Regulatory Reform Developments at Federal and State Levels
Regulatory Reform Developments at Federal and State Levels • TerrAscend operates the business independent of regulatory reform; successful reform represents upside. • Rescheduling state-licensed medical cannabis to Schedule III represents a monumental inflection point. • As part of the medical resch
Slide 9: State-by-State Overview
State-by-State Overview Ziad Ghanem, President & Chief Executive Officer terrascend.com
Slide 10: New Jersey
New Jersey Leading Market 3Q ’26 Highlights Share • Revenue increased year-over-year led by gains in both sales and market share across key product categories, despite increased retail competition and price compression.* • Completed the acquisition of Aunt Mary’s, 5th dispensary in the state. Lodi (
Slide 11: Maryland
Maryland 3Q ’26 Highlights • Revenue grew year-over-year and with strong gross margins. • Operations are running at an annualized revenue of approximately $75 million, with gross margins in the high 50’s. • Gained market share in the quarter, across all Burtonsville categories, including flower, pre
Slide 12: Pennsylvania
Pennsylvania 3Q ’26 Highlights • Revenue grew 16% year-over-year, driven by 12% same store sales growth and 31% increase in wholesale revenue, while gross margins expanded 800 basis points. • 6th consecutive quarter of sequential retail revenue growth. Pennsylvania was the Company’s fastest-growing
Slide 13: Ohio
Ohio 3Q ’26 Highlights • Sales grew double digits YOY driven by consumers returning to the regulated market following the state's ban on intoxicating hemp products. • Strategy in Ohio remains unchanged: build a scaled, high- quality retail footprint through disciplined, accretive acquisitions. • Act
Slide 14: Financial Overview
Financial Overview * Eric Jackson, Chief Financial Officer * The following financial measures reflect results from continuing operations, unless otherwise noted. In connection with the Company’s previously announced plan to sell all Michigan assets, those assets were classified as discontinued opera
Slide 15: Third Quarter 2026 Net Revenue
Third Quarter 2026 Net Revenue Net Revenue (in millions, US$) $68.2 $65.1 • Revenue: $68.2 million compared to $65.1 million +5% in Q3 2025, representing YoY growth of YoY approximately 5%. Q3 2025 Q3 2026 p. 15
Slide 16: Third Quarter 2026 Gross Profit Margin
Third Quarter 2026 Gross Profit Margin Gross Profit Margin • Gross Profit Margin: Increased to 52.3% versus 52.1% in Q3 2025. +20 bps 52.3% • YOY, gross profit improved by 20 basis-points. YoY 52.1% Q3 2025 Q3 2026 p. 16
Slide 17: Third Quarter 2026 General & Administrative Expenses
Third Quarter General 2026 General & Administrative & Administrative (G&A) Expenses Expenses* General & Administrative Expenses (in millions, US$) • G&A expenses for Q3 2026, $24.0 million, compared to $21.3 million in Q3 2025. $24.0 • G&A as a % of net revenue for Q3 2026, 35.2%, $21.3 compared to
Slide 18: Third Quarter 2026 Net Loss and Adjusted EBITDA
Third Quarter 2026 Net Loss and Adjusted EBITDA* GAAP Net Loss Adj EBITDA* from continuing operations (in millions, US$) from continuing operations (in millions, US$) -$5.5 $17.0 $17.5 -$9.9 Q3 2025 Q3 2026 Q3 2025 Q3 2026 26.1% 25.6% GAAP Net Loss from Continuing Operations: of Revenue of Revenue •
Slide 19: Balance Sheet & Cash Flow
Balance Sheet & Cash Flow • Cash and cash equivalents: Net Cash Provided by Continuing • $42.5 million (9/30/26). Operations & Free Cash Flow* • Net cash provided by continuing operations: $10.0 • $8.8 million for Q3 2026. $9.0 • Operating Cash Flow Yield of 17.7%**. $8.0 • 17th consecutive quarter
Slide 20: Fourth Quarter 2026 Expectations
Fourth Quarter 2026 Expectations • We expect mid-single digit year-over-year revenue growth in Q4 2026. • We also expect consistent strong gross margin performance p. 20
Slide 21: Thank You
Thank You terrascend.com
Slide 22: Appendix – Reconciliation of Non-GAAP Measures
Appendix – Reconciliation of Non-GAAP Measures The table below reconciles net loss from operations to EBITDA from continuing operations and Adjusted EBITDA from continuing operations for the quarters ended September 30, 2026 and September 30, 2025. For the Three Months Ended September 30, 2026 Septe
Slide 23: Appendix – Reconciliation of Non-GAAP Measures
Appendix – Reconciliation of Non-GAAP Measures The table below reconciles Net cash provided by operating activities - continuing operations to Free Cash Flow for the quarters ended September 30, 2026 and September 30, 2025. For the Three Months Ended September 30, 2026 September 30, 2025 Net cash pr
Slide 24: Appendix – Reconciliation of Non-GAAP Measures
Appendix – Reconciliation of Non-GAAP Measures The table below reconciles Net cash provided by operating activities to Free Cash Flow Yield for trailing twelve months ended September 30, 2026. Trailing Twelve Months Ended September 30, 2026 Net cash provided by operating activities - continuing oper