Slide 1: 2025 Third Quarter Financial Results
2025 Third Quarter Financial Results November 6, 2025 Terrascend.com TSX: TSND | OTCQX: TSNDF
Slide 2: Executive Leadership Speakers
Executive Leadership Speakers Jason Wild Ziad Ghanem Alisa Campbell Executive Chairman President & Interim Chief Financial Officer Chief Executive Officer p. 2
Slide 3: Disclaimer – Forward-Looking Information
Disclaimer Forward-Looking Information This presentation contains “forward-looking information” within the meaning of applicable securities laws, including the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of
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 financial results that differ from what is reported under GAAP. Non-GAAP
Slide 5: Overview
Overview Jason Wild, Executive Chairman terrascend.com
Slide 6: Q3 2025 Financial Highlights
Q3 2025 Financial Highlights Key Drivers: Consistent Performance in Northeast Markets of NJ, MD, and PA $65.1 M $3.4 M Net Revenue from Decrease in G&A $7.1 M Positive Net Cash Provided continuing operations Expenses from Continuing Operations Representing 13th 52.1% $17.0 M Consecutive Positive Gro
Slide 7: Pursuit of Accretive M&A
Pursuit of Accretive M&A Signed Definitive Agreement to Expand Retail Footprint in NJ • Working towards Union Chill dispensary closing, which will bring total number of dispensaries in the state to 4, subject to regulatory approval. • Union Chill currently generates more than $11 million in annualiz
Slide 8: Completed $79 Million Non-Dilutive Debt Financing
Completed $79 Million Non-Dilutive Debt Financing • Closed on an upsized senior secured syndicated term loan. • Majority used to retire existing debt, with remainder designated for future growth initiatives. • Executed additional uncommitted term loan of up to $35 million for strategic M&A. • Extend
Slide 9: Closely Monitoring Regulatory Reform Developments at Federal and State Levels
Closely Monitoring Regulatory Reform Developments at Federal and State Levels • Potential for reform under the Trump administration. • Have operated and will continue to operate business independent of federal reform. • In PA, continue to see support for possible passage of adult-use bill. • TerrAsc
Slide 10: State-by-State Overview
State-by-State Overview Ziad Ghanem, President & Chief Executive Officer terrascend.com
Slide 11: New Jersey
New Jersey Leading Market 3Q ’25 Highlights Share • TerrAscend continued to maintain a leadership position in the state, according to BDSA. • Retail and Wholesale revenue remained stable quarter-over-quarter. Lodi (Dispensary) • All three Apothecarium retail locations in New Jersey rank in the top 1
Slide 12: Maryland
Maryland 3Q ’25 Highlights • Another record revenue quarter in Q3, outperforming the market’s 2% decline in sales in the state, according to BDSA. • Achieved gross margins in the high 50s due to verticality and increased efficiencies. Burtonsville • Hagerstown facility expansion driving gains in (Di
Slide 13: Pennsylvania
Pennsylvania 3Q ’25 Highlights • Four of six Apothecarium stores ranked in the top 10 of all dispensaries across the state. • TerrAscend market share is approximately 5% of total PA cannabis revenue, per BDSA. • Vape sales grew 11% quarter-over-quarter and Ilera branded tinctures consistently rank a
Slide 14: Ohio Entrance / Michigan Exit
Ohio Entrance / Michigan Exit 3Q ’25 Highlights • Q3 marked the first full quarter of revenue contribution from Ratio Cannabis in Ohio, which is now fully integrated in existing operations. • Goal in Ohio is to assemble a leading retail footprint by acquiring high-quality stores at the right price,
Slide 15: Financial Overview
Financial Overview* Alisa Campbell, Interim Chief Financial Officer * The following financial measures are reported as results from continuing operations unless otherwise noted, due to the Company’s previously stated intention to sell all of its Michigan assets, which are reported as discontinued op
Slide 16: Third Quarter 2025 Net Revenue
Third ThirdQuarter Quarter2025 2023Net Revenue Financial Results Net Revenue from continuing operations (in millions, US$) Wholesale Retail $65.2 $65.0 $65.1 • Revenue: $65.1 million compared to $65.0 million in Q2 2025 and $65.2 million in Q3 2024 . $22.7 $21.3 $21.1 • Slight decrease year-over-yea
Slide 17: Third Quarter 2025 Gross Profit Margin
Third Quarter 2025 Gross Profit Margin Gross Profit Margin +110 bps • Gross Profit Margin: Increased to YoY 52.1% versus 51.0% in Q3 2024. 52.1% • Year-over-year, gross profit improved by110 basis-points 51.0% Q3 2024 Q3 2025 p. 17
Slide 18: Third Quarter 2025 General & Administrative Expenses
Third Quarter General 2025 General &Expenses* & Administrative Administrative (G&A) Expenses G&A Expense Reduction Reflects Ongoing Initiatives to Optimize G&A Expenses General & Administrative Expenses • G&A expenses for Q3 2025, $21.3 million, (in millions, US$) compared to $24.7 million in Q3 202
Slide 19: Third Quarter 2025 Net Loss and Adjusted EBITDA
Third Quarter 2025 Net Loss and Adjusted EBITDA* GAAP Net Loss Adj EBITDA* from continuing operations (in millions, US$) from continuing operations (in millions, US$) -$6.4 -$9.9 -$15.8 $16.9 $16.0 $17.0 Q3 2024 Q2 2025 Q3 2025 Q3 2024 Q2 2025 Q3 2025 25.9% 24.6% 26.1% of Revenue of Revenue of Reven
Slide 20: Balance Sheet, Cash Flow & Stock Repurchase Program
Balance Sheet, Cash Flow & Stock Repurchase Program • Cash and cash equivalents: • $79 million non-dilutive upsizing to term • $36.6 million (9/30/25) loan: • Majority used to retire existing debt, remainder • Q3 2025 net cash provided by continuing designated for future growth initiatives operation
Slide 21: Fourth Quarter 2025 Expectations
Fourth Quarter 2025 Expectations • Revenue and gross margin expected to be similar to Q2 and Q3 of 2025. p. 21
Slide 22: Thank You
Thank You terrascend.com
Slide 23: Appendix – Reconciliation of Non-GAAP Measures
Appendix – Reconciliation of Non-GAAP Measures The table below reconciles net loss to EBITDA and Adjusted EBITDA for the quarters ended September 30, 2025 and September 30, 2024. For the Three Months Ended September 30, 2025 June 30, 2025 September 30, 2024 Net loss (24,554) (48,107) (21,419) Loss f
Slide 24: Appendix – Reconciliation of Non-GAAP Measures
Appendix – Reconciliation of Non-GAAP Measures The table below reconciles Net cash provided by operating activities from continuing operations to Free Cash Flow for the quarters ended September 30, 2025 and September 30, 2024. For the Three Months Ended September 30, 2025 June 30, 2025 September 30,