Terrascend Corp. · TSX:TSND
Terrascend — Q4 2025 Earnings Presentation
25 slides from Terrascend's earnings presentation, Mar 12, 2026
Slide 1: 2025 Fourth Quarter and Full Year Financial Results
2025 Fourth Quarter and Full Year Financial Results March 12, 2026 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: FY and Q4 2025 Financial Highlights
FY and Q4 2025 Financial Highlights Full Year 2025 Q4 2025 Net Cash Provided from $260.6 M $66.1 M Continuing Operations: Net Revenue from Net Revenue from continuing operations continuing operations $8.3 M (Q4 2025) & $33.9 M (FY 2025) 52.3% 52.1% Gross Profit Margin Gross Profit Margin 14th Consec
Slide 7: 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. • Extends
Slide 8: Pursuit of Accretive M&A
Pursuit of Accretive M&A Focused on transactions that are accretive and aligned with our long-term investment strategy. • Completed Union Chill transaction, bringing total number of dispensaries in New Jersey to 4. • Entered Ohio market with acquisition of Ratio Cannabis. • In the current environmen
Slide 9: Closely Monitoring Regulatory Reform Developments at Federal and State Levels
Closely Monitoring Regulatory Reform Developments at Federal and State Levels • Have operated and will continue to operate our business independent of federal reform. • White House issued an executive order directing federal agencies to expedite the rescheduling process for marijuana and enhance fed
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 4Q ’25 Highlights Share • Completed Union Chill transaction in January 2026, entering 2026 as the highest grossing retailer in the state. • Retail revenue increased while wholesale revenue Lodi decreased, due to price compression. (Dispensary) • All three Apothecarium retai
Slide 12: Maryland
Maryland 4Q ’25 Highlights • Currently on an approximate $75 million annual run rate. • Gross margins improved this quarter to nearly 60%, due to verticality and increased efficiencies. Burtonsville • Hagerstown facility expansion driving (Dispensary) improved flower output and operating Nottingham
Slide 13: Pennsylvania
Pennsylvania 4Q ’25 Highlights • Net revenue increased 8% sequentially. • Three Apothecarium stores ranked in the top 10 of all dispensaries across the state with additional stores in the top 30*. • TerrAscend market share is approximately 5% of total PA cannabis revenue*. • Legend flower sales grew
Slide 14: Ohio Entrance / Michigan Exit
Ohio Entrance / Michigan Exit 4Q ’25 Highlights • Ratio Cannabis in Ohio is fully integrated in existing operations and performing well. • Goal in Ohio is to assemble a leading retail footprint by acquiring high-quality stores at the right price, as we did in Maryland. • Completed the sale of a majo
Slide 15: Financial Overview
Financial Overview* Alisa Campbell, Interim Chief Financial Officer * The following financial measures reflect results from continuing operations, unless otherwise noted. In connection with the Company’s previously announced plan to sell all Michigan assets, those assets were classified as discontin
Slide 16: Full Year 2025 and Fourth Quarter 2025 Net Revenue
2025 ThirdFull Year 2023 Quarter and Fourth Quarter Financial Net Revenue Results Full Year Net Revenue Quarterly Net Revenue from continuing operations (in millions, US$) from continuing operations (in millions, US$) Wholesale Retail Wholesale Retail $268.1 $260.6 $65.1 $66.1 $96.7 $87.6 $21.1 $21.
Slide 17: 2025 Full Year and Fourth Quarter Gross Profit Margin
2025 Full Year and Fourth Quarter Gross Profit Margin Full Year Gross Profit Margin Quarterly Gross Profit Margin +160 bps YoY 52.3% 52.1% 52.1% 50.7% 2024 2025 Q3 2025 Q4 2025 p. 17
Slide 18: General & Administrative Expenses
General General&&Administrative Administrative(G&A) ExpensesIF Expenses* Full Year Quarterly General & Administrative Expenses General & Administrative Expenses (in millions, US$) (in millions, US$) $22.8 $90.6 $86.2 $21.3 2024 2025 Q3 2025 Q4 2025 30.2% 31.2% 30.7% 32.4% of Revenue of Revenue of Re
Slide 19: Net Loss
Net Loss Full Year GAAP Net Loss Quarterly GAAP Net Loss from continuing operations (in millions, US$) from continuing operations (in millions, US$) -$0.5 -$20.9 -$9.9 -$24.5 2024 2025 Q3 2025 Q4 2025 GAAP Net Loss from continuing operations : GAAP Net Loss from continuing operations : • $24.5 milli
Slide 20: Adjusted EBITDA
Adjusted EBITDA* Full Year Adj EBITDA* Quarterly Adj EBITDA* from continuing operations (in millions, US$) from continuing operations (in millions, US$) $70.2 $67.8 $17.0 $16.7 2024 2025 Q3 2025 Q4 2025 26.2% 26.0% 26.1% 25.2% of Revenue of Revenue of Revenue of Revenue Adjusted EBITDA from continui
Slide 21: Balance Sheet, Cash Flow & Stock Repurchase Program
Balance Sheet, Cash Flow & Stock Repurchase Program • Cash and cash equivalents: • $37.4 million (12/31/25). • Net cash provided by continuing operations: • $33.9 million for FY 2025. • $8.3 million for Q4 2025, representing 14th consecutive quarter of positive cash flow from continuing operations.
Slide 22: First Quarter 2026 Expectations
First Quarter 2026 Expectations • Revenue and gross margin expected to be in line with Q4 2025. p. 22
Slide 23: Thank You
Thank You terrascend.com
Slide 24: Appendix – Reconciliation of Non-GAAP Measures
Appendix – Reconciliation of Non-GAAP Measures The table below reconciles net loss from continuing operations to EBITDA from continuing operations and Adjusted EBITDA from continuing operations for the quarters ended December 31, 2025 and September 30, 2025, and the years ended December 31, 2025 and
Slide 25: 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 December 31, 2025 and September 30, 2025 and the years ended December 31, 2025 and December 31, 2024. For the Three Mon