Terrascend Corp. · TSX:TSND
Terrascend — Q1 2026 Earnings Presentation
24 slides from Terrascend's earnings presentation, May 7, 2026
Slide 1: 2026 First Quarter Financial Results
2026 First Quarter Financial Results May 7, 2026 Terrascend.com TSX: TSND | OTCQX: TSNDF
Slide 2: Executive Leadership Speakers
Executive Leadership Speakers Jason Wild Ziad Ghanem Eric Jackson Alisa Campbell Executive Chairman President & Chief Financial Officer Senior Vice President, Finance 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, “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the S
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: Regulatory Reform Developments at Federal and State Levels
Regulatory Reform Developments at Federal and State Levels • The U.S. Department of Justice announced the reclassification of state-licensed medical cannabis to Schedule III, eliminating the 280E tax burden on medical cannabis. • Expect this move to enhance profitability, further strengthen the Comp
Slide 7: Q1 2026 Financial Highlights
Q1 2026 Financial Highlights $65.5 M $17.4 M $8.7 M Net Revenue from Adjusted EBITDA from Positive Net Cash Provided continuing operations continuing operations* from Continuing Operations Representing 15th Consecutive Positive 52.8% 26.5% Quarter Gross Profit Margin Adjusted EBITDA Margin from cont
Slide 8: Pursuit of Accretive M&A
Pursuit of Accretive M&A Focused on transactions that are accretive and aligned with the Company’s long-term investment strategy. • Fully integrated Union Chill into New Jersey operations, bringing total number of dispensaries in the state to 4. • In the current environment, the Company is evaluatin
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 1Q ’26 Highlights Share • Completed Union Chill transaction in January 2026. TerrAscend is currently the highest grossing retailer, based on size of retail footprint in the state. • Overall revenue improved during the quarter, including Lodi a full quarter of revenue from U
Slide 11: Maryland
Maryland 1Q ’26 Highlights • Generating approximately $75 million in run rate revenue. • Gross margins remain strong in the high 50’s. • Hagerstown facility expansion driving improved flower output and operating Burtonsville leverage. (Dispensary) Nottingham • Two of four Apothecarium stores rank in
Slide 12: Pennsylvania
Pennsylvania 1Q ’26 Highlights • Generated year-over-year revenue growth for the fourth consecutive quarter. • Launched Tyson 2.0 in Pennsylvania. • Five of six Apothecarium stores ranked in the top 15 of all dispensaries in the state*. • Kind Tree and Legend saw double-digit growth quarter over qua
Slide 13: Ohio Entrance / Michigan Exit
Ohio Entrance / Michigan Exit 1Q ’26 Highlights • Ratio Cannabis in Ohio is fully integrated in existing operations and performing well. • Goal in Ohio is to assemble a leading retail footprint by acquiring high-quality stores at the right price, as we did in Maryland. • Completed the sale of a majo
Slide 14: Financial Overview
Financial Overview* Alisa Campbell, Senior Vice President, Finance * The following financial measures reflect results from continuing operations, unless otherwise noted. In connection with the Company’s previously announced plan to sell all Michigan assets, those assets were classified as discontinu
Slide 15: First Quarter 2026 Net Revenue
First Third Quarter Quarter2026 2023Net Revenue Financial Results Net Revenue from continuing operations (in millions, US$) Wholesale Retail $66.1 $65.5 • Revenue: $65.5 million compared to $66.1 million in Q4 2025. $21.7 $19.1 • Retail revenue increased sequentially, while wholesale revenue decline
Slide 16: First Quarter 2026 Gross Profit Margin
First Quarter 2026 Gross Profit Margin Gross Profit Margin • Gross Profit Margin: Increased to 52.8% versus 52.1% in Q4 2025. +70 bps 52.8% QoQ • Quarter-over-quarter, gross profit improved by 70 basis-points. 52.1% Q4 2025 Q1 2026 p. 16
Slide 17: General & Administrative Expenses
First Quarter General 2026 General & Administrative & Administrative Expenses* IF (G&A) Expenses General & Administrative Expenses (in millions, US$) • G&A expenses for Q1 2026, $21.5 million, compared to $22.8 million in Q4 2025. -$1.3 M QoQ • G&A as a % of net revenue for Q1 2026, 32.8%, $22.8 $21
Slide 18: First Quarter 2026 Net Loss and Adjusted EBITDA
First Quarter 2026 Net Loss and Adjusted EBITDA* GAAP Net Loss Adj EBITDA* from continuing operations (in millions, US$) from continuing operations (in millions, US$) -$0.5 -$6.8 $16.7 $17.4 Q4 2025 Q1 2026 Q4 2025 Q1 2026 25.2% 26.5% of Revenue of Revenue GAAP Net Loss from continuing operations :
Slide 19: Balance Sheet & Cash Flow
Balance Sheet & Cash Flow • Cash and cash equivalents: Net Cash Provided by • $39.1 million (3/31/26). Continuing Operations & Free Cash Flow* • Net cash provided by continuing operations: $10.0 • $8.7 million for Q1 2026. $9.0 • Operating Cash Flow Yield of 13.3%** $8.0 • 15th consecutive quarter o
Slide 20: Second Quarter 2026 Expectations
Second Quarter 2026 Expectations • Similar to Q1, we expect Q2 year over year revenue growth of between 2 to 3%. We also expect consistent strong gross margin performance. • We anticipate continued positive operating cash flow and disciplined capital deployment. 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 continuing operations to EBITDA from continuing operations and Adjusted EBITDA from continuing operations for the quarters ended March 31, 2026 and December 31, 2025. For the Three Months Ended March 31, 2026 Dec
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 March 31, 2026 and December 31, 2025. For the Three Months Ended March 31, 2026 December 31, 2025 Net cash provided by
Slide 24: 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 Yield for trailing twelve months ended March 31, 2026. Trailing Twelve Months Ended March 31, 2026 Net cash provided by operating activities -