Terrascend Corp. · TSX:TSND
Terrascend — Q2 2026 Earnings Presentation
25 slides from Terrascend's earnings presentation, Aug 6, 2026
Slide 1: 2026 Second Quarter Financial Results
2026 Second Quarter Financial Results August 6, 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: 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: Q2 2026 Financial Highlights
Q2 2026 Financial Highlights $67.1 M 54.0% $7.4 M Net Revenue from Gross Profit Margin Positive Net Cash Provided continuing operations from Continuing Operations Representing 16th Consecutive Positive Quarter $17.7 M +120 Adjusted EBITDA from Basis Points QoQ continuing operations* $5.7 M Positive
Slide 7: Strengthened Balance Sheet
Strengthened Balance Sheet • Completed oversubscribed convertible debenture financing. • Raised approximately $21.8 million in aggregate gross proceeds. • Approximately $11.1 million used to retire existing higher-interest convertible debentures, which reduced blended interest cost and extended the
Slide 8: Regulatory Reform Developments at Federal and State Levels
Regulatory Reform Developments at Federal and State Levels • Rescheduling state-licensed medical cannabis to Schedule III represents a monumental inflection point. Immediate impact: • Elimination of 280E tax burden on medical cannabis. • Expected to materially improve profitability and cash flow • E
Slide 9: State-by-State Overview
State-by-State Overview Ziad Ghanem, President & Chief Executive Officer terrascend.com
Slide 10: New Jersey Leading Market
New Jersey Leading Market 2Q ’26 Highlights Share • Revenue +1.7% sequentially, led by continued strength in retail business, wholesale revenue remained essentially flat QoQ. • Gross margins of 58.4%, reflecting the benefits of Lodi vertically integrated operating model. (Dispensary) • All 3 Apothec
Slide 11: Pursuit of Accretive M&A
Pursuit of Accretive M&A • Signed an agreement to acquire ownership in Aunt Mary’s Dispensary in New Jersey, which will become the Company’s fifth dispensary in the state. • In the current environment, the Company is evaluating attractive assets, including distressed assets, particularly in core mar
Slide 12: Maryland
Maryland 2Q ’26 Highlights • Revenue and gross margin improved sequentially. • Gross margins exceeded 60%. • 2 of 4 Apothecarium stores rank in the top 10 statewide*. Burtonsville • Kind Tree, Legend, Valhalla and Tyson 2.0 (Dispensary) contributing to growth in the quarter**. Nottingham Cumberland
Slide 13: Pennsylvania
Pennsylvania 2Q ’26 Highlights • Revenue increased 3.8% sequentially, driven by growth across both our retail and wholesale businesses. • Marked third consecutive quarter of sequential revenue growth and made Pennsylvania the Company’s fastest- growing core market during the quarter. • 5 of 6 Apothe
Slide 14: Ohio
Ohio 2Q ’26 Highlights • Ratio Cannabis 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. New Philadelphia (Dispensary) p. 14
Slide 15: 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 16: Second Quarter 2026 Net Revenue
Second Quarter 2026 Net Revenue Net Revenue from continuing operations (in millions, US$) Wholesale Retail $67.1 • Revenue: $67.1 million compared to $65.5 million $65.5 in Q1 2026. $19.1 $20.2 • Retail and wholesale revenue both increased sequentially, reflecting broad-based demand across core Nort
Slide 17: Second Quarter 2026 Gross Profit Margin
Second Quarter 2026 Gross Profit Margin Gross Profit Margin • Gross Profit Margin: Increased to 54.0% versus 52.8% in Q1 2026. +120 bps 54.0% QoQ • Quarter-over-quarter, gross profit improved by 120 basis-points. 52.8% Q1 2026 Q2 2026 p. 17
Slide 18: Second Quarter 2026 General & Administrative Expenses
Second GeneralQuarter 2026 GeneralExpenses* & Administrative & Administrative IF (G&A) Expenses General & Administrative Expenses (in millions, US$) • G&A expenses for Q2 2026, $22.9 million, compared to $21.5 million in Q1 2026. • G&A as a % of net revenue for Q2 2026, 34.0%, $22.9 $21.5 compared t
Slide 19: Second Quarter 2026 Net Loss and Adjusted EBITDA
Second Quarter 2026 Net Loss and Adjusted EBITDA* GAAP Net Loss Adj EBITDA* from continuing operations (in millions, US$) from continuing operations (in millions, US$) -$6.4 -$6.8 -$10.1 $17.7 $17.4 $16.0 Q2 2025 Q1 2026 Q2 2026 Q2 2025 Q1 2026 Q2 2026 24.6% 26.5% 26.3% of Revenue of Revenue of Reve
Slide 20: Balance Sheet & Cash Flow
Balance Sheet & Cash Flow • Cash and cash equivalents: Net Cash Provided by Continuing • $42.0 million (6/30/26). Operations & Free Cash Flow* • Net cash provided by continuing operations: $10.0 • $7.4 million for Q2 2026. $9.0 • Operating Cash Flow Yield of 12.5%**. $8.0 • 16th consecutive quarter
Slide 21: Third Quarter 2026 Expectations
Third Quarter 2026 Expectations • Similar to Q2, we expect Q3 year-over-year revenue growth of 2% to 3%. • We also expect consistent strong gross margin performance. 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 from continuing operations to EBITDA from continuing operations and Adjusted EBITDA from continuing operations for the quarters ended June 30, 2026, March 31, 206 and June 30, 2025. For the Three Months Ended June 30,
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 for the quarters ended June 30, 2026, March 31, 2026 and June 30, 2025. For the Three Months Ended June 30, 2026 March 31, 2026 June 30, 2025
Slide 25: 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 June 30, 2026. Trailing Twelve Months Ended June 30, 2026 Net cash provided by operating activities $ 31,484 Capital expenditur