Slide 1: 2025 Second Quarter Financial Results
2025 Second Quarter Financial Results August 7, 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: Decision to Exit Michigan Market
Decision to Exit Michigan Market • Determined resources can be better utilized in other geographies. • Plan to sell all of Michigan assets, with the net proceeds used to pay down existing debt. • Exit will enhance financial profile, as demonstrated in the strong financial results from continuing ope
Slide 7: Q2 2025 Financial Highlights
Q2 2025 Financial Highlights Key Drivers: Solid performance in three Northeast markets of NJ, MD, and PA $65.0 M $1.6 M Net Revenue from Decrease in G&A $7.3 M Positive Net Cash provided continuing operations Expenses from continuing operations representing 12th 51.1% $16 M Consecutive Positive Gros
Slide 8: Pursuit of Accretive M&A
Pursuit of Accretive M&A Signed definitive agreement to expand retail footprint in NJ • Announced a definitive agreement to purchase Union Chill dispensary, which will bring total number of dispensaries in the state to 4, subject to regulatory approval. • Generating more than $11 million in annualiz
Slide 9: Entrance into Ohio
Entrance into Ohio • Closed on Ratio Cannabis acquisition in May, first dispensary in Ohio, a recently converted, still nascent adult-use state. • No competition within a 20-mile radius. • Goal in Ohio is to assemble a leading retail footprint by acquiring high-quality stores, at the right price. Di
Slide 10: Completed $79 Million Non-Dilutive Debt Financing
Completed $79 Million Non-Dilutive Debt Financing • Closed on an upsized senior secured syndicated term loan. • $68 million used to retire existing debt, with remainder designated for future growth initiatives. • Uncommitted term loan of up to an additional $35 million for strategic M&A. • Extends m
Slide 11: Closely Monitoring Regulatory Reform Developments at Federal and State Levels
Closely Monitoring Regulatory Reform Developments at Federal and State Levels • Federal regulatory environment seems to be showing some positive movement. • Strategy remains to operate business independent of reform. • In PA, continue to see support for possible passage of AU bill; TerrAscend will b
Slide 12: State-by-State Overview
State-by-State Overview Ziad Ghanem, President & Chief Executive Officer terrascend.com
Slide 13: New Jersey
Leading New Jersey Market 2Q ’25 Highlights Share • According to LIT Alerts*, TerrAscend continued to maintain a leadership position in the state. • All three Apothecarium retail locations in New Jersey rank in the top 15 out of over 220 dispensaries, Lodi (Dispensary) according to LIT Alerts*. Phil
Slide 14: Maryland
Maryland 2Q ’25 Highlights • Retail revenue increased quarter-over- quarter while wholesale revenue remained steady. • Total revenue across both channels increased sequentially for the 6th consecutive quarter to an annual run rate Burtonsville of $75 million. (Dispensary) Nottingham • Achieved gross
Slide 15: Pennsylvania
Pennsylvania 2Q ’25 Highlights • Total revenue grew 6.9% quarter-over- quarter. • Wholesale revenue increased 13.2% sequentially; retail revenue up 5.3% sequentially, driven by Kind Tree brand, concentrates and edibles. • Fully built out large scale cultivation and Processing) manufacturing facility
Slide 16: Exit Michigan / Ohio Entrance
Exit Michigan / Ohio Entrance 2Q ’25 Highlights • Made decision to exit the Michigan market to unlock value and focus on core Northeastern U.S. markets. • Recent entry into Ohio with the closing of Ratio Cannabis acquisition, a well-situated and profitable dispensary. • Fully integrating this dispen
Slide 17: Financial Overview
Financial Overview* Alisa Campbell, Interim Chief Financial Officer * The following financial measures are reported as results from continuing operations unless otherwise noted, due to the Company’s previously stated intention to sell all of its Michigan assets, which are reported as discontinued op
Slide 18: Second Quarter Net Revenue
Second Quarter Third Quarter 2025 2023 Net Revenue Financial Results Slight decrease year-over-year as expected Net Revenue from continuing operations (in millions, US$) • Revenue: $65.0 million versus $67.2 million in Q2 2024. Wholesale Retail $67.2 $65.0 • Slight decrease year-over-year and in lin
Slide 19: Second Quarter 2025 Gross Profit Margin
Second Quarter 2025 Gross Profit Margin Gross Profit Margin • Gross Profit Margin: 51.1% versus 49.6% in Q2 2024. +150 bps • Year-over-year 150 basis-point YoY expansion was driven by continued strong performance in 51.1% both New Jersey and Maryland. 49.6% Q2 2024 Q2 2025 p. 19
Slide 20: General & Administrative Expenses
Second GeneralQuarter 2025 General & Administrative & Administrative (G&A) Expenses Expenses* Continued G&A expense reduction reflects ongoing initiatives to optimize G&A expenses General & Administrative Expenses • G&A expenses for Q2 2025, $21.0 million, (in millions, US$) compared to $22.6 millio
Slide 21: Second Quarter 2025 Net Loss and Adjusted EBITDA
Second Quarter 2025 Net Loss and Adjusted EBITDA* GAAP Net Loss Adj EBITDA* from continuing operations (in millions, US$) from continuing operations (in millions, US$) -$6.3 -$6.4 $17.3 Q2 2024 Q2 2025 $16.0 Q2 2024 Q2 2025 25.7% 24.6% of Revenue of Revenue GAAP Net Loss from continuing operations :
Slide 22: Balance Sheet, Cash Flow & Stock Repurchase Program
Balance Sheet, Cash Flow & Stock Repurchase Program • Cash and cash equivalents: • Other payments: • $26.7 million (6/30/25) • $1.3 million of distributions to NJ minority partners • Q2 2025 net cash provided by continuing • Paid down $0.5 million in debt operations: • $7.3 million, representing 12t
Slide 23: Third Quarter 2025 Expectations
Third Quarter 2025 Expectations • Revenue flat to up low single digits sequentially. • Gross margin to be slightly higher sequentially. • Further G&A expense reduction quarter-over-quarter. • Continue to realize G&A savings. p. 23
Slide 24: Thank You
Thank You terrascend.com
Slide 25: 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 June 30, 2025 and June 30, 2024. For the Three Months Ended June 30, 2025 June 30, 2024 Net loss (48,107 ) (6,237 ) Loss from discontinued operations 41,701 (48 ) L
Slide 26: 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 June 30, 2025 and June 30, 2024. p. 26