TerrAscend Corp.
0.7150-0.04 (-5.05%)
Oct 28, 4:00:00 PM EDT · OTC Markets OTCQX · TSNDF · USD
Key Stats
Market Cap
263.40MP/E (TTM)
71.50Basic EPS (TTM)
0.01Dividend Yield
0%Recent Filings
10-Q
Q2 FY2025 results
TerrAscend's Q2 revenue dipped 3% y/y to $65.0M while holding steady q/q, with gross profit flat at $33.2M and margins edging up to 51.1% on tighter costs. Operating income rose 3% y/y to $11.0M, but net loss from continuing operations narrowed just 2% to $6.4M as high taxes ($9.6M) offset gains. YTD, revenue fell 5% to $129.3M with operating income up 16% to $23.2M and diluted EPS improving to -$0.06 from -$0.07, reconciled to 296M shares. Free cash flow (derived) of $13.8M trailed last year's $29.2M amid $5.1M spent on the Ratio Cannabis acquisition in May for $10.1M (cash/stock/note), adding $2.8M goodwill and a 15-year license intangible. Cash stood at $26.7M against $212.1M debt, bolstered by a post-quarter $79M loan upsize. Michigan exit drags with a $35.0M impairment; federal illegality under the Controlled Substances Act looms large.
8-K
Q2 results and Michigan exit
TerrAscend reported Q2 2025 net revenue of $65 million from continuing operations, down 3.3% year-over-year, with gross profit margin expanding to 51.1% and adjusted EBITDA of $16 million at 24.6% margin. The company announced its Michigan exit to slash debt and sharpen focus on core Northeast markets, where retail revenue climbed sequentially amid expansions in New Jersey and Maryland. Post-quarter, it secured a $79 million non-dilutive term loan extending maturities to 2028, unlocking up to $35 million more for M&A. Cash flow stays positive—12 quarters running.
8-K
TerrAscend refinances debt
TerrAscend upsized its senior-secured term loan by $79 million on July 8, 2025, drawing the full amount to retire $68 million in Pelorus debt while earmarking the rest for growth initiatives. The amendment, led by FocusGrowth at 12.75% interest maturing August 2028, adds an undrawn $35 million facility for M&A and extends maturities to late 2028. Funds controlled by Executive Chairman Jason Wild chipped in $1.6 million. Debt refinanced cleanly.
8-K
Exiting Michigan for core focus
TerrAscend approved a strategic exit from the tough Michigan market on June 27, 2025, planning to divest four cultivation facilities, twenty dispensaries, and real estate by mid-2025's second half, with net proceeds earmarked for debt reduction. This refocuses operations on profitable core states like New Jersey and Pennsylvania, alongside a 21% workforce cut from 1,200 employees by Q3 2025 end. Michigan's challenges outweighed gains. Expect boosted margins and cash flow.
8-K
Shareholders approve option amendments
TerrAscend shareholders approved amending exercise prices for 3,706,250 stock options held by insiders, including CEO Ziad Ghanem, conditional on 12 months' service from June 24, 2025; CFO Keith Stauffer's resignation effective July 18 disqualifies him. The board elected Craig Collard, Kara DioGuardi, Ira Duarte, Ed Schutter, and Jason Wild. MNP LLP was ratified as auditor. This ties executive retention to lower option costs, yet Stauffer's exit signals leadership flux.
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