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- Revenue of $12.7 million, up 41% YoY, driven by expanded Ohio retail operations and continued resilient
performance in Arizona. - YTD operating cash flow of $8.5 million compared to $(0.7) million in Q3 2024 YTD.
- Strengthened Ohio retail footprint to five consolidated locations. On track to reach the state dispensary
license cap of eight in 20261, positioning Vext to capture sustained growth from growing
adult-use market in Ohio.
Vext Science Inc. (VEXTF) reported its third-quarter 2025 financial results, showcasing robust revenue growth
and significant improvements in operating cash flow. The company, a U.S.-based cannabis operator with
vertically integrated operations in Arizona and Ohio, announced revenue of $12.7 million, a 41% increase
year-over-year, primarily driven by the expansion of its retail operations in Ohio and continued strong
performance in Arizona.
Key Financial Highlights:
| Q3 2025 | Q2 2025 | Q3 2024 | ||||||||||
| Revenue | $ | 12,670 | $ | 13,407 | $ | 8,987 | ||||||
| EBITDA* | $ | 2,315 | $ | 5,263 | $ | 1,925 | ||||||
| Adjusted EBITDA* | $ | 2,112 | $ | 4,077 | $ | 2,873 | ||||||
| Adjusted EBITDA Margin (%)* | 16.7% | 30% | 32% | |||||||||
| Net cash provided by operating activities | $ | 1,259 | $ | 4,175 | $ | (243) | ||||||
| Cash Flow Margin (%)* | 10% | 31% | (-3%) |
* See “Non-IFRS Financial Measures” below for more information regarding’s Vext’s use of non-IFRS financial
measures and other reconciliations.
Strategic Expansion and Market Performance
The substantial revenue increase can be attributed to Vext’s strategic expansion in Ohio, where it has been
aggressively building its retail presence. As of the end of Q3 2025, Vext has five consolidated retail
locations in Ohio. The company is on track to reach the state’s dispensary license cap of eight by 2026,
positioning itself to capitalize on the rapidly growing adult-use cannabis market in the state.
In Arizona, Vext’s operations have demonstrated resilience, consistently outperforming state averages on a
per-store basis, despite broader market challenges. This performance underscores the strength of Vext’s
vertically integrated platform and disciplined operational execution. Vext is also working towards increasing revenue for it’s Vapen™ product, a THC concentrate that can be made in varying forms, such as edibles, that
also distributes to both Arizona and Ohio.
Management Perspective
“Vext delivered another solid quarter, with revenue of $12.7 million, up 41% year-over-year, and year-to-date
operating cash flow of $8.5 million,” said Eric Offenberger, CEO of Vext. He further commented on what is to come in the future Vext: “For the remainder of 2025, we expect continued operational momentum and remain focused on maximizing performance across our five Ohio dispensaries, while advancing construction and licensing of the three additional locations planned for 2026.”
Looking Ahead
Vext’s focus remains on maximizing performance at its existing dispensaries while advancing its construction
and licensing efforts for additional locations. This strategy aligns with the company’s objective of driving
sustainable, profitable growth and creating long-term value for shareholders.
Non-IFRS Financial Measures
The company uses non-IFRS financial measures, including EBITDA and Adjusted EBITDA, to provide investors
with additional insights into its operating performance. These measures are defined and reconciled in the
full financial release.
1 As a Tier 1 Cultivator, Vext has received approval under the Ohio Division of Cannabis Control’s (DCC) 10(B) license program to develop three additional dual-use dispensaries, including Fairfield, putting Vext on track to reach the state license cap of eight dispensaries in 2026.
- Revenue of $12.7 million, up 41% YoY, driven by expanded Ohio retail operations and continued resilient
performance in Arizona. This robust growth reflects Vext’s strategic focus on expanding its retail footprint
and leveraging its vertically integrated platform. - YTD operating cash flow of $8.5 million compared to $(0.7) million in Q3 2024 YTD. The significant
improvement in operating cash flow demonstrates Vext’s ability to generate cash from its operations, a key
indicator of financial health and sustainability. - Strengthened Ohio retail footprint to five consolidated locations. On track to reach the state dispensary
license cap of eight in 2026 1, positioning Vext to capture sustained growth from the growing
adult-use market in Ohio. This expansion strategy is expected to drive revenue growth and increase market
share in one of the most promising cannabis markets in the United States.
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