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TerrAscend (TSNDF) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · TerrAscend (TSNDF) Q3 2026 earnings results →
Q3 2026 Revenue up 5% year over year to $68.2M · 6¢ of every $1 of revenue lost · operating margin 15.1%
TerrAscend made $68.2M in Q3 2026 (+5% Y/Y): New Jersey Segment $25.3M, Maryland Segment $18.7M, Pennsylvania Segment $18.6M. Operating margin 15.1%, net loss $4.3M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $68.2M in Q3 2026, up 5% year over year and up 2% from the previous quarter. New Jersey Segment was the largest line at 37% of revenue. Pennsylvania Segment added $2.7M year over year (up 17%), 86% of the total change.
Gross margin was 52.3%, up 0.2 points from Q3 2025. Operating profit was $10.3M, a 15.1% margin (down 2.0 points year over year). Operating profit fell $859K even though revenue rose $3.1M versus Q3 2025, so costs grew faster than sales. Operating expenses grew 11% against revenue growth of 5%. The fastest-growing cost line was General & admin (+13%). The quarter ended with a net loss of $4.3M, narrower than the previous quarter's $6.9M loss. Net interest and other expense of $2.7M was the main reason.
Operating cash flow was $8.8M (up 228% year over year). Non-cash charges added back $1.4M of depreciation and amortization and $746K of share-based compensation. Working capital and other items added $11.0M. Capital expenditures of $2.7M left free cash flow of $6.1M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 5, 2026 | $68.2M | +5% | 15.1% | −$4.3M | $8.8M |
| Q2 2026 | 10-Q | Aug 6, 2026 | $67.1M | +3% | 18.0% | −$6.9M | $6.6M |
| Q1 2026 | 10-Q | May 7, 2026 | $65.5M | +2% | 17.6% | −$6.9M | $8.5M |
| Q4 2025 | 10-K | Mar 12, 2026 | $66.1M | -0.4% | 11.6% | $3.6M | $8.0M |
| Q3 2025 | 10-Q | Nov 6, 2025 | $65.1M | -0.1% | 17.1% | −$23.3M | $2.7M |
| Q2 2025 | 10-Q | Aug 7, 2025 | $65.0M | -3% | 16.9% | −$46.8M | $2.8M |
| Q1 2025 | 10-Q | May 8, 2025 | $71.0M | -12% | 12.2% | −$11.0M | $8.0M |
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About TerrAscend
The Company is a leading North American cannabis company. The Company has vertically-integrated licensed operations in Pennsylvania, New Jersey, Maryland and California. In addition, the Company has retail operations in Ohio and Ontario, Canada with a majority-owned dispensary in Toronto, Ontario, Canada. Notwithstanding the fact that various states in the United States have implemented medical cannabis laws or have otherwise legalized the use of cannabis, the use of cannabis remains illegal under U.S. federal law for any purpose, by way of the Controlled Substances Act of 1970 (the "Controlled Substances Act").
In its own words, from its 10-K, filed Mar 12, 2026.
TerrAscend against its Agricultural Production-Crops peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +5% against the peers' median +5%. Operating margin: 15.1% against the peers' median 5.6%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| TSNDF TerrAscend | Q3 2026 | $68.2M | +5% | 15.1% |
| CTVA Corteva | Q2 2026 | $6.4B | -1% | 24.7% |
| DOLE Dole | Q2 2026 | $2.5B | +3% | 1.9% |
| DMC Del Monte | Q3 2026 | $1.1B | +7% | 2.7% |
| GTBIF Green Thumb Industries | Q3 2026 | $324M | +11% | 7.7% |
| VRNO Verano Holdings | Q3 2026 | $212M | +5% | 5.6% |
| VFF Village Farms International | Q2 2026 | $64.0M | +7% | 17.4% |
| LMNR Limoneira | Q3 FY26 | $43.8M | -8% | -6.8% |
| ITHUF iANTHUS Capital Holdings | Q2 2026 | $35.3M | +0.5% | -6.4% |
Source: TerrAscend 10-Q on SEC EDGAR · CIK 1778129 · Agricultural Production-Crops
Guidance and outlook
13F: who owns TSNDF and who is buying
More on TSNDF
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results