Filing Flows › TerrAscend (TSNDF) › Q3 2025
TerrAscend (TSNDF) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
TerrAscend (TSNDF) reported revenue of $65.1M for the third quarter 2025 (Q3 2025), -0.1% from a year earlier and +0.1% from the quarter before. Operating margin was 17.1%, net loss $23.3M (35.9% of revenue).
TerrAscend, Q3 2025: revenue $65.1M (-0.1% year over year), operating margin 17.1%, net loss $23.3M, operating cash flow $2.7M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $65.1M | +0.1% | -0.1% |
| Operating profit | $11.1M | +2% | — |
| Net earnings | −$23.3M | — | — |
| Operating cash flow | $2.7M | -4% | +31% |
| Free cash flow | $445K | -15% | -78% |
What changed
Revenue was $65.1M in Q3 2025, roughly flat year over year and roughly flat from the previous quarter.
Gross margin was 52.1%, up 1.1 points from a year earlier. Operating profit was $11.1M, a 17.1% margin (up 6.0 points year over year). Operating expenses fell 12% while revenue was flat. The fastest-growing cost line was Other operating costs (+18%). The quarter ended with a net loss of $23.3M, narrower than the previous quarter's $46.8M loss. Net interest and other expense of $23.5M was the main reason.
Operating cash flow was $2.7M (up 31% year over year). Non-cash charges added back $1.5M of depreciation and amortization and $1.4M of share-based compensation. Working capital and other items added $23.2M. Capital expenditures of $2.2M left free cash flow of $445K.
Questions
What was TerrAscend's revenue in the third quarter 2025?
TerrAscend (TSNDF) reported revenue of $65.1M for the third quarter 2025 (Q3 2025), -0.1% from a year earlier and +0.1% from the quarter before.
Was TerrAscend profitable in the third quarter 2025?
Operating profit was $11.1M (17.1% of revenue) and net loss $23.3M.
Source: TerrAscend 10-Q on SEC EDGAR.