Filing Flows › TerrAscend (TSNDF) › Q4 2025
TerrAscend (TSNDF) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 12, 2026
TerrAscend (TSNDF) reported revenue of $66.1M for the fourth quarter 2025 (Q4 2025), -0.4% from a year earlier and +2% from the quarter before. Operating margin was 11.6%, net earnings $3.6M (5.4% of revenue).
TerrAscend, Q4 2025: revenue $66.1M (-0.4% year over year), operating margin 11.6%, net earnings $3.6M, operating cash flow $8.0M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $66.1M | +2% | -0.4% |
| Gross profit | $34.5M | +2% | -2% |
| Operating profit | $7.7M | -31% | -34% |
| Net earnings | $3.6M | — | — |
| Operating cash flow | $8.0M | +198% | -18% |
| Free cash flow | $6.3M | 14× | -10% |
What changed
Revenue was $66.1M in Q4 2025, roughly flat year over year and up 2% from the previous quarter.
Gross margin was 52.1%, down 0.7 points from a year earlier. Operating profit was $7.7M, a 11.6% margin (down 6.0 points year over year). Operating expenses grew 14% against flat revenue. The fastest-growing cost line was Other operating costs (+220%). Net earnings were $3.6M. The effective tax rate was -55.1%.
Operating cash flow was $8.0M (down 18% year over year), 170% of net income including minority interests. Non-cash charges added back $1.4M of depreciation and amortization and $1.3M of share-based compensation. Working capital and other items added $562K. Capital expenditures of $1.7M left free cash flow of $6.3M.
Questions
What was TerrAscend's revenue in the fourth quarter 2025?
TerrAscend (TSNDF) reported revenue of $66.1M for the fourth quarter 2025 (Q4 2025), -0.4% from a year earlier and +2% from the quarter before.
Was TerrAscend profitable in the fourth quarter 2025?
Operating profit was $7.7M (11.6% of revenue) and net earnings $3.6M.
Source: TerrAscend 10-K on SEC EDGAR.