Executive Summary

• Rubicon Organics reported Q3 2025 net revenue of C$15.6 M (up 16% YoY) and YTD net revenue of C$43.0 M (up 25% YoY).
• Adjusted EBITDA was C$1.7 M for the quarter and C$3.8 M YTD, marking the sixth consecutive quarter of positive adjusted EBITDA.
• The company obtained a Health Canada license for its newly‑acquired Cascadia Facility, enabling production, processing and storage to commence in early 2026; a $3.0 M capital loan and $1.0 M line of credit were also secured.

Key Details

• Financial Performance (Q3 2025 vs Q3 2024)
• Net revenue: C$15,628,564 vs C$13,499,282 (+16%).
• Adjusted EBITDA: C$1,741,034 vs C$1,963,595 (slight decline due to startup costs).
• Cash flow from operations: C$0.5 M (quarter) and C$0.3 M (nine‑month).

• Net income: C$2.83 M (quarter) vs a loss of C$0.17 M YoY; YTD net profit C$3.28 M vs a loss of C$2.52 M YoY.

• Market Share Highlights

• Q3 premium flower & pre‑rolls: 6.2% national share (three‑month); 5.5% YTD.
• Premium vapes: 13.2% (quarter) and 18.2% (YTD).
• Premium edibles: 16.0% (quarter) and 22.4% (YTD).

• 1 SKU in topical category.

• Licensing & Expansion

• Health Canada issued a license for the Cascadia Facility (Hope, BC), allowing cultivation, processing and storage; revenue expected H1 2026.

• Cascadia Facility will increase production capacity by >40%.

• Financing Activity

• Secured a C$3.0 M capital loan and a C$1.0 M revolving line of credit in November 2025.

• Prior equity financing generated net proceeds of C$4,161,820 (referenced in MD&A).

• International Expansion

• First shipment to Australia completed October 2025; now shipping to three international markets in FY 2025 as part of a “test and learn” strategy.

• Operating Metrics

• Inventory expensed to cost of sales: C$7.06 M (quarter).
• Fair‑value adjustments to cannabis plants & inventory: C$2.78 M impact (quarter).

• Operating expenses: C$5.03 M (quarter).

• Outlook

• FY 2025 revenue and Adjusted EBITDA expected to grow, excluding “Cascadia Costs” associated with startup of the new facility.

Notable Quotes

“Rubicon continues to generate growth from our established footprint as we prepare for our next major inflection point in 2026… With the facility now licensed and commissioning activities well underway, we have begun investing in talent and other foundational initiatives to support our next phase of growth.” – Margaret Brodie, CEO

“Rubicon delivered strong Q3 2025 results with net revenue of $15.6 million, up 16% year over year… While we anticipate some one‑time costs into early 2026 as we bring the Cascadia facility online, this investment positions Rubicon for sustained, long‑term value creation.” – Glen Ibbott, CFO