GREY WOLF ANIMAL HEALTH REPORTS THIRD QUARTER 2025 FINANCIAL RESULTS

Executive Summary

• Grey Wolf Animal Health Corp. reported a strong Q3 2025, with revenue up 35.3% YoY to $9.34 M and Adjusted EBITDA up 62.3% YoY to $1.92 M.
• Both business segments delivered growth: Pharmacy revenue rose 52.4% YoY to $5.8 M (boosted by the CPM acquisition) and Animal Health revenue increased 14.5% YoY to $3.6 M.
• Gross profit margin improved to 52.7% (from 50.9% a year earlier), and cash on hand grew modestly to $6.7 M; borrowings were reduced by $0.5 M during the quarter.

Key Details

• Revenue: $9,337,130 for Q3 2025 vs. $6,899,201 in Q3 2024 (+35.3%).
• Nine‑month revenue: $26,782,565 vs. $20,142,780 a year earlier (+33.0%).
• Gross profit: $4,917,050 (Q3) and $14,399,055 (nine months), up 40.2% and 38.5% YoY respectively.
• Gross margin: 52.7% in Q3 2025 vs. 50.9% in Q3 2024; 53.8% for nine months vs. 51.6% a year earlier.
• Operating expenses: $3,684,675 (Q3) and $11,166,641 (nine months), up ~36% YoY reflecting higher salaries, bonuses, freight, and transaction costs related to the CPM acquisition.
• Operating income: $1,232,375 (Q3) vs. $802,191 a year earlier; $3,232,414 (nine months) vs. $2,096,774 prior year.
• Net income: $548,976 (Q3) and $1,327,454 (nine months), modest increases over 2024.
• Earnings per share (basic & diluted): $0.02 (Q3) and $0.04 (nine months).
• Adjusted EBITDA: $1,923,067 (Q3) and $5,346,368 (nine months), up 62.3% and 56.4% YoY respectively; Adjusted EBITDA margin improved to ~20% YTD vs. 17% prior year.
• Cash & cash equivalents: $6.7 M at Sep‑30‑2025 vs. $6.4 M on Dec‑31‑2024.
• Debt: Total borrowings $25.5 M (current $2.1 M, non‑current $23.4 M); repaid $0.5 M in the quarter and $1.4 M since Dec‑31‑2024. Includes three fixed‑rate term loans and a $4.4 M mortgage secured by CPM land/building.
• Segment performance:
• Pharmacy revenue: $5,837,000 (Q3) (+52.4% YoY); $17,099,000 YTD (+55.9%). Growth driven by compounded product sales and the Dec‑2024 acquisition of Compounding Pharmacy of Manitoba (CPM). Excluding CPM, organic pharmacy growth was 10.5% YTD.
• Animal Health revenue: $3,600,000 (Q3) (+14.5% YoY); $9,700,000 YTD (+5.5%). Gains from gastrointestinal and behavior products; however, veterinary clinic visit softness persisted.
• Operating cash flow: Generated $2.3 M of cash from operations in the first nine months, primarily from net income offset by working‑capital changes (receivables, inventories, payables).

Notable Quotes

“Growth in Q3 2025 was driven by both the Pharmacy and Animal Health businesses,” said CEO Angela Cechetto.
“Our Pharmacy business continues to perform well… Excluding the impact of CPM, our pharmacy business grew organically by 10.5% year‑to‑date.”

The release includes standard forward‑looking statements and non‑IFRS measure disclosures.