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Earnings

Simply Solventless Announces Q3 2025 Financial and Operating Results, Commercial Improvements, and 91 New Product Listings Across Canada

By The Northwire Desk — AI Analysis Nov 27, 2025 · 17:35 HASH · 0.215 Simply Solventless Concentrates Ltd.
HASH · Price

Executive Summary

  • SSC reported FY 2025 YTD revenue of $34.5 M, up 199% YoY, and Adjusted EBITDA of $7.5 M (positive vs. a $2.7 M loss in 2024).
  • The company added 91 new product listings across Canada (including 44 in two new provinces) and completed several acquisitions (Lamplighter, CannMart, ANC, Humble).
  • Balance sheet strength improved markedly: total assets $60.3 M, net assets $31.9 M, working capital $19.8 M (up >1,100% YoY).

Key Details

  • Revenue & Profitability
  • Nine‑month gross revenue: $34.5 M vs. $11.5 M in 2024 (+199%).
  • Net revenue: $27.2 M vs. $7.2 M (+280%).
  • Adjusted EBITDA (9 mo): $7.5 M vs. $(2.7) M last year (+379%).

  • Net income (9 mo): $11.5 M vs. $(3.1) M last year (+470%).

  • Quarter‑Three (Q3) Highlights

  • Gross revenue Q3: $9.0 M vs. $6.3 M prior year (+43%).

  • Adjusted EBITDA Q3: $1.1 M vs. $0.5 M prior year (+118%).

  • Balance Sheet (as of Sept 30, 2025)

  • Total assets: $60.3 M (+57% YoY).
  • Net assets: $31.9 M (+106%).
  • Working capital: $19.8 M vs. $1.6 M last year (+1,148%).

  • Current ratio: 2.53 (up from 1.08).

  • Operational / Commercial Updates

  • Completed acquisitions of Lamplighter, CannMart, ANC and Humble, driving revenue growth.
  • Expanded national sales force from 2 to 7 reps; appointed new CFO (Ananth Krishnan) and VP Sales (Emily Riehl).
  • Secured exclusivity for “Sluggers Hit” brand in Canada via agreement with Natura Life + Science.
  • Received 91 new provincial listings (breakdown by brand & product type provided).

  • Anticipated cash‑flow generation from new listings to begin late Q4 2025 / early Q1 2026.

  • Corporate Governance

  • Board member Steve Bjornson retiring; replacement to be announced.

  • Former CCO Jeff Lawrence departed; interim support provided by board member Olen Vanderleeden.

  • Promissory Note Repayment (July 17, 2025)

  • Repaid $3.4 M of notes via issuance of 6,875,000 common shares at $0.50 per share.

Notable Quotes

“Revenue for the nine months ended September 30 was up 199% … our lean cost structure allows for strong returns, with 2025 YTD Adjusted EBITDA of $7.5 M.” – Jeff Swainson, President & CEO

Materiality Assessment: Material – Positive (significant revenue and earnings growth, major balance‑sheet improvement, and material operational milestones).

Read the original news release →

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