Green Rise Foods Announces Fiscal 2025 Financial Results and Provides a Crop Update

Executive Summary

• Green Rise Foods Inc. reported annual revenue of CDN $31.9 million for the year ended December 31, 2025, representing a 5.5% year-over-year increase.
• Adjusted EBITDA (excluding Government Grants and special programs) decreased to CDN $4.9 million compared to $5.2 million in the previous year.
• The Company is currently not in compliance with its annual fixed charge coverage ratio and must submit a remediation proposal to Royal Bank of Canada by May 31, 2026.
• The 2026 crop season is progressing on schedule, with weather-related challenges being offset by higher market prices for beef steak and bell peppers.

Key Details

• Revenue: CDN $31.9 million (5.5% increase YoY).
• Adjusted EBITDA: CDN $4.9 million (compared to CDN $5.2 million in 2024, excluding grants/special programs).
• Lender Compliance: Required to provide a remediation proposal to Royal Bank of Canada by May 31, 2026, regarding the annual fixed charge coverage ratio.
• 2026 Crop Status: Season is on schedule; lower light levels due to weather were offset by elevated market prices for beef steak and bell peppers.
• EBITDA Drivers: Lower EBITDA was attributed to a colder winter, heat waves (late June, mid-July, early/mid-August), increased harvesting costs, and significant CAPEX investments.

Notable Quotes

"A colder winter, excessive heat waves in late June, mid July, and early to mid-August and higher costs associated with extending the harvesting season were the primary factors resulting in lower Adjusted EBITDA. Higher yields that were expected to materialize in the forth quarter of 2025 did not despite our teams working diligently to extract maximum value from our crops. Large investments in CAPEX, which will benefit future years were also key factors accounting for the shortfall adversely impacting the annual fixed charge coverage ratio." — Vincent Narang, CEO