Avicanna omits 2025 net P&L in NR, talks revenue

Executive Summary

• Avicanna Inc. reported full year 2025 audited financial results, achieving record revenue of $25.48 million and expanding gross margins to 53%, marking the strongest financial performance in company history.
• The company achieved near break-even adjusted EBITDA of -$290,000 for the year (a 76% improvement year-over-year), driven by gross margin expansion and a 10% reduction in operating expenses.
• Strategic operational advancements include the initiation of a Phase II clinical trial for osteoarthritis pain, successful commercial exports to Switzerland and Australia, and the launch of a new CBD wellness brand in the US market.

Key Details

• Revenue & Gross Profit: Q4 2025 revenue of $6.6 million; Full year 2025 revenue of $25.48 million (consistent with prior year). Gross margin expanded to 53% in 2025 (from 51% in 2024), yielding $13.4 million in gross profit.
• Adjusted EBITDA: Q4 2025 positive adjusted EBITDA of $310,000 (vs. -$790,000 in Q3 2025). Full year 2025 near break-even adjusted EBITDA of -$290,000 (76% improvement vs. -$1.01 million in 2024).
• Commercial Metrics: 211,090 units of proprietary products sold in 2025 (+5% YoY). Portfolio expanded to 52 commercial SKUs and 174 commercial listings across medical/adult-use channels (+27% and +32% respectively vs. Q4 2024).
• Clinical Development: Initiated a multicentre, blinded, randomized placebo-controlled Phase II clinical study for osteoarthritis pain with University Health Network (UHN), funded by a CIHR grant and utilizing Avicanna's proprietary CBD/THC capsules manufactured under GMP.
• Technology & IP: Preclinical data for the PwdRx oral delivery platform demonstrated 74% higher bioavailability (AUC), 63% faster peak plasma levels (TMAX), and 134% higher peak plasma concentration (CMAX) compared to an MCT oil formulation. A provisional patent application has been filed.
• Strategic Collaboration: Partnered with Aspeya Switzerland SA (a Philip Morris International subsidiary) to advance medical cannabis research, patient access, and medical community engagement in Canada.
• International Exports: Completed first commercial exports of organic certified flower to Switzerland (Q3 2025) and Australia (Q1 2026) via majority-owned subsidiary Santa Marta Golden Hemp SAS (SMGH), marking markets 22 and 24 respectively.
• New Product Launch: Launched re+PLAY CBD wellness brand topicals in the US with Harrington Wellness Brands, featuring patented CBD/CBG formulations derived from USDA organic hemp cultivated by SMGH and manufactured in Colombia.
• Earnings Call: Management will host an earnings call and corporate update on Tuesday, April 7, 2026, at 8 a.m. ET.

Notable Quotes

• "Throughout the year, we strengthened our leadership in cannabinoid-based medicine by advancing our research and development programs, progressing clinical initiatives, and deepening engagement with the Canadian medical community. We delivered the strongest financial performance in our history, reflecting operational discipline, optimization and efficiencies." — Aras Azadian, Chief Executive Officer
• "We also made targeted investments across our platforms to support commercial scalability, advanced product development and enhanced the capabilities of the MyMedi.ca platform. These initiatives position Avicanna to scale efficiently, expand internationally, and unlock the full value of our business units and intellectual property globally." — Aras Azadian, Chief Executive Officer