Green Rise Foods Announces Q2 Fiscal 2025 Financial Results

Executive Summary

• Green Rise Foods Inc. released its interim condensed consolidated financial results for the three and six-month periods ended June 30, 2025.
• Year-to-date fresh produce revenue decreased by 2% to CDN $12.2 million compared to the prior year period.
• Adjusted EBITDA declined significantly by 45% to CDN $1.7 million for the six-month period, driven by adverse weather conditions in May and June, though management anticipates a recovery in yields for the remainder of the season.

Key Details

• Revenue Performance (Six Months Ended June 30, 2025):
  • Fresh produce revenue: CDN $12.2 million (vs. $12.4 million in the prior year period).
  • Year-over-year decrease: 2% ($11.9 million vs. $12.3 million for the three-month period ended June 30, 2025, vs. June 30, 2024, representing a 3% decrease).
• Adjusted EBITDA Performance:
  • Six-month period: CDN $1.7 million (vs. $3.1 million in the prior year period).
  • Year-over-year decrease: $1.4 million or 45%.
  • Three-month period: CDN $3.3 million (vs. $4.5 million in the prior year period).
  • Three-month year-over-year decrease: $1.2 million or 27%.
• Operational Context:
  • Adverse weather conditions occurred in May and June, impacting production.
  • Management expects weather normalization over the remaining harvesting season.
  • Shipped production yields are expected to align with annual targets and exceed prior period actuals by the end of the year.
• Company Profile:
  • Operates wholly owned 89 acres of Controlled-Environment Agriculture Greenhouses.
  • Produces fresh produce under the "SUNSET" brand.
  • Distribution partner is Mastronardi Produce Ltd.

Notable Quotes

• "Our grow teams continue to advance production in spite of adverse weather conditions in the months of May and June. We anticipate the weather to normalize over the remaining harvesting season and accordingly expect shipped production yields to align with annual targets and exceed the prior period actuals by the end of the year," said Vincent Narang, the Company's Chief Executive Officer.