CORRECTION FROM SOURCE: Vext Reports Q3 2025 Financial Results

Executive Summary

• Vext Science, Inc. issued a corrected press release for the third quarter ended September 30, 2025, following the identification of inaccuracies in the reconciling items between net earnings, EBITDA, and Adjusted EBITDA in a prior release.
• The corrected financials show Q3 2025 Revenue of $12.7 million (up 41% year-over-year), with corrected EBITDA of $1,828 thousand and Adjusted EBITDA of $1,625 thousand (12.8% margin), down from previously reported figures.
• The company reported Year-to-Date operating cash flow of $8.5 million, a significant improvement from the negative $0.7 million in the same period of 2024, driven by expanded Ohio retail operations and resilient performance in Arizona.

Key Details

• Revenue: $12,670 thousand for Q3 2025, representing a 41% increase year-over-year compared to $8,987 thousand in Q3 2024.
• EBITDA (Corrected): $1,828 thousand for Q3 2025 (previously misstated as $2,315 thousand).
• Adjusted EBITDA (Corrected): $1,625 thousand for Q3 2025 (previously misstated as $2,112 thousand).
• Adjusted EBITDA Margin (Corrected): 12.8% for Q3 2025 (previously misstated as 16.7%).
• Net Income: $(2,628) thousand for Q3 2025.
• Operating Cash Flow: Net cash provided by operating activities was $1,259 thousand for Q3 2025, compared to $(243) thousand in Q3 2024.
• Year-to-Date Cash Flow: YTD operating cash flow reached $8.5 million, compared to $(0.7) million in Q3 2024 YTD.
• Ohio Expansion: The company has strengthened its Ohio retail footprint to five consolidated locations and is on track to reach the state dispensary license cap of eight in 2026.
• Recent Transaction: On October 1, 2025, Vext completed the closing and title transfer of the Herbal Wellness Center dispensary in Portsmouth, Ohio, following regulatory approval received on September 17, 2025.
• Conference Call: A conference call and webcast to discuss results was held on November 20, 2025, at 08:00 a.m. ET.

Notable Quotes

• "Vext delivered another solid quarter, with revenue of $12.7 million, up 41% year-over-year, and year-to-date operating cash flow of $8.5 million... Even with mixed market dynamics during the quarter, our operational discipline remained evident." — Eric Offenberger, CEO
• "For the remainder of 2025, we expect continued operational momentum and remain focused on maximizing performance across our five Ohio dispensaries, while advancing construction and licensing of the three additional locations planned for 2026." — Eric Offenberger, CEO