Vext Announces Q2 2025 Financial Results: Record Quarterly Revenue with Strong 31% Cash Flow Margin

Executive Summary

• Vext Science, Inc. reported strong Q2 2025 financial results, driven by the first full quarter of consolidation of Big Perm dispensaries and sustained momentum in Ohio.
• Revenue surged 59% year-over-year to $13.4 million, while Adjusted EBITDA more than tripled to $4.1 million, reflecting improved operational efficiency and profitability.
• The company strengthened its Ohio retail footprint to four consolidated locations and remains on track to reach the state dispensary license cap of eight by early 2026.

Key Details

• Revenue: $13.4 million, representing a 59% increase year-over-year (from $8.4 million in Q2 2024) and a sequential increase of $1.8 million from Q1 2025 ($11.6 million).
• Adjusted EBITDA: $4.1 million, an increase of $3.0 million from Q2 2024 ($1.1 million) and $0.7 million sequentially from Q1 2025 ($3.4 million).
• Adjusted EBITDA Margin: 30%, up from 13% in Q2 2024 and 29% in Q1 2025.
• Operating Cash Flow: $4.2 million, compared to a negative $0.6 million in Q2 2024 and $3.1 million in Q1 2025.
• Cash Flow Margin: 31%, noted as among the highest in the industry.
• Ohio Operations: Consolidated retail sales increased 86% sequentially. The company currently operates four consolidated locations in Ohio and is targeting the state license cap of eight dispensaries by early 2026.
• Recent Strategic Updates:
  • Completed acquisition of two cannabis dispensaries from Big Perm's Dispensary Ohio, LLC in April 2025.
  • Entered into a definitive agreement to sell a medical cannabis processing license in Kentucky for gross proceeds of $0.9 million (announced April 4, 2025).
  • Opened the Herbal Wellness Center dispensary in Portsmouth, Ohio, on June 13, 2025; consolidation expected in Q3/Q4 2025 pending license transfer.
  • Granted a dual-use provisional license for a dispensary in Fairfield, Ohio, with operations expected to begin in Q4 2025.
  • Changed auditor from Reliant CPA to MNP LLP effective June 4, 2025.

Notable Quotes

• "Q2 was one of the strongest quarters in Vext's history. Revenue grew 59% year-over-year to $13.4 million, Adjusted EBITDA more than tripled to $4.1 million, and operating cash flow reached $4.2 million - a 31% Cash Flow Margin that places us among the top performers in the industry." — Eric Offenberger, CEO