Vext Reports Q3 2025 Financial Results; Revenue Up 41% Year-over-Year and Operating Cash Flow Year-To-Date Reaches $8.5 Million

Executive Summary

• Vext Science reported Q3 2025 revenue of $12.7 M, up 41% YoY, and generated $8.5 M of operating cash flow YTD.
• EBITDA was $2.3 M; Adjusted EBITDA $2.1 M (margin 16.7%). Net cash provided by operations turned positive at $1.3 M.
• Ohio retail footprint expanded to five dispensaries with regulatory approval for three additional locations, positioning the company to hit the state cap of eight dispensaries in 2026.

Key Details

• Revenue: $12,670 k (Q3 2025) vs. $8,987 k (Q3 2024), +41% YoY.
• EBITDA: $2,315 k (Q3 2025) vs. $1,926 k (Q3 2024).
• Adjusted EBITDA: $2,112 k (Q3 2025); Adjusted EBITDA margin 16.7% (down from 32% in Q3 2024).
• Net cash provided by operating activities: $1,259 k (Q3 2025) vs. $(243) k (Q3 2024).
• Cash Flow Margin: 9.9% for Q3 2025 (up from –2.7% in Q3 2024).
• Operating cash flow YTD: $8.5 M, compared to a negative $(0.7) M in Q3 2024 YTD.
• Ohio expansion: Five consolidated dispensary locations; regulatory approval received on Sep 17 2025 to acquire Herbal Wellness Center (Portsmouth); closing completed Oct 1 2025. Additional three dual‑use dispensaries approved, targeting eight total by 2026.
• Arizona performance: Continued outperformance of state averages on a per‑store basis despite broader market decline.
• Management outlook: CEO Eric Offenberger expects continued operational momentum, Q4 cash flow improvement, and construction/licensing progress on three new Ohio locations for 2026.
• Conference call: Hosted Nov 20 2025 at 08:00 a.m. ET; replay available until Dec 4 2025.

Notable Quotes

“Vext delivered another solid quarter… revenue of $12.7 million, up 41% year‑over‑year, and year‑to‑date operating cash flow of $8.5 million,” – Eric Offenberger, CEO
“We are well placed to leverage our vertically‑integrated platform and growing retail footprint to drive sustainable, profitable growth…” – Eric Offenberger, CEO