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Earnings

C21 Investments Reports Second Quarter Financial Results

By The Northwire Desk — AI Analysis Nov 11, 2025 · 07:00 CXXI · 0.46 C21 Investments Inc.
CXXI · Price

Executive Summary

  • C21 Investments reported Q2 2025 revenue of $8.5 M, up 13% YoY, driven by a 15% increase in same‑store retail sales.
  • Adjusted EBITDA rose to $2.2 M (+71% YoY) and free cash flow reached $1.9 M (+88% YoY), marking the first quarter with positive free cash generation.
  • Net loss narrowed to $(0.5) M (loss per share of $0.00) from a $(0.8) M loss in Q2 2024, reflecting higher margins and stable SG&A despite one‑time tax settlement charges.

Key Details

  • Revenue: $8,470,292 (Q2 2025) vs. $7,508,547 (Q2 2024) – 13% YoY increase.
  • Same‑store sales: +15% YoY; retail transaction volume up 19% YoY.
  • Gross margin: 50.4%, an improvement of 690 basis points YoY.
  • Income from Operations: $1,228,348, up 300% YoY and 400% sequentially.
  • Net Income Before Tax: $0.6 M (includes a one‑time $0.4 M EFF settlement charge).
  • Adjusted EBITDA: $2,216,382 (Q2 2025) vs. $1,295,317 (Q2 2024).
  • Free Cash Flow (pre‑working‑capital): $1,854,409 (Q2 2025) vs. $984,774 (Q2 2024).
  • Cash balance: $2.80 M at quarter end, up from $2.63 M in Q1 2025.
  • Operating expenses: SG&A remained flat YoY despite higher retail sales; COGS declined slightly, supporting margin expansion.
  • Tax position: Company re‑filed amended U.S. federal returns for 2022‑2024 and March 2024, asserting no liability under IRC §280E; tax provision of $1.12 M recorded.
  • Balance Sheet Highlights (Sept 30 2025):
  • Total assets: $56.16 M (down from $57.00 M).
  • Total liabilities: $28.82 M (up modestly).
  • Shareholders’ equity: $27.34 M (down from $28.68 M).
  • Liquidity: No new financing disclosed; existing cash and operating cash flow sufficient to meet near‑term obligations.

Notable Quotes

“Our 15% growth in same‑store sales … is a testament to the strength of our business model… We delivered a substantial improvement in adjusted EBITDA and positive free cash flow, both sequentially and year‑over‑year.” – Sonny Newman, CEO & President

All figures are presented in U.S. dollars and reflect GAAP results as filed on SEDAR.

Read the original news release →

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