Avant Brands Announces Results for Q3 2025

Executive Summary

• Avant Brands reported Q3 2025 gross revenue of $10.8 M (+13% YoY) and net revenue of $9.4 M (+11% YoY).
• Adjusted EBITDA was positive at $0.2 M, marking the eighth consecutive quarter of positive adjusted EBITDA.
• Domestic wholesale revenue surged 307% to $2.3 M, offset by a 16% decline in export wholesale revenue.

Key Details

• Revenue Highlights
• Gross revenue: $10.8 M (+13% vs. Q3 2024)
• Net revenue: $9.4 M (+11%)
• Export wholesale revenue: $4.3 M (‑16%) – decline due to a major customer shifting purchases to its Canadian subsidiary.
• Domestic wholesale revenue: $2.3 M (+307%) – drove overall combined wholesale increase of 17% to $6.5 M.

• Net recreational revenue: $2.7 M (‑3%) – impacted by higher provision for sales returns/allowances.

• Profitability & Margins

• Gross profit: $1.7 M (+68% YoY)
• Adjusted EBITDA: $0.2 M (positive, eighth straight quarter)
• Operating expenses: $3.0 M (‑15%) – result of cost‑reduction initiatives and improved allocations.

• Gross margin adjusted for fair‑value adjustments: $2.1 M (‑50%); gross margin % adjusted: 22% (down from 49%).

• Cash Flow

• Net cash flow from operating activities YTD: $3.7 M (+111% YoY).

• Production & Sales Volumes

• Cannabis production: 3,231 kg (‑6% vs. prior period)

• Cannabis sold: 3,387 kg (+10%)

• Management Commentary – CEO Norton Singhavon highlighted the strength of international partnerships, resilience of the Canadian platform, and strategic focus on high‑performing SKUs to build long‑term brand equity.

Notable Quotes

“Avant's performance this quarter reflects both the strength of our international partnerships and the resilience of our Canadian platform… By consistently supplying premium cannabis at scale, we continue to earn the confidence of distributors in markets such as Germany, Israel, and Australia…” – Norton Singhavon, Founder & CEO

All amounts are presented in millions of Canadian dollars unless otherwise noted.