None
SEDAR Interim Financial Statements
MTLC · Price
[
{
"companyName": "MTL Cannabis Corp.",
"reportingPeriodEnd": "2025-12-31",
"reportStatus": "Unaudited",
"auditorName": null,
"auditorKeyMatters": [],
"balanceSheet": {
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"tradeAndOtherReceivables": 11553452,
"inventory": 18890155,
"biologicalAssets": 1530918,
"prepaidExpensesAndDeposits": 1447550,
"totalCurrentAssets": 34481603,
"prepaidExpensesAndDepositsNonCurrent": 102065,
"rightOfUseAssetsNet": 16676015,
"propertyPlantAndEquipmentNet": 17925968,
"intangibleAssetsAndGoodwillNet": 16368383,
"totalAssets": 85554034,
"tradeAndOtherPayables": 12369229,
"incomeTaxesPayable": 893004,
"provision": 0,
"leaseObligationsCurrent": 1790836,
"notesPayableCurrent": 0,
"borrowingsCurrent": 3530288,
"convertibleDebenturesCurrent": 0,
"totalCurrentLiabilities": 18583357,
"leaseObligationsNonCurrent": 18650227,
"notesPayableNonCurrent": 8526477,
"borrowingsNonCurrent": 15169714,
"deferredTaxLiability": 1264748,
"totalNonCurrentLiabilities": 43619166,
"totalLiabilities": 62202523,
"shareCapital": 12306550,
"contributedSurplus": 13041482,
"retainedDeficitEarnings": -1988521,
"totalShareholdersEquity": 23359511,
"totalLiabilitiesAndShareholdersEquity": 85554034,
"cashPerShare": 0.0088,
"workingCapitalPerShare": 0.1321
},
"incomeStatement": {
"productRevenue": 20393689,
"referralRevenueAndOther": 1925938,
"exciseTax": -5248498,
"netRevenue": 17171129,
"costOfRevenue": 7622164,
"grossProfitBeforeFairValueAdjustments": 9548965,
"unrealizedFairValueAdjustmentsOnBiologicalAssets": 42521,
"realizedFairValueAdjustmentsOnSaleOfInventory": -455022,
"grossProfit": 9136464,
"generalAndAdministrative": 5228190,
"salesAndMarketing": 762515,
"amortizationAndDepreciation": 1021169,
"shareBasedCompensation": 322813,
"totalOperatingExpenses": 7334687,
"operatingIncome": 1801777,
"financeExpenseNet": 1218887,
"otherIncomeExpenses": -203522,
"incomeBeforeIncomeTaxes": 786412,
"currentTaxExpenseRecovery": 361534,
"deferredTaxExpenseRecovery": -248006,
"totalTaxExpense": 113528,
"netIncomeLossAndComprehensiveIncomeLoss": 672884,
"incomeLossPerShareBasicAndDiluted": 0.006,
"weightedAverageNumberOfCommonSharesOutstandingBasicAndDiluted": 120302960
},
"cashFlowStatement": {
"netLossIncome": -7693612,
"deferredTaxExpenseRecovery": -686707,
"amortizationAndDepreciation": 5302598,
"inventoryImpairmentProvision": 498247,
"changeInFairValueAdjustmentsOnInventorySold": 3013815,
"changeInFairValueOfBiologicalAssets": -2124074,
"expectedCreditRecovery": -137165,
"shareBasedCompensation": 744683,
"impairmentOfPropertyPlantAndEquipment": 0,
"lossOnDisposalOfPropertyPlantAndEquipment": 0,
"otherIncome": 0,
"financeExpense": 11141392,
"totalAdjustments": 17692789,
"changesInNonCashWorkingCapitalItems": {
"tradeAndOtherReceivables": 1711949,
"inventory": -5455798,
"biologicalAssets": 2735097,
"prepaidExpensesAndDeposits": -1025400,
"tradeAndOtherPayables": -6995325,
"incomeTaxesPayable": 1083265,
"provisionPaid": -375284,
"incomeTaxesPaid": -1661790,
"incomeTaxesRefunded": 775589
},
"cashFlowsProvidedByOperatingActivities": 851480,
"purchaseOfPropertyPlantAndEquipment": -1996468,
"cashFlowsUsedInInvestingActivities": -1996468,
"proceedsFromBorrowingsNet": 19422495,
"proceedsFromBrokeredPrivatePlacementNet": 1670835,
"repaymentOfNotesPayable": -11460141,
"repaymentOfBorrowings": -1592461,
"repaymentOfConvertibleDebentures": -8907979,
"paymentOfLeaseObligations": -2609191,
"cashFlowsUsedInFinancingActivities": -3476442,
"netChangeInCashDuringThePeriod": -4621430,
"cashBeginningOfThePeriod": 5680958,
"cashEndOfThePeriod": 1059528
},
"investmentsAndOtherAssets": [
{
"type": "Right-of-use assets",
"description": "Warehouse, office premises, licensed cultivation facility, and clinics",
"ownershipPercentage": null,
"value": 16676015,
"notes": "Net of depreciation; includes modifications and additions during period."
},
{
"type": "Property, plant and equipment",
"description": "Equipment and supplies, computer equipment, leasehold improvements, building, land",
"ownershipPercentage": null,
"value": 17925968,
"notes": "Net of depreciation; includes additions and government subsidies."
},
{
"type": "Intangible assets and goodwill",
"description": "Customer relationships, license, technology, trademarks and brand, goodwill",
"ownershipPercentage": null,
"value": 16368383,
"notes": "Net of amortization; goodwill is $12,602,050."
},
{
"type": "Biological assets",
"description": "Cannabis plants measured at fair value less costs to sell",
"ownershipPercentage": null,
"value": 1530918,
"notes": "Level 3 fair value; includes production costs capitalized and fair value adjustments."
}
],
"shareStructure": {
"authorizedShares": "unlimited",
"issuedShares": 120302960,
"classesOfShares": ["common shares"],
"warrants": [
{
"number": 3244757,
"exercisePrice": 1.5,
"expiryDate": "2026-12-31"
},
{
"number": 1733333,
"exercisePrice": 0.75,
"expiryDate": "2027-08-05"
},
{
"number": 16640858,
"exercisePrice": 0.57,
"expiryDate": "2027-08-05"
},
{
"number": 1652699,
"exercisePrice": 0.98,
"expiryDate": "2028-09-19"
}
],
"options": [
{
"number": 2550000,
"exercisePrice": 0.26,
"expiryDate": null
},
{
"number": 2875000,
"exercisePrice": 0.29,
"expiryDate": null
},
{
"number": 500000,
"exercisePrice": 0.63,
"expiryDate": null
},
{
"number": 168331,
"exercisePrice": 1.5,
"expiryDate": null
}
],
"rightsConvertibleInstruments": null
},
"managementCompensation": {
"currency": "CAD",
"periods": {
"threeMonthsEndedDec312025": {
"salariesWagesAndBenefits": 2341703,
"shareBasedCompensation": 322813,
"totalGeneralAndAdministrative": 5228190
},
"nineMonthsEndedDec312025": {
"salariesWagesAndBenefits": 10296565,
"shareBasedCompensation": 744683,
"totalGeneralAndAdministrative": 17324428
}
},
"namedIndividuals": [],
"otherRelatedPartyTransactions": [
{
"counterparty": "Companies owned by key management personnel",
"description": "Purchase of equipment and services at market rates",
"amount": 875161,
"period": "three months ended December 31, 2025"
},
{
"counterparty": "Companies owned by key management personnel",
"description": "Purchase of equipment and services at market rates",
"amount": 2248250,
"period": "nine months ended December 31, 2025"
},
{
"counterparty": "Chief Cultivation Officer and Chief Operating Officer (or companies controlled by them)",
"description": "Rental and lease payments",
"amount": 672747,
"period": "three months ended December 31, 2025"
},
{
"counterparty": "Chief Cultivation Officer and Chief Operating Officer (or companies controlled by them)",
"description": "Rental and lease payments",
"amount": 2018241,
"period": "nine months ended December 31, 2025"
},
{
"counterparty": "Chief Cultivation Officer and Chief Operating Officer",
"description": "Issuance of promissory notes",
"amount": 4624716,
"period": "July 30, 2025"
}
]
},
"subsequentEvents": [
{
"eventDate": "2025-12-14",
"description": "Entered into a definitive arrangement agreement with Canopy Growth Corporation for acquisition of all common shares. Amended on January 6, 2026.",
"impactValue": null
},
{
"eventDate": "2026-02-27",
"description": "Financial statements approved and authorized for issuance by the Board of Directors.",
"impactValue": null
}
]
}
]
More from MTL Cannabis Corp
Mar 16, 2026 · 18:03