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Earnings

Purebread Brands Inc. Reports Q3 2026 Results

By The Northwire Desk — AI Analysis Feb 27, 2026 · 17:10 BRED · 0.155 Purebread Brands Inc.
BRED · Price

Executive Summary

  • Adjusted EBITDA for the nine months ended Dec 31, 2025 rose to $1.8 M, a 905% YoY increase driven by cost‑efficiency initiatives and a strategic focus on core bakery operations.
  • Gross margin improved to 64% (up from 62% YoY) while operating expenses fell 27% YoY, reflecting successful expense‑reduction measures.
  • Revenue declined 9% YoY to $11.3 M due to the closure of underperforming assets, but net income turned positive ($185.8 K for Q3 vs. a loss of $1.54 M in the prior year).

Key Details

  • Adjusted EBITDA: $1,796,890 for nine months 2025 vs. $178,868 for same period 2024 (905% increase).
  • Gross Margin: 64% YoY (up from 62%).
  • Operating Expenses: Decreased 27% YoY; specific expense reductions not itemized.
  • Revenue: $11.3 M in nine months 2025 vs. $12.5 M in 2024 (‑9%).
  • Net Income: $185,790 for Q3 2025 vs. $(1,540,511) for Q3 2024; $3,235,926 profit for nine months 2025 vs. $(4,513,217) loss for same period 2024.
  • Amortization: $798,538 (nine months 2025) vs. $1,607,730 (2024).
  • Accretion: $313,534 (nine months 2025) vs. $296,906 (2024).
  • Gain on Debt‑to‑Equity Settlement: $(4,514,178) for nine months 2025 (no comparable item in 2024).
  • Interest Expense: $1,935,180 (nine months 2025) vs. $2,132,424 (2024).
  • Share‑Based Compensation: $27,890 (nine months 2025) vs. $177,275 (2024).
  • Loss on Provision for Facility Obligations: $0 (2025) vs. $477,750 (2024).

Corporate Initiatives * Completed two tranches of debt‑to‑equity conversions issuing 4,379,162 common shares and 2,189,581 warrants at $1.25 per unit, settling $4.75 M of debt.
* Implemented a 5‑for‑1 common share consolidation to improve capital structure.

Operational Changes * Closed two Coho Commissary locations (Pandora Street & Gibsons) on Sep 5, 2025 and exited East Hastings and Victoria Public Market sites to streamline operations and focus resources on Purebread Bakery expansion.

Notable Quotes

“As a result of focusing more on our core bakery operations and advancing our cost‑reduction initiatives, we have achieved significant progress. These efforts have significantly strengthened our year‑to‑date adjusted EBITDA and set a solid foundation for sustainable growth and long‑term profitability.” – Amrit Maharaj, Interim CEO

Materiality Assessment: Material – Positive (substantial improvement in profitability metrics and balance‑sheet strengthening).

Read the original news release →

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