Northwire Canada EditionThursday, October 15, 2026
Sign inSubscribe
Northwire
⌕
GOLD 4107.90 −1.7% SILVER 55.88 −6.1% COPPER 6.62 −1.6% OIL 95.09 +1.0% PALLADIUM 1096.50 −2.7% CIA 2.64 −0.4% BTO 7.09 −4.3% MCI 0.155 +0.0% CAN 0.065 +0.0% BLDS 0.335 +8.1% SAO 0.050 +0.0% SF 0.315 +0.0% BEA 0.055 −15.4% BMM 3.90 +11.1% AUGC 0.295 −13.2% MFG 3.34 −3.8% CDE 21.33 −7.7% CYG 0.160 −5.9% RSMX 0.100 −4.8% TUF 0.830 −5.7% GPG 0.285 −3.4% GOLD 4107.90 −1.7% SILVER 55.88 −6.1% COPPER 6.62 −1.6% OIL 95.09 +1.0% PALLADIUM 1096.50 −2.7% CIA 2.64 −0.4% BTO 7.09 −4.3% MCI 0.155 +0.0% CAN 0.065 +0.0% BLDS 0.335 +8.1% SAO 0.050 +0.0% SF 0.315 +0.0% BEA 0.055 −15.4% BMM 3.90 +11.1% AUGC 0.295 −13.2% MFG 3.34 −3.8% CDE 21.33 −7.7% CYG 0.160 −5.9% RSMX 0.100 −4.8% TUF 0.830 −5.7% GPG 0.285 −3.4%
Earnings

C21 Investments Reports Third Quarter Financial Results

By The Northwire Desk — AI Analysis Feb 10, 2026 · 07:00 CXXI · 0.4 C21 Investments Inc.
CXXI · Price

Executive Summary

  • C21 Investments reported Q3 2025 revenue of $8.1 M (up 3% YoY) with same‑store sales growth of +4% despite a 4% decline in Nevada market sales.
  • The company posted Adjusted EBITDA of $1.1 M and generated positive free cash flow of $1.0 M before working‑capital changes, while net loss was $(0.61) M ($0.01 per share).
  • Current liabilities were reduced by $1.7 M year‑to‑date, reflecting cash generation used to retire debenture principal and reduce payables and tax obligations.

Key Details

  • Revenue: $8,140,752 (3% YoY increase) – driven by 4% same‑store sales growth; wholesale sales slightly lower.
  • Gross Margin: 38.2% (down from prior year due to Nevada pricing pressure and seasonality).
  • Income from Operations: $354,184.
  • Net Income (Loss): $(610,740) – earnings loss per share of $(0.01), primarily from income‑tax provisions.
  • Adjusted EBITDA: $1,050,505 (down YoY).
  • Free Cash Flow (pre‑working‑capital): $951,551 generated; cash used for tax payments ($600k), debenture principal retirement ($300k), and reduction of payables/short‑term obligations ($600k).
  • Cash Balance End Q3: $2,418,561.
  • Current Liabilities: $6,291,632 (down $1.7 M YTD).
  • Uncertain Tax Position: $11,988,073 (reflecting ongoing Section 280E dispute).

Balance Sheet Highlights

  • Total Assets: $54,891,243; Total Liabilities: $28,052,825; Shareholders’ Equity: $26,838,418.
  • Inventory increased to $4,257,041; Fixed assets/intangibles at $46,592,261.

Income Statement Highlights (selected periods)

Period Revenue Gross Margin % Net Loss
Q3 2025 $8.14 M 38% $(0.61) M
Q2 2025 $8.47 M 50% $(0.49) M
Q1 2025 $8.55 M 35% $(0.76) M

Management Commentary (CEO Sonny Newman)

  • Emphasized resilience of retail franchise and outperformance vs. Nevada market decline.
  • Highlighted balance‑sheet strength, reduction of current liabilities, and continued focus on strategic growth opportunities.

Notable Quotes

“Our 4% same‑store sales growth… extends our track record of relative outperformance in what remains a challenging operating environment.” – Sonny Newman, CEO & President

All non‑material boilerplate, forward‑looking disclaimer text and company background have been omitted for brevity.

Read the original news release →

More from C21 Investments Inc.

Jun 15, 2026 · 07:00

C21 Agrees to All-Stock Sale to Vireo Growth; Shareholders Swap Nevada Pure-Play for Vireo Paper at Unclear Premium

M&A / Property Jun 11, 2026 · 18:57

Steady execution in a tough tax environment, but valuation remains stretched relative to persistent GAAP losses.

Earnings Dec 05, 2025 · 16:01

C21 Investments Announces Renewed Normal Course Issuer Bid

Other Nov 11, 2025 · 07:00

C21 Investments Reports Second Quarter Financial Results

Earnings Nov 07, 2025 · 12:08

C21 Investments to release fiscal Q2 results Nov. 11

Earnings Nov 07, 2025 · 07:01

C21 Investments to Report Second Quarter Financial Results on November 11, 2025

Earnings