Vext Announces Q2 2025 Financial Results: Record Quarterly Revenue with Strong 31% Cash Flow Margin
Vext Science (OTCQX:VEXTF) reported exceptional Q2 2025 financial results, with revenue reaching $13.4 million, up 59% year-over-year and a sequential increase of $1.8 million. The company achieved record Adjusted EBITDA of $4.1 million, a significant increase from Q2 2024, and operating cash flow of $4.2 million with a 31% Cash Flow Margin.
The strong performance was driven by Ohio momentum, where Vext strengthened its retail footprint to four consolidated locations, and disciplined operations in Arizona. The company is on track to reach Ohio's state dispensary license cap of eight by early 2026. Notable Q2 developments include completing the Big Perm dispensaries acquisition, selling a Kentucky processing license for $0.9 million, and opening a new dispensary in Portsmouth, Ohio.
Vext Science (OTCQX:VEXTF) ha annunciato risultati finanziari del secondo trimestre 2025 eccellenti: ricavi per $13,4 milioni, in aumento del 59% su base annua e con un incremento sequenziale di $1,8 milioni. L'azienda ha registrato un Adjusted EBITDA record di $4,1 milioni rispetto al Q2 2024 e un flusso di cassa operativo di $4,2 milioni con un margine di cash flow del 31%.
La robusta performance è stata trainata dall'espansione in Ohio, dove Vext ha rafforzato la propria presenza al dettaglio portandola a quattro sedi consolidate, e da una gestione disciplinata delle operazioni in Arizona. La società è in linea per raggiungere il limite statale di otto licenze per dispensari in Ohio entro i primi mesi del 2026. Tra gli avvenimenti salienti del Q2: il completamento dell'acquisizione delle dispensarie Big Perm, la vendita di una licenza di lavorazione nel Kentucky per $0,9 milioni e l'apertura di un nuovo dispensario a Portsmouth, Ohio.
Vext Science (OTCQX:VEXTF) informó resultados financieros excepcionales en el segundo trimestre de 2025: ingresos de $13.4 millones, un aumento del 59% interanual y $1.8 millones más respecto al trimestre anterior. La compañía logró un Adjusted EBITDA récord de $4.1 millones, muy superior al Q2 2024, y un flujo de caja operativo de $4.2 millones con un margen de flujo de caja del 31%.
El sólido desempeño se debió al impulso en Ohio, donde Vext amplió su presencia minorista a cuatro ubicaciones consolidadas, y a operaciones disciplinadas en Arizona. La empresa está en camino de alcanzar el límite estatal de ocho licencias de dispensario en Ohio a principios de 2026. Entre los hitos del Q2 figuran la finalización de la adquisición de las dispensarias Big Perm, la venta de una licencia de procesamiento en Kentucky por $0.9 millones y la apertura de un nuevo dispensario en Portsmouth, Ohio.
Vext Science (OTCQX:VEXTF)는 2025년 2분기 탁월한 실적을 발표했습니다. 매출은 1,340만 달러로 전년 동기 대비 59% 증가했으며 전분기 대비 180만 달러가 증가했습니다. 회사는 조정 EBITDA 410만 달러(사상 최고)를 달성했고, 영업 현금흐름은 420만 달러와 31%의 현금 흐름 마진을 기록했습니다.
이 같은 호실적은 오하이오에서의 모멘텀이 주도했으며, Vext는 소매 입지를 네 개의 통합 지점으로 확장했고 애리조나에서는 엄격한 운영 관리를 유지했습니다. 회사는 2026년 초까지 오하이오 주의 최대 8개 디스펜서리 면허 한도에 도달할 것으로 예상됩니다. 2분기 주요 소식으로는 Big Perm 디스펜서리 인수 완료, 켄터키 가공 면허 90만 달러에 매각, 오하이오 포츠머스에 신규 디스펜서리 오픈 등이 있습니다.
Vext Science (OTCQX:VEXTF) a publié d'excellents résultats financiers pour le deuxième trimestre 2025 : chiffre d'affaires de 13,4 millions de dollars, en hausse de 59 % sur un an et en progression séquentielle de 1,8 million. La société a obtenu un EBITDA ajusté record de 4,1 millions de dollars, en nette amélioration par rapport au T2 2024, et un flux de trésorerie opérationnel de 4,2 millions de dollars avec une marge de trésorerie de 31 %.
Cette solide performance a été portée par l'élan en Ohio, où Vext a renforcé son réseau de vente au détail à quatre emplacements consolidés, ainsi que par des opérations rigoureuses en Arizona. La société est en bonne voie pour atteindre la limite de huit licences d'officines de l'État de l'Ohio d'ici début 2026. Parmi les faits marquants du T2 : finalisation de l'acquisition des dispensaires Big Perm, vente d'une licence de transformation dans le Kentucky pour 0,9 million de dollars et ouverture d'un nouveau dispensaire à Portsmouth, Ohio.
Vext Science (OTCQX:VEXTF) meldete herausragende Finanzergebnisse für das 2. Quartal 2025: Umsatz von 13,4 Mio. USD, ein Anstieg von 59% gegenüber dem Vorjahr und eine sequenzielle Steigerung um 1,8 Mio. USD. Das Unternehmen erzielte ein rekordverdächtiges Adjusted EBITDA von 4,1 Mio. USD im Vergleich zum Q2 2024 sowie einen operativen Cashflow von 4,2 Mio. USD mit einer Cashflow-Marge von 31%.
Die starke Performance wurde durch den Schwung in Ohio getragen, wo Vext seine Einzelhandelspräsenz auf vier konsolidierte Standorte ausgebaut hat, sowie durch diszipliniertes Management in Arizona. Das Unternehmen ist auf Kurs, bis Anfang 2026 die staatliche Obergrenze von acht Verkaufsstellen-Lizenzen in Ohio zu erreichen. Zu den wichtigen Ereignissen im Q2 zählen der Abschluss der Übernahme der Big Perm-Dispensaries, der Verkauf einer Verarbeitungs-Lizenz in Kentucky für 0,9 Mio. USD und die Eröffnung einer neuen Filiale in Portsmouth, Ohio.
- Revenue grew 59% year-over-year to $13.4 million
- Adjusted EBITDA more than tripled to $4.1 million, with 30% margin
- Strong operating cash flow of $4.2 million with 31% margin - among industry's top performers
- Ohio retail sales up 86% sequentially
- Strategic expansion toward Ohio state license cap of eight dispensaries
- Successful sale of Kentucky processing license for $0.9 million
- Net loss of $1.48 million in Q2 2025
- Arizona market experiencing contraction
- Interest expenses increased to $889,000 from $802,000 year-over-year
- Record financial performance, with growth in revenue, adjusted EBITDA, and operating cash flow driven by strong Ohio momentum and disciplined operations in Arizona.
- Revenue of
$13.4 million , up59% YoY and a sequential increase of$1.8 million , reflecting first full quarter of consolidation of Big Perm dispensaries. - Adjusted EBITDA[1] of
$4.1 million , up$3 million from Q2 2024 and$0.7 million sequentially. - Operating cash flow of
$4.2 million , compared to$(0.6) million in Q2 2024 and$3.1 million in Q1 2025, with a Cash Flow Margin1 of31% - among the highest in the industry. - Strengthened Ohio retail footprint to four consolidated locations. On track to reach the state dispensary license cap of eight by early 2026[2], positioning Vext to capture sustained growth from growing adult-use market in Ohio.
Vancouver, British Columbia--(Newsfile Corp. - August 20, 2025) - Vext Science, Inc. (CSE: VEXT) (OTCQX: VEXTF) ("Vext" or the "Company") a U.S.-based cannabis operator with vertical operations in Arizona and Ohio, today reported its financial results for the period ended June 30, 2025. All currency references used in this news release are in U.S. currency unless otherwise noted.
Summary Financial Results (in thousands of US dollars)
| Q2 2025 | Q1 2025 | Q2 2024 | |
| Revenue | |||
| EBITDA1 | |||
| Adjusted EBITDA1 | |||
| Adjusted EBITDA Margin (%)1 | |||
| Net cash provided by operating activities | |||
| Cash Flow Margin (%)1 | ( |
Management Commentary
Eric Offenberger, CEO of Vext commented, "Q2 was one of the strongest quarters in Vext's history. Revenue grew
Summary of Recent Announcements
- On April 3, 2025, Vext announced that it has completed the acquisition of two cannabis dispensaries from Big Perm's Dispensary Ohio, LLC together with all related licenses and assets, other than certain excluded assets following receipt of the regulatory approval from Ohio Division of Cannabis Control ("DCC").
- On April 4, 2025, the Company announced that Vapen Kentucky, LLC., a wholly owned subsidiary of Vext, together with its local partner, has entered into a definitive agreement to sell a medical cannabis processing license in the state of Kentucky for gross proceeds to the Company of
$0.9 million . - On June 5, 2025, the Company announced that it has changed its auditor from Reliant CPA to MNP LLP effective June 4, 2025.
- On June 16, 2025, Vext announced that the Herbal Wellness Center cannabis dispensary in Portsmouth, Ohio commenced operations and officially opened to the public on Friday, June 13, 2025. The Portsmouth dispensary will be consolidated only when the Big Perm license transfer is approved, expected to be in Q3 or Q4 2025.
- On June 24, 2025, the Company announced that it has been granted a dual-use provisional license by the DCC for a cannabis dispensary in Fairfield, Ohio, with operations expected to begin in Q4 2025, subject to regulatory approvals.
Q2 2025 Financial Results Conference Call
The Company will host a conference call and webcast on Wednesday, August 20, 2025, at 08:00 a.m. ET to discuss the financial results.
Date: August 20, 2025 | Time: 8:00 am E.T.
Participant Dial-in: +1-647-849-3159 or 1-833-752-3966
Replay Dial-in: +1-412-317-0088 or 1-855-669-9658
Conference ID: 10202130
Playback #: 6656822 (Expires on September 3, 2025)
Listen to webcast: https://www.gowebcasting.com/14148
For more details, visit Vext's investor website or contact the IR team at investors@vextscience.com.
Non-IFRS Financial Measures
This news release contains certain "non-IFRS financial measures" (equivalent to "non-GAAP financial measures", as such term is defined in National Instrument 52-112 - Non-GAAP and Other Financial Measures Disclosure ("NI 52-112")), "non-IFRS ratios" (equivalent to "non-GAAP ratios", as such term is defined in NI 52-112), or "supplementary financial measures" (as such term is defined in NI 52-112), which are described in further detail below. These financial measures do not have a standardized definition under IFRS, nor are they calculated or presented in accordance with IFRS and may not be comparable to similar measures presented by other companies. The Company has provided these financial measures as supplemental information and in addition to the financial measures that are calculated and presented in accordance with IFRS. The Company believes that these supplemental financial measures provide a valuable additional measure to use when analyzing the operating performance of the business. These supplemental financial measures should not be considered superior to, as a substitute for or as an alternative to, and should only be considered in conjunction with, the IFRS financial measures presented herein.
The Company defines Cash Flow Margin by dividing Net cash provided by operating activities by Sales. The Company believes that this measure provides investors with insight into the Company's ability to generate cash from its revenue base. It is used by the Company to assess operating efficiency and liquidity performance without the impact of financing or investing activities. The calculation of Cash Flow Margin is as follows:
| Q2 2025 | Q1 2025 | Q2 2024 | |
| Net cash provided by operating activities (in thousands of US dollars) | $4,175 | | |
| Sales (in thousands of US dollars) | |||
| Cash Flow Margin (%) | (7.0)% |
The Company defines EBITDA as earnings before interest, taxes, depreciation and amortization.
The Company defines "Adjusted EBITDA" as net income (loss) from operations, as reported, before interest and tax, adjusted to exclude extraordinary items, non-recurring items, other non-cash items, including stock-based compensation expense, depreciation and amortization, foreign exchange and acquisition related costs, if applicable. The Company defines "Adjusted EBITDA Margin" as Adjusted EBITDA divided by Sales. The Company believes that these measures are useful financial metrics as they assist in determining the ability to generate cash from operations. Investors should be cautioned that EBITDA and Adjusted EBITDA should not be construed as an alternative to net earnings or cash flows as determined under IFRS. The reconciling items between net earnings, EBITDA, and Adjusted EBITDA are as follows:
| (in thousands of US dollars) | Q2 2025 | Q1 2025 | Q2 2024 |
| Sales | | | |
| Net Income after taxes | (1,478) | (3,334) | (4,391) |
| Interest (Net) | 889 | 765 | 802 |
| Income Taxes | 1,742 | (223) | (127) |
| Depreciation & Amortization | 4,110 | 3,742 | 3,887 |
| EBITDA | 5,263 | 950 | 171 |
| Accretion | - | (45) | - |
| Share (Profit) / Loss on JVs | - | 904 | 118 |
| Share-based compensation | 66 | (24) | 234 |
| (Gain)/Loss on Asset Disposal | 32 | - | - |
| FV of WPCU loan | (685) | (153) | (104) |
| Loan costs EWB amortized | 44 | 44 | 45 |
| Foreign Exchange | 3 | 2 | (1) |
| Change in FV of Biological | 334 | 1,679 | 228 |
| FV increment on acquired inventory sold | - | - | 393 |
| Miscellaneous Income | (980) | - | - |
| Adjusted EBITDA | |||
| Adjusted EBITDA Margin (%)1 |
About Vext Science, Inc.
Vext Science, Inc. is a U.S.-based cannabis operator with vertical operations in Arizona and Ohio. Vext's expertise spans from cultivation through to retail operations in its key markets. Based out of Arizona, Vext owns and operates state-of-the-art cultivation facilities, fully built-out manufacturing facilities as well as dispensaries in both Arizona and Ohio. The Company manufactures Vapen™, one of the leading THC concentrates, edibles, and distillate cartridge brands in Arizona. Its selection of award-winning products are created with Vext's in-house, high-quality flower and distributed across Arizona and Ohio. Vext's leadership team brings a proven track record of building and operating profitable multi-state operations. The Company's primary focus is to continue growing in its core states of Arizona and Ohio, bringing together cutting-edge science, manufacturing, and marketing to provide a reliable and valuable customer experience while generating shareholder value.
Vext Science, Inc. is listed on the Canadian Securities Exchange under the symbol VEXT and trades on the OTCQX market under the symbol VEXTF. Learn more at www.vextscience.com and connect with Vext on Twitter/X and LinkedIn.
For more details on the Vapen brand:
Vapen website: VapenBrands.com
Instagram: @vapen
Facebook: @vapenbrands
Forward-Looking Statements
Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in Vext's periodic filings with Canadian securities regulators. When used in this news release, words such as "will, could, plan, estimate, expect, intend, may, potential, believe, should," and similar expressions, are forward-looking statements.
Forward-looking statements may include, without limitation, statements regarding future developments and the business and operations of Vext, including but not limited to the Company's expansion in Ohio and the anticipated results therefrom, the receipt of applicable regulatory approvals, the disposition of the processing license in Kentucky and the opening of additional dispensaries in Ohio, all of which are subject to the risk factors contained in Vext's continuous disclosure filed on SEDAR+ at www.sedarplus.ca.
Although Vext has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended, including, but not limited to: dependence on obtaining regulatory approvals; being engaged in activities currently considered illegal under U.S. Federal laws; change in laws; reliance on management; requirements for additional financing; competition; hindered market growth and state adoption due to inconsistent public opinion and perception of the medical-use and adult-use marijuana industry; and regulatory or political change.
There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. Because of these risks and uncertainties, the results or events predicted in these forward-looking statements may differ materially from actual results or events.
Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this release. Vext disclaims any intention or obligation to update or revise such information, except as required by applicable law, and Vext does not assume any liability for disclosure relating to any other company mentioned herein.
The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.
Eric Offenberger
Chief Executive Officer
844-211-3725
For further information:
Jonathan Ross, Vext Investor Relations
jon.ross@loderockadvisors.com
416-244-9851
SOURCE: Vext Science, Inc.
[1] See "Non-IFRS Financial Measures" below for more information regarding Vext's use of non-IFRS financial measures and other reconciliations.
[2] With the completion of the Ohio Expansion Transaction, Vext has secured the right to transfer ownership of the Portsmouth dispensary. The Portsmouth dispensary commenced operations and officially opened to the public on Friday, June 13, 2025. The Company is advancing the license transfer process with state regulators and expects the transfer to be completed in Q3 or Q4 2025. As a Tier 1 Cultivator, Vext has received approval under the Ohio Division of Cannabis Control's 10(B) license program to develop three additional dual-use dispensaries, including Fairfield, putting Vext on track to reach the state license cap of eight dispensaries by early 2026.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/263106
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