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IM Cannabis (Nasdaq: IMCC) posts C$54.7M 2025 revenue and positive cash flow

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
6-K

Rhea-AI Filing Summary

IM Cannabis Corp. reported audited 2025 results with revenue of C$54.7 million for the year ended December 31, 2025 and achieved positive cash flow from operating activities of C$4.7 million, marking a turnaround from negative operating cash flow in 2024.

The Company also highlighted over 134% revenue growth in Germany and outlined its diversification strategy. On March 17, 2026 it signed a non-binding letter of intent to acquire 51% of Polish defense-technology firm Black Axe Technologies, targeting cyber drone interception, satellite intelligence, imagery and AI analytics markets.

Positive

  • Return to positive operating cash flow: IM Cannabis generated positive cash flow from operating activities of C$4.7 million in 2025, representing a notable turnaround from negative operating cash flow in 2024.
  • Strong growth in Germany and diversification move: Revenue growth in Germany exceeded 134% in 2025, and the company signed a non-binding letter of intent to acquire 51% of Black Axe, signaling a potential strategic expansion into defense and homeland security technology.

Negative

  • None.

Insights

IM Cannabis shows 2025 cash-flow improvement and moves to diversify into defense tech.

IM Cannabis Corp. reported 2025 revenue of C$54.7 million and generated positive cash flow from operating activities of C$4.7 million, reversing negative operating cash flow in 2024. The company also notes more than 134% revenue growth in Germany, underscoring that market’s increasing importance.

The company is pursuing diversification beyond medical cannabis. On March 17, 2026, it signed a non-binding letter of intent to acquire 51% of Black Axe, a Polish defense and intelligence technology firm focused on counter‑UAS, satellite intelligence, imagery and AI analytics. Completion depends on due diligence, definitive agreements, regulatory approvals and customary conditions, so the strategic impact will hinge on whether a final transaction is executed.

2025 Revenue C$54.7 million Audited consolidated revenue for the year ended December 31, 2025
Operating cash flow 2025 C$4.7 million Positive cash flow from operating activities for 2025, reversing 2024 negative
Germany revenue growth over 134% Revenue growth in Germany during 2025
Proposed Black Axe ownership 51% Non-binding LOI to acquire 51% of Black Axe Technologies
positive cash flow from operating activities financial
"The Company achieved a major operational milestone by generating positive cash flow from operating activities of C$4.7 million"
non-binding letter of intent regulatory
"announced the signing of a non-binding letter of intent to acquire 51% of Black Axe"
A non-binding letter of intent is a preliminary document that outlines the main terms and expectations of a proposed transaction—such as a merger, acquisition, investment or partnership—without creating a legally enforceable obligation to complete the deal. Think of it as a written handshake or shopping list: it signals serious interest and sets the framework for negotiations and due diligence, which can move markets, but it does not guarantee the transaction will happen until a final, binding agreement is signed.
defense and homeland security technology technical
"strategic entry into the high-growth defense and homeland security technology sectors"
forward-looking statements regulatory
"This press release contains forward-looking information or forward-looking statements under applicable Canadian and United States securities laws"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
counter-UAS technical
"specifically targeting cyber drone interception (counter-UAS), satellite intelligence, imagery, and AI analytics"
Counter-UAS (counter-unmanned aircraft systems) are tools and tactics used to detect, track, and disable or divert drones that pose a threat to people, property, or operations. Think of them as a combination of a security camera, alarm system, and net that can find an unwanted flying device and stop it before it causes harm. Investors care because demand, regulation, and deployment of these systems affect revenue, contract opportunities, legal risk, and the valuation of companies that build or use them.
Form 6-K: How Foreign Companies Report to the SEC →

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
 
For the month of March 2026 (Report No. 2)
 
Commission File Number: 001-40065

IM Cannabis Corp.
(Exact Name of Registrant as Specified in Charter)

3606 – 833 Seymour Street, Vancouver, British Columbia V6B 0G4
(Address of principal executive offices)
 
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ☒  Form 40-F ☐
 

CONTENTS
 
On March 31, 2026, IM Cannabis Corp. (the “Company”) issued a press release titled: “IM Cannabis Reports 2025 Results: Revenue of C$54.7 Million with over 134% Growth in Germany and Positive Operating Cash Flow”. A copy of this press release is furnished herewith as Exhibit 99.1.
 
The  press release attached hereto as Exhibit 99.1 is incorporated by reference into the Company’s Registration Statements on Form F-3 (File Nos. 333-293236, 333-289571 and 333-288346) filed with the Securities and Exchange Commission to be a part thereof from the date on which this Report of Foreign Private Issuer on Form 6-K is submitted, to the extent not superseded by documents or reports subsequently filed or furnished.
 
 
EXHIBIT INDEX
 
Exhibit No.
  
99.1
Press Release dated March 31, 2026, titled “IM Cannabis Reports 2025 Results: Revenue of C$54.7 Million with over 134% Growth in Germany and Positive Operating Cash Flow”.
 
 
SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
 
IM CANNABIS CORP.
 
 
(Registrant)
 
 
 
 
Date: March 31, 2026
By:
/s/ Oren Shuster
 
 
Name:
Oren Shuster
 
 
Title:
Chief Executive Officer and Director

 

 

Exhibit 99.1

IM Cannabis Reports 2025 Results: Revenue of C$54.7 Million with Over 134%
Growth in Germany and Positive Operating Cash Flow
 
TORONTO and GLIL YAM, Israel, March XX, 2026 /PRNewswire/ -- IM Cannabis Corp. ("IMC" or the "Company") (Nasdaq: IMCC), a medical cannabis company with operations in Israel and Germany, today reported its audited consolidated financial results as of and for the full year ended December 31, 2025. The Company achieved a major operational milestone by generating positive cash flow from operating activities of C$4.7 million for the year ended December 31, 2025, a significant turnaround from negative cash flow in 2024, while delivering high revenue growth in Germany, completing financing transactions, and strengthening its cash position.
 
2025 Key Highlights (All figures in CAD thousands):
 

 •
Revenue totaled $54,731, reflecting stability and demonstrating resilience despite ongoing challenges in Israel.
 

 •
Germany revenue surged more than 134% to $36,348 (up from $15,508 in 2024), now accounting for over 66% of total Group revenue. This growth underscores the success of the Company’s EU-GMP-certified production and distribution platform following Germany’s medical cannabis legalization.
 

 •
Gross profit increased approximately 15% to $9,686, driven by cost efficiencies, optimized supply chains, and higher-margin German sales.
 

 •
Cash flow from operating activities turned strongly positive at $4,716 (compared to negative cash flow of $1,077 in 2024), representing the first full year of positive operating cash flow in recent history and reflecting improved working capital management and operational discipline.
 

 •
Cash and restricted cash rose sharply to $3,309 (from $927 at year-end 2024), bolstered by strategic financings.
 

 •
Strengthened cash position through a private placement offering yielding net proceeds of $5,065, as well as the extension and partial conversion of convertible debentures.
 
In line with its previously announced strategy to explore and introduce additional business activities aimed at enhancing long-term growth opportunities, the Company recently took a step toward diversification of its businesses. On March 17, 2026, IMCannabis announced the signing of a non-binding letter of intent to acquire 51% of Black Axe Technologies Spolka z Organiczona. (“Black Axe”), a Polish technology company specializing in advanced defense and intelligence solutions. This proposed transaction marks the Company’s strategic entry into the high-growth defense and homeland security technology sectors, specifically targeting cyber drone interception (counter-UAS), satellite intelligence, imagery, and AI analytics.
 
About IMC
 
IMC (Nasdaq: IMCC) is an international company focused on building and scaling innovative businesses and technologies across global markets. The Company currently operates a medical cannabis platform serving patients in Israel and Germany while evaluating opportunities to expand into additional technology-driven sectors.
 
The IMC ecosystem operates in Israel through its subsidiaries, which import and distribute cannabis to medical patients, leveraging years of proprietary data and patient insights. The Company also operates medical cannabis retail pharmacies and online platforms, in Israel that enable the safe delivery and quality control of IMC products throughout the entire value chain. In Germany, the IMC ecosystem operates through Adjupharm GmbH, where it distributes cannabis to pharmacies for medical cannabis patients.
 
 
Disclaimer for Forward-Looking Statements
 
This press release contains forward-looking information or forward-looking statements under applicable Canadian and United States securities laws (collectively, "forward-looking statements"). All information that addresses activities or developments that we expect to occur in the future are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect", "likely" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made. In the press release, such forward-looking statements include, but are not limited to, statements relating to: the proposed acquisition of 51% of Black Axe and the Company’s potential strategic expansion into defense and homeland security technology markets; and the Company’s expectation to continue executing on its strategy to explore and introduce additional business activities. The proposed transaction with Black Axe is subject to completion of due diligence, execution of definitive agreements and customary closing conditions and regulatory approvals. There can be no assurance that the parties will enter into a definitive agreement or that the proposed transaction will be completed. The above lists of forward-looking statements and assumptions are not exhaustive. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated or implied by such forward-looking statements due to a number of factors and risks. These include: the failure of the Company to comply with applicable regulatory requirements in a highly regulated industry; unexpected changes in governmental policies and regulations in the jurisdictions in which the Company operates; the Company's ability to continue to meet the listing requirements of the Nasdaq Capital Market; any unexpected failure to maintain in good standing or renew its licenses; the ability of the Company and its subsidiaries (collectively, the "Group") to deliver on their sales commitments or growth objectives; the reliance of the Group on third-party supply agreements to provide sufficient quantities of medical cannabis to fulfil the Group's obligations; the Group's possible exposure to liability, the perceived level of risk related thereto, and the anticipated results of any litigation or other similar disputes or legal proceedings involving the Group; the impact of increasing competition; any lack of merger and acquisition opportunities; adverse market conditions; the inherent uncertainty of production quantities, qualities and cost estimates and the potential for unexpected costs and expenses; risks of product liability and other safety-related liability from the usage of the Group's cannabis products; supply chain constraints; reliance on key personnel; the risk of defaulting on existing debt; risks surrounding war, conflict and civil unrest in Eastern Europe and the Middle East, including the impact of the multi front war Israel is facing on the Company, its operations and the medical cannabis industry in Israel; risks associated with the Company focusing on the Israel and Germany markets; the inability of the Company to achieve sustainable profitability and/or increase shareholder value; the inability of the Company to actively manage costs and/or improve margins; the inability of the Company to grow and/or maintain sales; the inability of the Company to meet its goals and/or strategic plans; the inability of the Company to reduce costs and/or maintain revenues; and the Company's inability to take advantage of the legalization of medicinal cannabis in Germany.
 
Please see the other risks, uncertainties and factors set out under the heading "Risk Factors" in the Company's annual report for the year ended December 31, 2025, which is available on the Company's issuer profile on SEDAR+ at www.sedarplus.ca and Edgar at www.sec.gov/edgar. Any forward-looking statement included in this press release is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward looking information is made. The Company does not undertake any obligation to update forward-looking statements, except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
 
Company Contact:
 
Michal Efraty
Investor & Public Relations
michal@efraty.com
 
Oren Shuster, CEO
IM Cannabis Corp.
info@imcannabis.com
 

Source: View Original Filing on SEC EDGAR

FAQ

What were IM Cannabis Corp. (IMCC) 2025 full-year revenues?

IM Cannabis Corp. reported 2025 full-year revenue of C$54.7 million. This figure reflects its medical cannabis operations in Israel and Germany and underpins the company’s renewed focus on achieving sustainable growth and profitability across its current platform and potential new business activities.

Did IM Cannabis Corp. (IMCC) generate positive operating cash flow in 2025?

Yes. IM Cannabis Corp. achieved positive cash flow from operating activities of C$4.7 million for 2025. This marks a significant improvement compared with negative operating cash flow in 2024 and indicates progress in aligning operating performance with its strategic and financial objectives.

How fast did IM Cannabis Corp.’s (IMCC) Germany revenue grow in 2025?

IM Cannabis Corp. reported over 134% revenue growth in Germany for 2025. This strong expansion in the German medical cannabis market highlights Germany’s growing role within the company’s ecosystem and supports its long-term growth strategy in European cannabis distribution and patient services.

What diversification step is IM Cannabis Corp. (IMCC) taking with Black Axe?

On March 17, 2026, IM Cannabis signed a non-binding letter of intent to acquire 51% of Black Axe, a Polish defense-technology firm. The deal, if completed, would mark IMC’s strategic entry into defense and homeland security technology, including cyber drone interception and satellite intelligence.

Is IM Cannabis Corp.’s (IMCC) proposed Black Axe acquisition finalized?

No. The proposed acquisition of 51% of Black Axe is currently based on a non-binding letter of intent. Completion is subject to due diligence, negotiation of definitive agreements, customary closing conditions, and regulatory approvals, so there is no assurance the transaction will be completed.

What markets does IM Cannabis Corp. (IMCC) currently serve in its core business?

IM Cannabis Corp. operates a medical cannabis platform in Israel and Germany. In Israel, it imports, distributes, and retails medical cannabis through pharmacies and online channels. In Germany, its subsidiary Adjupharm GmbH distributes medical cannabis products to pharmacies serving authorized patients.

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