PICKERING, ON – MTL Cannabis Corp. is pleased to report it has filed the financial statements as at and for the three-month and nine-month periods ending December 31, 2024, and 2023.
Third Quarter 2025 Consolidated Financial Highlights
Income Statement
- Revenue of $25,599,316, an improvement of $1,893,362, or 8%, compared to $23,705,954 in the same quarter of last year.
- Net Revenue of $19,955,055, an improvement of $623,431, compared to $19,331,624 in the same quarter of last year.
- Gross margin before fair value adjustments of 52%, an increase of 1%, compared to 51% in the same quarter of last year.
- Operating Income of $914,770, a decrease of ($864,570), compared to $1,779,340 in the same quarter of last year.
- Net Income and Comprehensive Income of ($1,220,589), a decrease of ($1,673,593), compared to $453,004 in the same quarter of last year.
Statement of Cash Flows
- Net cash inflows from operating activities of $13,130,831, compared to $9,994,394 in the same period of last year.
- Net cash used in investing activities of ($3,633,271), compared to ($1,687,025) in the same period of last year.
- Net cash used in financing activities of ($7,355,501), compared to ($7,690,329) in the same period of last year.
- Overall net cash increased to $3,494,194, an improvement of $2,142,059, from $1,352,135 at the beginning of the period.
- Additionally, the company was able to demonstrate retained earnings of $1,290,337, compared to an accumulated deficit of ($614,165) as of March 31, 2024.
Year to Date Highlights (9 months)
- Revenue of $77,876,082, an improvement of $13,091,464, or 20%, compared to $64,784,618 in the same period of last year.
- Net Revenue of $61,546,185, an improvement of $10,275,004, compared to $51,271,181 in the same period of last year.
- Gross margin before fair value adjustments of 54%, an increase of 11%, compared to 43% in the same period of last year.
- Operating Income of $9,968,670, an improvement of $5,513,990, compared to $4,454,680 in the same period of last year.
- Net Income and Comprehensive Income of $2,231,502, a decrease of ($1,437,266), compared to $3,668,768 in the same period of last year.
Management Commentary
“Our resilient strategy underpins the strong results we’ve delivered quarter-over-quarter, demonstrating that our high-quality products and leading industry performance are driving enhanced value for shareholders” said Michael Perron, CEO of MTL. “With robust opportunities for continued growth, our company is well-positioned to deliver superior products for our expanding client base both domestically and internationally.”
About MTL Cannabis Corp.
MTL Cannabis Corp. is the parent company of Montréal Medical Cannabis Inc., a licensed producer operating from a 57,000 sq ft licensed indoor grow facility in Pointe Claire, Québec; Abba Medix Corp., a licensed producer in Pickering, Ontario that operates a leading medical cannabis marketplace; IsoCanMed Inc., a licensed producer in Louiseville, Québec growing indoor cannabis in its 64,000 sq. ft. production facility; and Canada House Clinics Inc., operating clinics across Canada that work directly with primary care teams to provide specialized cannabinoid therapy services to patients suffering from simple and complex medical conditions.
