PICKERING, Ontario – MTL Cannabis Corp. filed its annual financial statements for the year ending March 31, 2025.
Full Year Consolidated Financial Highlights
Income Statement
- Revenue of $105,239,109, an increase of $22,175,221, or 27%, compared to $83,063,888 in the prior year.
- Gross margin before fair value adjustments of 55%, an increase of 9%, compared to 46% in the prior year.
- Operating Income of $16,051,858, an increase of $11,439,188, or 248%, compared to $4,612,670 in the prior year.
- Net Income and Comprehensive Income of $6,826,256, an increase of $4,376,733, or 179%, compared to $2,449,523 in the prior year.
- EBITDA of $21,722,218, an increase of $12,495,154, or 135%, compared to $9,227,064 in the prior year.
- Adjusted EBITDA of $20,266,508, an increase of $7,622,341, or 60%, compared to $12,644,167 in the prior year.
Statement of Cash Flows
- Net cash inflows from operating activities of $18,230,108, an increase of $4,499,228, or 32%, compared to $13,780,880 in the prior year.
- Net cash used in investing activities of ($5,484,584), an increase of ($3,273,646), compared to ($2,210,938) in the prior year.
- Net cash used in financing activities of ($8,416,701), a decrease of $2,238,657, compared to ($10,655,358) in the prior year.
- Overall net cash increased to $5,680,958, an increase of $4,328,823, or 320%, compared to $1,352,135 at the beginning of the fiscal year.
Additionally, the company was able to demonstrate retained earnings of $5,705,091, an increase of $6,319,256, or 1029%, compared to an accumulated deficit of ($614,165) in the prior year.
Management Commentary
“We’ve entered a new era at MTL as we move from building the foundation to achieving record-breaking results,” said Michael Perron, CEO. “This achievement reflects the dedication of our people, the strength of our disciplined operating model, and our team’s ability to execute at a high level. We have built a strong and scalable platform, and at the core of it all is an unwavering commitment to delivering the highest quality products and services to our patients and customers. I am deeply grateful to the entire MTL team for making that possible.”
Richard Clement, Chair of the board of directors, commented, “I am extremely proud of our team for their focus, determination, and the incredible efforts to help build the company to what it is today. We look forward to continuing to deliver strong results for our customers, patients, and shareholders.”
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 best-in-class 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.
Related Articles:
