TerrAscend Corp. financial statements

Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data TerrAscend Corp. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
Revenue	139	201	249	251	268	261
Cost of revenue	46.5	81.7	146	112	132	124
Gross profit	85.7	113	102	138	136	136
Research and development	0.14
Selling, general and administrative	60.8	75.1	116	115
Selling and marketing	1.67	1.86	10.3	9.66
General and administrative	60.8	75.1	116	83.5	90.6	86.2
Operating expenses	65.1	89.6	437	108	96.9	94.3
Operating income	20.6	22.9	-336	29.7	38.9	42
Interest expense	1.96	21.2	26.8	31.1	27.5	28.8
Other non-operating income	-0.39	0.23	0.21	-0.8	0.85	0.89
Pre-tax income	-117	44.5	-310	-4.24	4.24	4.98
Income tax	10.8	28.9	-10.8	23.4	25.1	29.5
Income from continuing operations	-139	12.6	-304	-36.4	-28.5	-29.4
Net income to minority interests		3.02	4.56	8.82	7.56	4.9
Net income	-142	6.14	-325	-86.7	-72.7	-81.3
EBITDA	24.4	28.4	-326	35.5	44	47.4
EPS, basic	-1.03	0.02	-1.35	-0.34	-0.28	-0.29
EPS, diluted	-1.03	0.01	-1.35	-0.34	-0.28	-0.29
Shares, basic (weighted)	150	181	244	279	292	301
Shares, diluted (weighted)	150	209	244	279	292	301

Balance sheet

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
Cash and equivalents		79.6	26.2	22.2	26.4	37.4
Short-term investments			3.6	1.91	1.73	0.36
Receivables		12.5	22.4	19	20.2	16.9
Inventory		36.1	46.3	51.7	39.7	34.1
Other current assets		5.03	5.51	4.9	5.12	8.56
Total current assets		172	122	103	177	110
Property, plant and equipment		112	216	196	124	130
Lease right-of-use assets		43.4	29.5	43.4	28.8	26.7
Goodwill	72.8	90.3	90.3	107	107	110
Intangible assets		168	240	216	170	167
Other non-current assets		3.14	3.46	0.85	0.72	13.5
Total assets		582	702	667	607	557
Accounts payable		27.9	44.3	49.9	40.3	39.8
Deferred revenue		1.07	2.94	4.15	3.58	3.99
Short-term debt			39	126
Total current liabilities		66.2	138	207	91	79.9
Lease liabilities		30.6	31.5	45.4	30.7	28.6
Other non-current liabilities		13.1	15.8	2.12	0.09	0.09
Total liabilities		353	380	426	430	458
Total debt			200	206	205	225
Paid-in capital		535	935	945	952	960
Retained earnings		-315	-618	-704	-779	-865
Treasury stock				0	0	0
Other comprehensive income		2.82	2.09	1.8	3.01	1.99
Minority interests	3.8	5.37	2.37	-1.76	-0.14	1.54
Total equity	-13.3	229	321	241	177	99
Total liabilities and equity		582	702	667	607	557
Shares outstanding		191	260	288	293	309

Cash flow statement

	FY2020	FY2022	FY2022	FY2023	FY2024	FY2025
Net income	-142	6.14	-325	-86.7	-72.7	-81.3
Depreciation and amortization	3.89	5.53	9.66	5.76	5.07	5.42
Stock-based compensation	10.5	14.9	12.2	7.71	9.71	5.01
Deferred income tax	-12	-1.25	-35.3	-10.3	1.37	-0.53
Change in receivables	-4.04	-3.21	2.86	-8.68	-5.3	1.65
Change in inventory	-8.09	-18.5	0.68	-4.25	1.17	5.95
Cash from operations	-37	-31.8	-26.1	27.5	38	21.5
Capital expenditures	-43.8	-39.8	-39.6	-4.87	-6.87	-8.61
Acquisitions		-29.7	-7.04	-0.75	-4.93	-0.39
Cash from investing	-45.9	-132	-27.6	-16.2	-12.2	-14.6
Debt issued	196	0.77	43.4	23.9	129	78.9
Debt repaid	-48.9	-4.5	-42.2	-42.8	-137	-70.5
Stock issued				0.1
Share buybacks					-0.22	-0.41
Cash from financing	133	182	3.72	-12.5	-24.7	4.19
Net change in cash	50.5	18	-50	-1.25	0.99	11.1
Free cash flow	-80.8	-71.7	-65.8	22.6	31.1	12.9
Interest paid	1.96	21.2	26.8	23	23.8	27.9
Income taxes paid	11.2	37.1	-9.92	-3.28	-5.03	9.4

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $0.61 on September 28, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	52.8%	Gross profit / revenue.
Operating margin	16.1%	Operating income / revenue.
EBITDA margin	18.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	1.5%	Pre-tax income / revenue.
Net margin	-14.0%	Net income / revenue.
FCF margin	7.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	9.8%	Cash from operations / revenue.
Effective tax rate	801.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	-6.7%	Net income / average total assets.
Stock-based pay / revenue	1.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.5%	Capital expenditures / revenue.
D&A / revenue	2.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-2.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	1.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	13.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	0.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	10.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	9.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	8.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 5y	15.4%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	7.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 5y	14.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-43.3%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-58.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y	-8.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-7.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y	3.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	7.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	15.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.83x	Current assets / current liabilities.
Quick ratio	0.94x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.68x	(Cash + short-term investments) / current liabilities.
Debt / assets	37.9%	Total debt / total assets.
Liabilities / assets	84.8%	Total liabilities / total assets.
Net debt	$167.6M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.48x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	1.42x	Operating income / interest expense.
Working capital	$51.5M	Current assets - current liabilities.
Goodwill and intangibles / assets	52.2%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.48x	Revenue / average total assets.
Fixed asset turnover	2.13x	Revenue / average property, plant and equipment.
Inventory turnover	3.18x	Cost of revenue / average inventory.
Days inventory	115 days	365 x average inventory / cost of revenue.
Receivables turnover	16.2x	Revenue / average receivables.
Days sales outstanding	23 days	365 x average receivables / revenue.
Days payables	118 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	20 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	25.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.12	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$0.85	Revenue / diluted weighted shares.
FCF per share	$0.06	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.08	Cash from operations / diluted weighted shares.
Cash per share	$0.14	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	2.2%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$188.6M	Share price x shares outstanding.
Enterprise value	$356.2M	Market cap + total debt - cash - short-term investments.
P/S	0.71x	Market cap / revenue.
P/FCF	9.77x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	7.32x	Market cap / cash from operations, when positive.
EV/Sales	1.35x	Enterprise value / revenue.
EV/EBIT	8.39x	Enterprise value / operating income, when both are positive.
EV/EBITDA	7.40x	Enterprise value / EBITDA, when both are positive.
EV/FCF	18.4x	Enterprise value / free cash flow, when both are positive.
FCF yield	10.2%	Free cash flow / market cap.
Earnings yield	-19.6%	Net income / market cap (the inverse of P/E).
Shareholder yield	0.2%	(Dividends paid + share buybacks) / market cap.

What was TerrAscend Corp.'s revenue in fiscal 2025?

TerrAscend Corp. reported revenue of $260.6M for fiscal 2025, 2.8% lower than the year before.

Was TerrAscend Corp. profitable in fiscal 2025?

No. It reported a net loss of $81.3M.

How much free cash flow did TerrAscend Corp. generate in fiscal 2025?

Cash from operations of $21.5M minus capital expenditures of $8.6M left free cash flow of $12.9M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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