Highlights for the third quarter ended December 31, 2025. All amounts are expressed in Canadian dollars:
Net cannabis revenue was $2,348,797 (Q3 F2025: $1,676,721), an increase of $672,076 (40%), with an average net sales price per gram of $1.51 (Q3 F2025: $1.58). Net cannabis revenue for the nine months ended December 31, 2025 increased to $6,062,528 (2025 of $5,877,837).
Cash cost per gram sold decreased to $0.92 (Q3 F2025: $1.03).
Gross profit improved to $680,589 (Q3 F2025: $249,197) in the quarter. For the 2026 fiscal year, gross profit totals $2,321,996, representing more than a 350% increase compared to the prior year.
Gross margin improved to 29% (Q3 F2025: 15%).
The Company generated positive operating income for the fourth consecutive quarter.
Adjusted EBITDA was $399,738 (Q3 F2025: $85,758) an increase of $313,980, representing the fifth consecutive quarter of positive adjusted EBITDA.
Finished goods inventory totaled 3,053,665 grams valued at $3,377,433, supporting anticipated customer demand requirements.
Cash was $1,181,770 at quarter end; working capital (excluding amounts due to related parties) amounted to $5,819,285.
Jamie D'Alimonte, CEO of Greenway said: "We are pleased to report our Q3 results which delivered revenue growth of 40% year-over-year, expanding margins, and our fifth consecutive quarter of positive adjusted EBITDA. Our quarter end cash plus the value of finished goods inventory total more than $4.5 million, giving us a healthy working capital position and inventory to support anticipated demand for our high quality product. Our results reflect a business that is gaining scale, improving unit economics, and strengthening strategic customer relationships.
"Our objective is clear: to build a resilient, high-quality cannabis platform capable of generating consistent returns through industry cycles."
"Our production team was able to reduce cash cost per gram over 10%, to $0.92 from $1.03 a year ago. We are demonstrating that disciplined execution in this market drives durable results," said Carl Mastronardi, President of Greenway. "As we move forward, our focus remains on scaling production efficiently, optimizing yields, and enhancing product mix to ensure we continue building momentum across the platform."
