Highlights
Revenue for the quarter increased year over year by 34.3% to $9.0 million. Revenue for the full year increased by 33.3% to $35.8 million for the year.
Gross profit increased year over year by 38.8% to $4.7 million for the quarter and 38.5% to $19.0 million for the year.
Adjusted EBITDA1 increased year over year by 79.3% to $1.6 million for the quarter and 61.0% to $6.9 million for the year.
"Grey Wolf delivered strong revenue and Adjusted EBITDA1 growth in 2025", said Angela Cechetto, Chief Executive Officer. "Our pharmacy business revenue grew by 54.7% to $22.7 million during the year driven by organic growth in our existing compounded products and the full year impact from the CPM Acquisition in December 2024. Excluding the impact of CPM, our pharmacy business posted strong organic growth of 12.7% in 2025 compared to 2024."
Ms. Cechetto went on to say, "our Animal Health business was up 7.4% to $13.0 million in 2025 as we continue to see solid performance in our behaviour and GI portfolios and new products launched in the past year, as well as an increase in commission revenue. Adjusted EBITDA1 increased by 61.0% to $6.9 million for the year as a result of higher revenue and gross margins, with our Adjusted EBITDA1 margin improving to 19.3% year to date vs 16.0% in the prior year."
Key Financial Data and Comparative Results
Three months ended
Twelve months ended
Dec 31, 2025
Dec 31, 2024
Dec 31, 2025
Dec 31, 2024
Revenue
$8,982,177
$6,686,705
$35,764,742
$26,829,485
Gross profit
4,663,214
3,359,999
19,062,269
13,758,580
Gross profit %
51.9 %
50.2 %
53.3 %
51.3 %
Total operating expenses
3,838,870
3,551,626
15,005,511
11,853,433
Operating income (loss) for the period
824,344
(191,627)
4,056,758
1,905,147
Income tax expense
80,061
82,103
720,457
687,053
Net income (loss) for the period
329,286
(501,102)
1,656,740
704,668
Earnings (loss) per share
Basic and diluted
$0.01
($0.02)
$0.05
$0.02
EBITDA
1,530,786
285,909
6,741,837
3,381,065
Adjusted EBITDA
1,554,774
867,368
6,901,142
4,286,175
