TORONTO, May 14, 2026 (GLOBE NEWSWIRE) -- Avicanna Inc. ("Avicanna" or the "Company") (TSX:AVCN) (OTCQX:AVCNF) (FSE: 0NN) a biopharmaceutical company focused on the development, manufacturing and commercialisation of plant-derived cannabinoid-based products is pleased to announce its financial results for Q1 2026, including the related financial statements and management's discussion and analysis.
"The first quarter of 2026 reflects continued execution across Avicanna's integrated commercial and pharmaceutical pipeline. We delivered record quarterly revenue, gross profit and gross margins, driven by sustained growth in Canada, expansion of our proprietary product portfolio and continued momentum through MyMedi.ca. At the same time, we continued advancing the long-term foundations of the business through international commercial activities, clinical development initiatives and ongoing investment in our pharmaceutical pipeline. We believe the quarter demonstrates the increasing operational leverage of our platform and the growing alignment between our commercial execution and scientific strategy" stated Aras Azadian, CEO at Avicanna Inc.
Q1 2026 Financial Highlights:
Revenue: Revenue for the first quarter of 2026 was $6.68 million, representing the highest quarterly revenue in the Company's history and an increase of approximately 6% compared to the first quarter of 2025. Revenue growth was primarily driven by an 11% increase in MyMedi.ca revenue and a 24% increase in product sales in Canada compared to the same period in 2025.
Gross Profit: The Company achieved gross profit of $3.84 million during the first quarter of 2026, representing a 7% year-over-year increase. Consolidated gross margin improved to 58%, compared to 57% during the comparative period. The Company delivered record gross margins despite a revenue mix shift from higher-margin licensing and services revenue toward product sales during the quarter.
Adjusted EBITDA: The Company reported an adjusted EBITDA loss of $0.15 million during the quarter, compared to adjusted EBITDA income of $0.43 million during the comparative period. The decrease in adjusted EBITDA was primarily attributable to a revenue mix shift from licensing revenue to product sales and increased SG&A expenses associated with strategic growth initiatives and corporate activities during the period
Working Capital: The Company reduced its working capital deficit by $0.96 million to $0.32 million, compared to a deficit of $1.28 million during the comparative period. During the quarter, the Company utilized working capital to reduce accounts payable and support inventory growth associated with commercial expansion
Q1 2026 Corporate Highlights:
Canadian Commercial Growth: During Q1 2026, MyMedi.ca delivered its fourth consecutive quarter of growth while the Company continued expanding its Canadian commercial platform through additional SKUs, channels, and product listings. The quarter marked the highest unit sales on record for MyMedi.ca, with 220,246 units sold compared to 195,705 units sold ...
