TSNDF TerrAscend Corp.

Overview and Growth

TerrAscend Corp. generated $260.56M of revenue in fiscal 2025, with net loss of $81.33M and an operating cash inflow of $21.53M. The $260.56M revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. The top line contracted 2.8% from $268.08M in fiscal 2024; this top-line contraction left the company with a smaller revenue base. The company reported diluted EPS of -$0.29, adding a shareholder-level measure to the absolute income figures considered below. The revenue-to-assets relationship was 0.47x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

After reported cost of revenue, the company retained $136.32M as gross profit before recognizing operating expenses and other items. The gross-profit relationship equaled 52.3% of revenue, quantifying the portion retained before operating expenses were recognized. Operating income was $42.02M, the earnings remaining from reported operations after the company’s recognized operating cost structure. The operating result equaled 16.1% of revenue, placing the absolute operating-income figure in the context of the company’s sales base. After all below-operating-line items, the company recorded a net loss of $81.33M for the fiscal year. The net loss equaled 31.2% of revenue, showing the bottom-line deficit relative to the company’s sales base. Before income taxes, the company reported $4.98M of earnings, providing a bridge between the operating result and final net income. Measured against revenue, pretax income equaled 1.9%, adding a pre-tax profitability layer between revenue and net income. Income tax expense totaled $29.47M, providing the reported tax component that separates pretax and after-tax earnings. The effective relationship between income tax and positive pretax income was 592.0%, without assuming a statutory-rate comparison. The net loss equaled 82.1% of period-end equity, showing the deficit relative to book capital. Relative to total assets, the net loss represented 14.6%.

Liquidity and Capital Structure

The company held $557.38M of assets against $458.36M of liabilities and $99.02M of equity, revealing how the asset base was financed. The near-term balance sheet paired $110.11M of current assets with $79.93M of current liabilities at the reporting date. The current ratio was 1.38x, with current assets exceeding current liabilities and providing a short-term liquidity cushion. Reported cash and equivalents were $37.41M, separating immediately recognizable cash resources from the rest of the current-asset base. Cash and equivalents represented 46.8% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. Total debt was $225.45M, establishing the amount of borrowing carried within the company’s capital structure. Against book equity, debt measured 2.28x, placing the company’s financial leverage in clear balance-sheet terms. The debt-to-assets relationship was 40.4%, comparing borrowing with the total asset balance. Relative to total assets, liabilities measured 82.2%, complementing the separate equity-based view of the company’s capital structure. The cash-to-assets relationship was 6.7%, comparing reported cash and equivalents with the full positive asset balance. Total assets were 8.2% lower than fiscal 2024 assets of $607.23M, measuring the company’s own balance-sheet change.

Cash Flow and Earnings Quality

Cash flow from operations was $21.53M, a reported cash inflow that can be compared directly with net income and capital spending. The cash-flow statement records $8.61M of capital expenditures, the investment amount considered after operating cash generation. Relative to operating cash flow, capital expenditures measured 40.0%, connecting investment intensity with the company’s cash-generation base. Free cash flow came to $12.91M, leaving a positive amount after capital expenditures. Free cash flow represented 5.0% of revenue, linking post-investment cash generation with the company’s operating scale. Measured against total assets, free cash flow represented 2.3%, showing the cash productivity of the company’s assets.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.