The Cannabist Company Reports YoY Revenue Decline In Q3, Focuses On Cost Cutting & Liquidity

The Cannabist Company Holdings Inc. (Cboe CA: CBST) (OTCQB: CBSTF) reported on Monday third quarter financial and operating results revealing a sequential and year-over-year decrease of 7.5% and 30%, respectively, to roughly $79.9 million.

Q3 2025 Financial Highlights

• Gross profit totaled approximately $23 million, up from $17.2 million in the prior quarter and down from $43.8 million in the prior year’s period.
• Adjusted gross margin was 32.1%, down from 33.1% in the second quarter, due to the price compression.
• Adjusted EBITDA came in positive at $3 million, compared to an adjusted EBITDA gain of $8.5 million in the prior period and $14.8 million adjusted EBITDA gain in the third quarter of fiscal 2024.
• Net loss amounted to $14.6 million, down from $77.4 million net loss in the second quarter and compared to $1.7 million net loss in the corresponding period of last year.
• Capital expenditures were $200,000, compared to $1.8 million in the prior period.
• The company ended the second quarter with $17.8 million in cash, compared to $15.5 million at the end of the second quarter.

“We are focused on managing liquidity and proactively addressing the balance sheet, while continuing the process of optimizing our operating footprint,” David Hart, CEO of The Cannabist Company, said. “We will continue to pursue additional measures to take costs out of the business and right-size operations, which may include additional divestitures and other strategic alternatives.”

The sale of three retail locations in Pennsylvania and the opening of one location in Norwalk, Ohio, over the quarter brought the number of the company’s active retail count to 51, compared to 53 at the end of the second quarter.

Subsequent to quarter close, the company launched cannabis sales in its seventh retail location in Ohio, bringing the current active retail count to 52 locations.

The Cannabist Company said that it has additional retail locations in development in Virginia and Ohio.

CBSTF Price Action

The Cannabist Company’s shares traded 16.08% lower at $0.06 per share at the time of writing on Tuesday.