TerrAscend Revenue Climbs YoY To Over $67M As Cannabis Operator Improves Margins In Q2

Jelena MartinovicBy , Featured Writer
Burn After Reading The 30-second intel for operators and investors

TerrAscend reports Q2 revenue of $67.1 million, up 3.3% year-over-year, while gross margin improves to 54% from 51.1% a year ago and adjusted EBITDA rises 11% to $17.7 million.

  • Operators: Margin gains came alongside sequential revenue growth in New Jersey, Maryland and Pennsylvania across retail and wholesale. Operational efficiency and brand strength are translating into profit, even with modest top-line growth.
  • Investors: Cash flow is positive for the 16th straight quarter, but GAAP net loss widened to $10.1 million. A reverse stock split vote is planned as TerrAscend moves toward a major U.S. exchange listing.
  • Do now: Compare your gross margin and operating cash flow against TerrAscend's 54% and $7.4 million to see whether your retail and wholesale mix is holding up.
Short on time? You’re done. Want the numbers?Keep reading ↓

North American cannabis operator TerrAscend Corp. (TSX: TSND) (OTCQX: TSNDF) reported on Thursday second quarter revenue of $67.1 million, representing an increase of 2.4% sequentially and 3.3% year-over-year.

“Revenue increased sequentially across New Jersey, Maryland and Pennsylvania, with strength in both our retail and wholesale channels,” Jason Wild, executive chairman of TerrAscend, said in a press release. “These results demonstrate the consistency of our execution and operational efficiency, as well as the quality and the strength of our brands across our core markets.”

The company said it’s is taking the necessary steps to list on a major U.S. exchange, including a shareholder vote on a reverse stock split. A successful listing could boost its profile and attract a larger pool of investors.

Apart from that, the company is working to strengthen its finances and expand its operations to support future growth.

“During the quarter, we strengthened our balance sheet through an oversubscribed convertible debenture financing that extended our convertible debt maturities to 2031 at a lower interest rate, and we signed an agreement to acquire our fifth dispensary in New Jersey,” Wild explained.

Q2 2026 Financial Highlights

  • Gross margin improved to 54%, up from 52.8% in the first quarter and 51.1% a year ago.
  • Adjusted EBITDA came in positive at $17.7 million (26.3% margin), up from $17.4 million in the first quarter and $16 million in the second quarter of 2025, representing a year-over-year increase of 11%.
  • GAAP net loss widened to $10.1million, compared with $6.8 million in the first quarter and $6.4 million in the second quarter of 2025.
  • Operating cash flow was $7.4 million, representing the 16th consecutive quarter of positive operating cash flow.
  • Free cash flow was $5.7 million, representing the 12th consecutive quarter of positive free cash flow.
  • Ended the quarter with $42 million in cash.

TSNDF Price Action

TerrAscend’s shares traded 9.54% higher at $0.52 per share at the time of writing on Thursday.

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Jelena Martinovic
August 7, 2026
Covers cannabis news, markets and regulation for IgniteIt. Previously wrote about financial markets for Benzinga and Insider Monkey.
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