Vext Science Cannabis Co. Boosts Cash Flow 256% YoY, Margins Grow in 2025 Ahead of Ohio Push

Vext Science, Inc. (CSE: VEXT) (OTCQX: VEXTF) reported on Wednesday that revenue in fiscal 2025 totaled $51.4 million, representing a 43% year-over-year increase. In the fourth quarter, revenue totaled $13.7 million, up 35% over the same period.

The cannabis operator operates in Arizona and Ohio. In 2025, the company expanded its retail footprint in the Buckeye State from 2 to 5 locations. Vext plans to reach the state cap of 8 dispensaries by early 2027.

Eric Offenberger, CEO of Vext, said 2025 financial results “reflect the benefits of scaling our owned retail platform, particularly in Ohio, as growing volumes were able to drive operating leverage across a largely established cost base, supporting improved cash flow generation.”

“In Arizona, despite a tougher pricing environment, our teams stayed disciplined, supported by strong cultivation yields,” Offenberger continued.

Q4 And FY 2025 Financial Highlights

• Adjusted EBITDA came in positive at $10.9 million, up from an adjusted EBITDA gain of $9.1 in fiscal 2024.
• Fourth quarter adjusted EBITDA came in positive at $2.1 million, down from the $3.2 million adjusted EBITDA gain in the prior year’s period, indicating some quarter-over-quarter margin pressure despite higher sales.
• Operating cash flow climbed to $11.7 million in fiscal 2025, representing a 256% year-over-year increase, with margins expanding to 23% from 9%.
• Net cash provided by operating activities in the fourth quarter was $3.2 million, down from roughly $4 million in the same quarter of last year, with margins shrinking to 23%

The company recently announced it’s exiting cultivation in Arizona, Eloy facility, to focus on higher-return retail operations and reduce debt.

“As we move into 2026, our focus is on executing across our footprint – completing the Ohio retail build-out while maximising the efficiency of our Arizona retail operations,” Offenberger said.

From Earnings to Execution: Why This Strategy Is Now an Industry Focus

Vext’s performance is not happening in isolation. It reflects a broader shift across the cannabis industry toward disciplined growth, tighter inventory management, and a renewed focus on cash flow.

Those themes are now moving beyond earnings reports and into industry-wide conversations.

At the upcoming Cannabis Market Spotlight: Ohio Valley, operators, executives, and investors will be focused on exactly these challenges—how to scale without overextending, how to manage inventory efficiently, and how to preserve margins in a capital-constrained environment.

Vext Sciences’ General Counsel, Scott Everett, is set to participate in the panel “Running Lean: Cash Discipline, Inventory and Growth in 2026,” where these strategies will be discussed in a real-world context.

For investors, this is where the signal becomes clearer. Financial results like Vext’s show what is working on paper, but events like this provide insight into how operators are executing in practice, where risks remain, and how strategies are evolving across markets like Ohio.

For B2B providers, it’s also a key opportunity to understand operator priorities firsthand—whether around capital allocation, retail expansion, or operational efficiency.

As companies like Vext continue scaling in Ohio, the conversation is shifting from growth at all costs to sustainable execution.

VEXTF Price Action

Vext Science’s shares traded 8.24% higher at $0.23 per share at the time of writing on Wednesday.