TerrAscend reported fourth quarter revenue of $66.1 million and full-year revenue of $260.6 million for 2025, while continuing a string of positive cash flow results that the company says reflects strength in its core markets.
According to the company, fourth quarter revenue was up from $65.1 million in the prior quarter, with gross profit margin holding flat at 52.1%. TerrAscend also reported a net loss from continuing operations of $0.5 million for the quarter, a sharp improvement from a $9.9 million loss in the third quarter. Adjusted EBITDA from continuing operations was $16.7 million, or 25.2% of revenue, compared to $17 million in the prior quarter.
For the full year, TerrAscend posted revenue of $260.6 million, down from $268.1 million in 2024. Even so, gross profit margin improved to 52.3%, compared to 50.7% the year before. The company reported a net loss from continuing operations of $24.5 million for 2025, compared to $20.9 million in 2024, while adjusted EBITDA totaled $67.8 million, or 26% of revenue.
TerrAscend said it generated $8.3 million in net cash from continuing operations in the fourth quarter and $6.6 million in free cash flow, marking its 14th straight quarter of positive operating cash flow and 10th consecutive quarter of positive free cash flow. For the full year, net cash from continuing operations reached $33.9 million, while free cash flow totaled $25.3 million.
Executive Chairman Jason Wild said the company saw strong performance in New Jersey, Maryland and Pennsylvania. He said TerrAscend expanded its New Jersey retail footprint to four dispensaries through the Union Chill transaction, while Maryland is operating at about a $75 million annual run rate with gross margins near 60%. He also said Pennsylvania retail and wholesale revenue both increased sequentially in the fourth quarter.
Among its 2025 business highlights, TerrAscend pointed to its expansion into Ohio through the acquisition of Ratio Cannabis, a $79 million refinancing deal, and its ongoing exit from the Michigan market. The company said it has already completed the sale of most Michigan assets, with proceeds used to reduce debt.
TerrAscend ended 2025 with $37.4 million in cash and cash equivalents. The company said it has no material debt maturities until late 2028 and plans to remain focused on disciplined acquisitions and growth in its core markets.
