TerrAscend reported $67.1 million in net revenue for the second quarter of 2026, an increase of 3.3% from the same period last year and 2.4% from the previous quarter.
The company reported revenue of $65 million in the second quarter of 2025 and $65.5 million during the first quarter of this year. Gross profit reached $36.3 million, with a gross margin of 54%, compared with 51.1% a year earlier.
Adjusted EBITDA from continuing operations totaled $17.7 million, up 11% year-over-year from $16 million, while adjusted EBITDA margin increased to 26.3% from 24.6%.
TerrAscend reported a GAAP net loss from continuing operations of $10.1 million, compared with a $6.4 million loss during the second quarter of 2025.
“Our second quarter net revenue, gross margin and Adjusted EBITDA increased sequentially and year-over-year, exceeding our expectations,” said Jason Wild, TerrAscend’s executive chairman. “We also generated another quarter of positive operating and free cash flow, ending the quarter with a strong cash position of $42.0 million. Revenue increased sequentially across New Jersey, Maryland and Pennsylvania, with strength in both our retail and wholesale channels. 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 generated $7.4 million in net cash from continuing operations and $5.7 million in free cash flow during the quarter. TerrAscend said it marked its 16th consecutive quarter of positive operating cash flow from continuing operations and its 12th consecutive quarter of positive free cash flow. Cash and cash equivalents totaled $42 million as of June 30.
During the quarter, TerrAscend completed a $21.8 million convertible debt financing, paid down $10 million in principal on its term loan and signed an agreement giving it the option to acquire Aunt Mary’s dispensary in Flemington, New Jersey. The dispensary generates more than $10 million in annualized revenue and would become TerrAscend’s fifth location in the state.
TerrAscend operates cannabis businesses in Pennsylvania, New Jersey, Maryland, Ohio and California, as well as retail operations in Canada.
