Organigram Posts Best-Ever Revenue and EBITDA—Market Leadership Solidified
Organigram Global Inc. (NASDAQ: OGI; TSX: OGI) delivered record fourth quarter and fiscal year 2025 results, reinforcing its position as Canada's top recreational cannabis company by market share. With significant gains across revenue, EBITDA, and global market expansion, the company stands out for both growth and operational discipline.
Record Revenue and Improved Profitability Define Fiscal 2025
The numbers speak volumes: Organigram grew annual gross revenue by 63% year-over-year to $403.0 million and net revenue by 62% to $259.2 million. Adjusted gross margin hit $91.0 million—up 69%—while adjusted EBITDA surged by 160% to $21.9 million. These improvements were driven by robust recreational sales at home, an explosive 173% growth in international sales, and efficiencies from recent acquisitions.
| Metric | Fiscal 2025 | Fiscal 2024 | % Change |
|---|---|---|---|
| Gross Revenue ($M) | 403.0 | 247.18 | +63% |
| Net Revenue ($M) | 259.2 | 159.84 | +62% |
| Adjusted Gross Margin ($M) | 91.0 | 53.93 | +69% |
| Adjusted EBITDA ($M) | 21.9 | 8.42 | +160% |
| International Sales ($M) | 26.3 | 9.7 | +173% |
Q4 Financials Underscore Momentum in Key Business Segments
For the fourth quarter alone, gross revenue jumped 76% to $123.3 million, while net revenue leapt 79% to $80.1 million. Adjusted gross margin for the quarter rose to $30.6 million (38% of net revenue), reflecting continued gains in both product mix and operational efficiency.
| Q4 Key Metrics | Q4 2025 | Q4 2024 | % Change |
|---|---|---|---|
| Gross Revenue ($M) | 123.3 | 69.88 | +76% |
| Net Revenue ($M) | 80.1 | 44.7 | +79% |
| Adjusted Gross Margin ($M) | 30.6 | 16.54 | +85% |
| Adjusted EBITDA ($M) | 9.8 | 5.86 | +68% |
Strategic Acquisitions Fuel Market Expansion and Synergies
Organigram strengthened its position through the acquisition of Motif Labs, cementing its lead in pre-rolls and vapes and expanding its footprint in Ontario. The Collective Project Limited deal brought the company into both Canadian and U.S. cannabinoid beverage markets, targeting the fast-evolving edibles segment.
Cost-saving initiatives contributed to adjusted gross margin improvements, while synergies from the Motif integration have already delivered $7.1 million in realized savings—nearly half of identified targets.
International Sales Accelerate as New Markets Open
International business surged in Fiscal 2025, with sales climbing to $26.3 million—nearly tripling the prior year's results. This growth is powered by product quality, market access, and continued innovation. Organigram’s efforts in fast-acting ingestibles (the FAST™ platform) and ongoing expansion of its seed-based cultivation platform underpin future international ambitions.
Balance Sheet and Outlook: Strength with Eyes on Global Growth
Despite a decrease in cash and investments to $84.4 million, working capital remains strong at $158.74 million, and total assets grew 37% to $562.21 million. Net loss improved dramatically to $24.76 million for the year, versus $45.44 million in Fiscal 2024. Notably, much of the Q4 net loss stemmed from non-cash items and does not detract from the company’s underlying profitability momentum.
| Balance Sheet Item | Sep 30, 2025 ($000s) | Sep 30, 2024 ($000s) | % Change |
|---|---|---|---|
| Cash & Investments | 84,420 | 133,426 | -37% |
| Working Capital | 158,738 | 208,897 | -24% |
| Total Assets | 562,211 | 407,860 | +37% |
| Shareholders' Equity | 349,130 | 305,989 | +13% |
Looking forward, Organigram expects net revenue in Fiscal 2026 to surpass $300 million, supported by stronger domestic and international demand, expanded product offerings, and efficiency initiatives. The company's investment in genomics and seed-based cultivation technology is expected to deliver sustainable cost and yield improvements going forward.
Market Leadership and Global Strategy Poised for the Next Phase
Organigram retained its number one market share in Canadian recreational cannabis, finishing Fiscal 2025 with 11.9%. Strategic product launches and category innovation, such as FAST™ edibles and beverage expansion, are supporting further differentiation as the company pursues global opportunities.
Investors and observers may want to watch the company’s pending EU-GMP certification and the potential impacts of U.S. legislative changes on hemp THC products. The incoming CEO, James Yamanaka, brings global expertise for the company’s next growth chapter.
Key Takeaway
With best-ever revenues, rising margins, successful integration of strategic acquisitions, and continued innovation, Organigram is set to convert Canadian dominance into a broader international footprint. Its momentum in high-growth categories, combined with disciplined execution and market expansion, leaves investors with a compelling growth narrative for 2026 and beyond.
For more details or to review the full earnings webcast, visit Organigram’s investor relations page.
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