Greenway Announces Third Quarter Financial Statements
KINGSVILLE, ON, Feb. 25, 2026 /CNW/ - Greenway Greenhouse Cannabis Corporation (CSE: GWAY) (OTCQB: GWAYF) ("Greenway" or the "Company"), a cultivator of high-quality greenhouse cannabis for the Canadian market, today filed its unaudited condensed interim financial statements for the three and nine months ended December 31, 2025.
Highlights for the third quarter ended December 31, 2025. All amounts are expressed in Canadian dollars:
- Net cannabis revenue was $2,348,797 (Q3 F2025: $1,676,721), an increase of $672,076 (40%), with an average net sales price per gram of $1.51 (Q3 F2025: $1.58). Net cannabis revenue for the nine months ended December 31, 2025 increased to $6,062,528 (2025 of $5,877,837).
- Cash cost per gram sold decreased to $0.92 (Q3 F2025: $1.03).
- Gross profit improved to $680,589 (Q3 F2025: $249,197) in the quarter. For the 2026 fiscal year, gross profit totals $2,321,996, representing more than a 350% increase compared to the prior year.
- Gross margin improved to 29% (Q3 F2025: 15%).
- The Company generated positive operating income for the fourth consecutive quarter.
- Adjusted EBITDA was $399,738 (Q3 F2025: $85,758) an increase of $313,980, representing the fifth consecutive quarter of positive adjusted EBITDA.
- Finished goods inventory totaled 3,053,665 grams valued at $3,377,433, supporting anticipated customer demand requirements.
- Cash was $1,181,770 at quarter end; working capital (excluding amounts due to related parties) amounted to $5,819,285.
Jamie D'Alimonte, CEO of Greenway said: "We are pleased to report our Q3 results which delivered revenue growth of 40% year-over-year, expanding margins, and our fifth consecutive quarter of positive adjusted EBITDA. Our quarter end cash plus the value of finished goods inventory total more than $4.5 million, giving us a healthy working capital position and inventory to support anticipated demand for our high quality product. Our results reflect a business that is gaining scale, improving unit economics, and strengthening strategic customer relationships.
"Our objective is clear: to build a resilient, high-quality cannabis platform capable of generating consistent returns through industry cycles."
"Our production team was able to reduce cash cost per gram over 10%, to $0.92 from $1.03 a year ago. We are demonstrating that disciplined execution in this market drives durable results," said Carl Mastronardi, President of Greenway. "As we move forward, our focus remains on scaling production efficiently, optimizing yields, and enhancing product mix to ensure we continue building momentum across the platform."
Issuance of Shares
The Company is pleased to announce that, pursuant to its engagement letter dated June 4, 2024, with Abingdon Capital Corporation, an arm's length consultant (the "Consultant"), the Company has issued the Consultant and its assignees an aggregate of 402,549 common shares in the capital of the Company (the "Common Shares") at deemed prices between $0.15 and $0.25 per Common Share. The Common Shares were issued in satisfaction of a portion of the monthly work fee owed to the Consultant as consideration for the provision of corporate-finance advisory services. All Common Shares issued will be subject to a hold period of four months and a day from the date of issuance in accordance with applicable CSE policies and Canadian securities laws.
A copy of the interim financial statements for the quarter ended December 31, 2025 (prepared in accordance with IFRS Accounting Standards ("IFRS")) and the related Management's Discussion and Analysis are available under the Company's profile on www.sedarplus.ca.
Non-IFRS Measures
Management uses a non-IFRS measure to assess the Company's performance. Non-IFRS measures do not have any standardized meaning under IFRS and are not a measure of financial performance under IFRS, and therefore, may not be comparable to similar measures presented by other companies. Please refer to page 1 of the Company's Management's Discussion and Analysis for an explanation of the composition of Adjusted EBITDA, an explanation of how it provides useful information to an investor and a quantitative reconciliation to the most directly comparable financial measure under IFRS, all of which is hereby incorporated by reference in this press release.
Reconciliations of Non-IFRS Measures
The following table reconciles the non-IFRS measure to the most comparable IFRS measure for the quarter ended December 31, 2025. This measure does not have any standardized meaning under IFRS and is not a measure of financial performance under IFRS, and therefore, may not be comparable to similar measures presented by other companies.
For the three months ended December 31, 2025 | ||||
Net Loss and Comprehensive Loss | $(134,975) | |||
Amortization - Cost of sales | 306,305 | |||
Fair value adjustment on sale of inventory Fair value adjustment on growth of biological assets | 2,346 (78,893) | |||
Amortization – Operating expenses Shares issued for services rendered | 82,883 76,275 | |||
Interest expense | 222,070 | |||
Adjusted EBITDA | $ 399,738 | |||
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in the United States nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), or any state securities laws and may not be offered or sold in the United States unless registered under the 1933 Act and any applicable securities laws of any state of the United States or an applicable exemption from the registration requirements is available.
Greenway Greenhouse Cannabis Corporation is a federally licensed cultivator for the Canadian cannabis marketplace. Greenway is headquartered in Kingsville, Ontario, and leverages its agriculture and cannabis expertise in its aspiration to be a leading cannabis cultivator in Canada. More information can be found on Greenway.ca and updates can be followed on Instagram, Twitter, Facebook, and LinkedIn.
The CSE has in no way passed upon the merits of the business of the Company and has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements that constitute forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements in this news release that are not purely historical statements of fact are forward-looking statements, and the Company's beliefs, plans, expectations, future, strategy, objectives, goals and targets, the development of future operations, and orientations regarding the future as of the date of this news release. Although the Company believes that such statements are reasonable and reflect expectations of future developments and other factors which management believes to be reasonable and relevant, the Company can give no assurance that such expectations will prove to be correct. Forward- looking statements are typically identified by words such as: "believes", "expects", "aim", "anticipates", "intends", "estimates", "plans", "may", "should", "would", "will", "potential", "scheduled" or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved.
Forward-looking statements involve known and unknown risks, assumptions, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements, and includes those risks described in the Company's final prospectus dated September 3, 2021, a copy of which is available under the Company's profile at www.sedarplus.ca. Forward-looking statements are made as of the date of this news release and, unless required by applicable law, the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in these forward-looking statements.
SOURCE Greenway Greenhouse Cannabis Corporation
Contact Information: Company Contact: Jacob De Jong, CAO and Corporate Secretary, Greenway Greenhouse Cannabis Corporation, [email protected], 1-519-712-0311
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