BIG ROCK BREWERY INC. ANNOUNCES THIRD QUARTER 2025 RESULTS AND A 36% INCREASE IN THIRD QUARTER SALES VOLUMES - Trailing twelve-month sales volume growth of 42%

CALGARY, AB, Nov. 7, 2025 /CNW/ - Big Rock Brewery Inc. (TSX: BR) ("Big Rock" or the "Corporation") today announces its financial results for the three and nine months ended September 30, 2025.  

Financial Summary

For the three months ended September 30, 2025, compared to the three months ended September 30, 2024, the Corporation reported:

• total sales volumes up 35.8% to 89,572 hl compared to 65,982 hl, driven by a 67.3% increase in contract sales volumes and a 17.4% increase in wholesale volumes;
• net revenue increased by 27.4% to $16.3 million from $12.8 million due to increased volumes;
• gross margin increased to $4.8 million compared to $3.9 million;
• operating income was $0.2 million, which is an increase of $0.5 million, compared to an operating loss of $(0.3) million;
• net loss decreased by $0.8 million to a $(0.1) million loss; and
• Adjusted EBITDA increased by $0.5 million to $0.7 million. Adjusted EBITDA is a non-GAAP financial measure, see "Non-GAAP Measures".

For the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, the Corporation reported:

• total sales volumes up 42.3% to 242,032 hl compared to 170,094 hl, driven by contract volumes that more than doubled and a wholesale volumes increase of 12.1%;
• net revenue increased by 30.7% to $44.0 million from $33.7 million due to increased volumes;
• gross margin increased to $13.7 million compared to $9.8 million;
• operating income increased to $0.6 million, compared to an operating loss of $(3.3) million;
• net income increased to $0.1 million from a loss of $(3.8) million, an increase of $3.9 million; and
• Adjusted EBITDA increased by $3.6 million to $2.4 million.

Summary of Results

$000, except hl and per share amounts	Three months ended September 30		Nine months ended September 30
	2025	2024	2025	2024
Sales volumes - wholesale (hl)	48,945	41,705	129,535	115,576
Sales volumes – contract (hl)	40,627	24,277	112,497	54,518
Total sales volumes (hl)	89,572	65,982	242,032	170,094
Gross product revenue	$     20,452	$     17,061	$      55,125	$     44,141
Net revenue	16,274	12,774	44,041	33,700
Cost of sales	11,468	8,864	30,361	23,927
Adjusted EBITDA^(1)	744	281	2,399	(1,162)
Operating income (loss)	154	(347)	649	(3,313)
Net (loss) income	(98)	(938)	134	(3,791)
Net (loss) income per share - basic	$      (0.00)	$      (0.13)	$         0.01	$      (0.54)
Net (loss) income per share - diluted	$      (0.00)	$      (0.13)	$         0.01	$      (0.51)

^(1)	Non-GAAP financial measure. See "Non-GAAP Measures".

Sales volumes increased by 35.8% compared the third quarter of 2024.  More importantly, Adjusted EBITDA was a positive $0.7 million, which represents a $0.5 million improvement from the third quarter of 2024. 

"I am pleased to report continued sales volumes growth quarter over quarter, and exceptional results within our wholesale and contract businesses, both of which contributed to an increase in Adjusted EBITDA of $0.5 million in the quarter and $3.6 million year-to-date. These results demonstrate clear benefits as we continue to deploy of our strategic plan" said David Kinder, Big Rock's President and Chief Executive Officer.

"The positive response to our branding & portfolio refresh, along with the overall growth in our wholesale business outpacing the industry, are also really encouraging. Another highlight of the quarter was the successful return of our Barn Burner event at our brewery, which brought people together to celebrate great music, great beer and our community spirit. The energy and enthusiasm around the event reflect the deep connection people have with the Big Rock brand".

Additional Information

The unaudited condensed interim consolidated financial statements of the Corporation and the Corporation's Management Discussion and Analysis for the three and nine months ended September 30, 2025 dated November 6, 2025, can be viewed on Big Rock's website at www.bigrockbeer.com and on SEDAR+ at www.sedarplus.ca under Big Rock Brewery Inc.

NON-GAAP MEASURES

The Corporation uses certain financial measures referred to in this press release to quantify its results that are not prescribed by Generally Accepted Accounting Principles ("GAAP"). Such financial measures do not have a standardized meaning under GAAP and therefore may not be comparable to similar measures presented by other issuers. The non-GAAP financial measures should not be considered in isolation, as an alternative to or more meaningful than the most directly comparable GAAP measures which are prepared in accordance with IFRS Accounting Standards.

"Adjusted EBITDA" is a non-GAAP financial measure that the Corporation uses to measure operating performance and borrowing capacity. The most directly comparable GAAP measure to adjusted EBITDA is net income, or net loss, as applicable. The following table details the composition of adjusted EBITDA and its reconciliation to net income, or net loss:

($000, except where indicated)	Three months ended September 30			Nine months ended September 30
	2025	2024	Change	2025	2024	Change
Net (loss) income	$    (98)	$     (938)	$      840	$     134	$ (3,791)	$    3,925
Addback:
Interest	252	716	(464)	629	2,077	(1,448)
Depreciation and amortization	622	551	71	1,691	2,205	(514)
Share based payments	(32)	77	(109)	(55)	(54)	(1)
Loss on dispositions – net	-	2,107	(2,107)	-	633	(633)
Gain on extinguishment of lease liability	-	(2,232)	2,232	-	(2,232)	2,232
Adjusted EBITDA	$     744	$      281	$    463	$ 2,399	$ (1,162)	$    3,561

Forward-Looking Information

Certain statements contained in this press release constitute forward-looking statements or forward-looking information (collectively, "forward-looking statements") within the meaning of applicable securities legislation. These statements relate to expectations regarding future events or Big Rock's future performance based on certain assumptions made by Big Rock. All statements, other than statements of historical fact, may be forward-looking statements. Forward-looking statements are not facts, but only predictions based on information presently available and generally can be identified by the use of statements that include words or phrases such as, "anticipate", "believe", "continue", "could", "estimate", "expect", "intend", "likely", "may", "project", "predict", "propose", "potential", "might", "plan", "seek", "should", "targeting", "will", and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Big Rock believes that the expectations reflected in the forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon by readers, as actual results may vary materially from such forward-looking statements. These statements speak only as of the date of this press release and are expressly qualified, in their entirety, by this cautionary statement.

This press release contains forward-looking statements pertaining to: Big Rock's continued deployment of its strategic plan and the anticipated benefits thereof; and other similar statements.

With respect to the forward-looking statements listed above and contained in this press release, management has made assumptions regarding, among other things:

• the duration and impact of tariffs currently in effect and that such tariffs will remain in effect unchanged;
• markup rates applied by the Alberta Gaming, Liquor and Cannabis Commission ("AGLC");
• anticipated cost increases in Big Rock's production and supply chain;
• volumes in the current fiscal year will remain constant or continue to increase;
• there will be no material change to the regulatory environment in which Big Rock operates;
• there will be no material supply issues with Big Rock's vendors;
• seasonal fluctuations in demand; and
• Big Rock can and will execute it business plans and strategies.

Some of the risks which could affect future results and could cause results to differ materially from those expressed in the forward-looking statements contained herein include the risk factors set out in the Corporation's annual information form for the year ended December 30, 2024 which is available on SEDAR+ at www.sedarplus.ca and also include, but are not limited to:

• risks related to Big Rock's credit facility with ATB;
• the inability to grow demand for Big Rock's products;
• the inability to execute its product innovation strategy and to introduce such products in the volumes necessary to fulfil its expectations;
• changes to the duration and/or impact of tariffs currently in place, including any impacts on general market demand;
• risks related to unanticipated changes to AGLC's mark-up rates;
• the risk that Big Rock may not have an increase in market demand or market share; 
• the risk that Big Rock may lose co-packing contract volumes or the anticipated benefits of co-packing production; 
• the risk that continued attention to streamlining production and maximizing return on sales and marketing initiatives for Big Rock's branded, white-label and co-packing businesses, won't help the Corporation continue to improve its financial results and strengthen its balance sheet; 
• the risk that Big Rock may not realize operational efficiencies or margin growth; 
• the risk that Big Rock may not have sufficient cash flows to cover forecasted expenses or return to profitability; and 
• the risk that Big Rock may not be in compliance with its financial covenants for the next 12 months.

Readers are cautioned that the foregoing list of assumptions and risk factors is not exhaustive. The forward-looking statements contained herein speak only as of the date of this press release and are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this press release are made as of the date hereof and Big Rock does not undertake any obligation to publicly update such forward-looking information and statements to reflect new information, subsequent events or otherwise unless so required by applicable securities laws.

About Big Rock Brewery Inc.

In 1985, Ed McNally founded Big Rock to contest the time's beer trends. Three bold, European-inspired offerings – Bitter, Porter and Traditional Ale – forged an industry at a time heavy on easy drinking lagers and light on flavour. Today, our extensive portfolio of signature beers, ongoing seasonal offerings, six ciders (Rock Creek Cider® series), custom-crafted private label products and other notable, licensed alcoholic beverages keeps us at the forefront of the craft beer revolution and still proudly contesting the beer and alcoholic beverage trends of today. Big Rock has brewing operations in Calgary, Alberta, Vancouver, British Columbia, and Toronto, Ontario. Big Rock trades on the TSX under the symbol "BR". For more information on Big Rock visit www.bigrockbeer.com 

SOURCE Big Rock Brewery Inc.

For further information, please contact: David Kinder, President & Chief Executive Officer, or Bill Woods, Interim Chief Financial Officer: Phone: [phone], Fax: [phone], Email: [email protected]