TerrAscend Corp. (TSNDF)
As-reported financials and SEC filings for TerrAscend Corp. The latest annual period is FY2025. The latest reported quarter is Q2 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.
About TerrAscend Corp.
TerrAscend Corp. is a North American cannabis company that cultivates, produces, and sells cannabis products. It operates vertically integrated licensed facilities and retail dispensaries across several U.S. states including Pennsylvania, New Jersey, Maryland, California, and Ohio, as well as in Ontario, Canada. The company offers a range of cannabis products such as flower, vaporizables, concentrates, topicals, tinctures, and edibles under its own brands and licensed brands like Wana and Cookies.
Snapshot
Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.
What changed at TerrAscend
- Revenue fell 2.8% to $261M in FY2025, slower than the 7.0% the year before.
- Operating margin is 16.1% in FY2025, +4.3 pp against 11.8% in FY2021.
- Most recent quarter Q2 FY2026: revenue $67M, up 3.3% from Q2 FY2025.
- Free cash flow was $13M in FY2025, 5.0% of revenue.
- Net loss widened to $81M in FY2025, from $73M in FY2024.
Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.
Peer comparison
Where TerrAscend’s fundamentals sit among the 225 Materials companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).
TerrAscend’s gross margin of 52.3% ranks in the 95th percentile of the 177 Materials companies reporting it. TerrAscend’s long-term debt to equity of 2.28 ranks in the 93rd percentile of the 156 Materials companies reporting it. TerrAscend’s net margin of -31.2% ranks in the 8th percentile of the 206 Materials companies reporting it.
No reported insider transactions (codes P/S) in the last 90 days. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →
Percentiles describe where a figure sits among sector peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.
Short interest
Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.
| Settlement | Shares short | Change | Days to cover |
|---|---|---|---|
| 2026-09-30 | 1.1M | +11.8% | 1.50 |
| 2026-09-15 | 980.0K | -7.4% | 3.08 |
| 2026-08-31 | 1.1M | -21.9% | 2.40 |
| 2026-08-14 | 1.4M | +23.2% | 4.72 |
| 2026-07-31 | 1.1M | +25.2% | 2.57 |
| 2026-07-15 | 878.6K | +15.9% | 2.00 |
| 2026-06-30 | 758.1K | +4.2% | 1.37 |
| 2026-06-15 | 727.3K | +17.8% | 1.02 |
Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.
Income statement (as reported)
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $260.6M | $268.1M | $250.5M | $247.8M | $194.2M |
| Gross profit | |||||
| Operating income | $42.0M | $38.9M | $29.7M | $-335.9M | $22.9M |
| Net income | $-81.3M | $-72.7M | $-86.7M | $-325.4M | $6.1M |
| Diluted EPS | $-0.29 | $-0.28 | $-0.34 | $-1.35 | $0.01 |
Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.
Balance sheet (as reported)
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Cash and equivalents | $37.4M | $26.4M | $22.2M | $26.2M | $79.6M |
| Current assets | $110.1M | $176.9M | $102.9M | $122.0M | $172.5M |
| Total assets | $557.4M | $607.2M | $666.5M | $701.6M | $581.9M |
| Current liabilities | $79.9M | $91.0M | $207.0M | $137.9M | $66.2M |
| Long-term debt | $225.5M | $204.5M | $206.5M | $200.0M | — |
| Total liabilities | $458.4M | $430.4M | $425.8M | $380.4M | $353.0M |
| Total equity | $99.0M | $176.8M | $240.7M | $321.2M | $229.0M |
Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.
Cash flow (as reported)
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Operating cash flow | $21.5M | $38.0M | $27.5M | $-26.1M | $-31.8M |
| Capital expenditure | $8.6M | $6.9M | $4.9M | $39.6M | $39.8M |
| Free cash flow |
Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Full details: where the numbers come from.
Quarterly trend
| Quarter | Revenue | Revenue YoY | Net income | Diluted EPS |
|---|---|---|---|---|
| Q2 FY2026 | $67.1M | 3.3% | $-8.1M | $-0.03 |
| Q1 FY2026 | $65.5M | 1.9% | $-8.0M | $-0.03 |
| Q4 FY2025 | -0.4% | |||
| Q3 FY2025 | $65.1M | -0.1% | $-24.6M | $-0.08 |
| Q2 FY2025 | $65.0M | -3.3% | $-48.1M | $-0.17 |
| Q1 FY2025 | $64.3M | -20.3% | $-12.3M | $-0.05 |
| Q4 FY2024 | 236.5% | |||
| Q3 FY2024 | $65.2M | -27.0% | $-21.4M | $-0.08 |
Latest 8 quarters, from company XBRL filings on SEC EDGAR. A dotted underline marks a fourth-quarter figure we calculated from the full year and the first nine months. Revenue YoY is our calculation too: each quarter against the same quarter a year earlier.
Company facts
Selected SEC filings
Largest Materials peers
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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.