PICKERING, ON, Nov. 28, 2025 /CNW/ – MTL Cannabis Corp. (CSE:MTLC) (OTCQX:MTLNF) (“MTL” or the “Company”) is pleased to report it has filed its financial statements as at and for the three-month and six-month periods ending September 30, 2025, and 2024. Complete details may be found on the Company’s SEDAR+ profile at www.sedarplus.ca.
Second Quarter 2025 Consolidated Financial Highlights:
The Company generated revenue of $25,365,570 during the second quarter of fiscal 2026, compared to $26,434,502 in the same quarter of last fiscal year.
The Company generated net revenue of $20,613,664 during the second quarter of fiscal 2026, compared to $20,869,898 in the same quarter of last fiscal year.
The Company generated gross margins before fair value adjustments of 50% during the second quarter of fiscal 2026, an increase of 7% over the previous fiscal quarter, and a decrease of 4%, compared to 54% in the same quarter of last fiscal year.
The Company continues to generate positive Adjusted EBITDA of $2,223,919 during the second quarter of fiscal 2026.
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See “Non-IFRS financial measures” section below for reconciliation of EBITDA and Adjusted EBITDA.
Management Commentary:
“We are incredibly proud of our continued progress as a business, demonstrating the strength of our core operations with stable revenue, strong margins, and continued EBITDA performance. We continue to make progress with the realignment of our internal supply chain to enhance profitability and internal capacity, notably the successful transition of our medical fulfillment operations from Pickering to Montreal, as well as continued investments into cultivation technologies and streamlining our asset portfolio, which we expect will have meaningful and positive contributions towards our future margins and profitability.” said Michael Perron, CEO of MTL. “At the same time, we have been able to successfully streamline our capital structure, reducing legacy obligations and positioning the company for sustainable long-term growth. This strategic reset aligns our balance sheet with the performance we are delivering across the business. We look forward to continuing to enhance our operations throughout the rest of the year as we position MTL to take advantage of future growth initiatives.”
Summary of New Credit Agreement:
On July 30, 2025, the Company closed a credit agreement (the “Credit Agreement”) with a Canadian Schedule 1 Bank to assist with capital expenditures, finance working capital, and refinance existing debt. The Credit Agreement is comprised of the following facilities:
An uncommitted demand revolving credit facility of up to $4,000,000 (the “RT Facility”).
A committed non-revolving term credit facility, by way of a single drawdown, in the amount of $6,750,000 (the “NRT 1 Facility”).
A committed non-revolving term credit facility, by way of a single drawdown, in the amount of $12,150,000 (the “NRT 2 Facility”).
An uncommitted delayed …
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