Vext Reports Q3 2025 Financial Results; Revenue Up 41% Year-over-Year and Operating Cash Flow Year-To-Date Reaches $8.5 Million

Core Insights - Vext Science, Inc. reported a revenue of $12.7 million for Q3 2025, representing a 41% increase year-over-year, driven by expanded retail operations in Ohio and resilient performance in Arizona [4][5] - Year-to-date operating cash flow reached $8.5 million, a significant improvement compared to $(0.7) million in the same period last year [5] - The company is on track to expand its retail footprint in Ohio, aiming to reach the state dispensary license cap of eight by 2026 [5][18] Financial Performance - Q3 2025 revenue was $12,670,000, compared to $13,407,000 in Q2 2025 and $8,987,000 in Q3 2024 [3] - EBITDA for Q3 2025 was $2,315,000, down from $5,263,000 in Q2 2025 but up from $1,925,000 in Q3 2024 [3][10] - Adjusted EBITDA for Q3 2025 was $2,112,000, with an adjusted EBITDA margin of 16.7%, compared to 30% in Q2 2025 and 32% in Q3 2024 [3][10] Operational Highlights - The company has strengthened its retail presence in Ohio, consolidating operations to five locations and planning for three additional dispensaries [5][18] - Vext's operational discipline has allowed it to outperform state averages in Arizona, maintaining steady performance despite broader market declines [4] - The company expects continued operational momentum and improved cash flow in Q4 2025 as it addresses inventory built in Q3 [4]