Core Insights - MediPharm Labs Corp. reported an 8% annual revenue growth in 2025, driven by its international medical cannabis strategy, with international revenue contributing over 50% of total revenue [2][4][8] - The company ended 2025 with a strong balance sheet, virtually debt-free, and over $10 million in cash, positioning it favorably compared to industry peers [3][12][13] Financial Performance - Total revenue for FY 2025 was $45.1 million, an increase of 8% from 2024, with international medical cannabis revenue reaching $25.2 million, a 43% increase year-over-year [4][5][8] - Q4 2025 revenue was $11.1 million, slightly down from $12.0 million in Q4 2024, attributed to timing and mix differences [4][10] - Gross profit for FY 2025 was $14 million, representing a 31% margin, an increase from $12.8 million in 2024 [7][8] Operational Highlights - The company launched new products in Europe and Australia, including novel metered dose inhalers, and executed its first commercial shipments to France and Brazil [5][6][8] - Canadian medical cannabis revenue for Q4 2025 was $3.2 million, reflecting an 8% sequential increase from Q3 2025 [6][10] Cost Management - Operating expenses for 2025 were $20.9 million, a decrease of $0.7 million from the previous year, with adjusted operating expenses at $16.8 million, down 14% year-over-year [9][12] - Adjusted EBITDA for 2025 was negative $1.6 million, an improvement of $0.3 million over 2024 [9][21]