Financial Data and Key Metrics Changes - In Q4, net revenue increased 79% to CAD 80.1 million from CAD 44.7 million in the same prior year period [16] - Full-year fiscal 2025 net revenue increased 62% to CAD 259.2 million from CAD 159.8 million in the prior year [16] - Adjusted gross profit for Q4 increased 85% to CAD 30.6 million versus CAD 16.5 million in Q4 last year [18] - Adjusted EBITDA set a company record in fiscal 2025, with Q4 adjusted EBITDA of CAD 9.8 million, an increase of 72% sequentially and 69% year-over-year [23] - The net loss for Q4 was CAD 38 million, compared to a net loss of CAD 5.4 million in the same prior year period [25] Business Line Data and Key Metrics Changes - The acquisition of Motif Labs contributed significantly to growth without market share dilution [4] - International sales reached a record CAD 26.3 million, a 171% increase versus the prior year [10][17] - The company achieved a 35% adjusted gross margin for the full year, a 100 basis point increase from last year [18] Market Data and Key Metrics Changes - The company holds the number one market position in Canada with an 11.9% market share in fiscal 2025 [7] - Market share in New Brunswick reached 34.2%, 23.7% in Newfoundland, 14.9% in Saskatchewan, and 12.2% in Nova Scotia [8] - The company experienced a temporary market share impact in Q1 due to a strike affecting large LPs in British Columbia [10] Company Strategy and Development Direction - The company aims to increase the margin profile of its domestic product mix while optimizing operational footprint for capacity and throughput [9] - Plans to launch new products, including coated infused pre-rolls and beverages, are in place to meet evolving consumer needs [9] - The company is focused on disciplined execution and sustainable growth, with an emphasis on margin expansion and international growth [15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued growth supported by a stronger platform and expanding international opportunities [29] - The company is monitoring regulatory changes in the U.S. that could impact its business but does not expect a material adverse economic impact [12] - Management anticipates strong net revenue growth exceeding CAD 300 million in fiscal 2026, along with further improvements in adjusted gross margin and adjusted EBITDA [27] Other Important Information - The company received a CAD 2 million grant from Opportunities New Brunswick to support facility enhancements [6] - The Jupiter Fund currently has CAD 59 million available for deployment to leverage opportunities in markets outside of Canada [13] - The company is awaiting a determination on its EU-GMP application, which could positively impact its international business [12] Q&A Session Summary Question: International growth expectations and supply-demand dynamics - Management indicated that they are starting to realize increased capacity and are well-positioned for fiscal 2026, particularly in Germany [34] Question: Gross margin expectations for fiscal 2026 - Management expects gross margins to improve, driven by operational improvements and synergies from the Motif acquisition [38] Question: Margin improvement sources - The majority of margin improvement is expected to come from operational improvements in cultivation rather than solely from Motif synergies [48] Question: CapEx plans for the next year - The company plans to keep capital expenditures modest for fiscal 2026, with expectations to spend less than CAD 10 million [49]