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TerrAscend Corp. cultivates, produces, and sells cannabis products in Canada and the U.S. Key strengths include a solid gross margin of 52.8% and an EBITDA margin of 26.4%, indicating effective cost management. However, concerns arise from a negative net margin of -12.2% and a high debt-to-equity ratio of 2.54, suggesting potential financial strain. The current ratio of 1.51 indicates adequate liquidity, but the quick ratio below 1 raises caution about short-term obligations. Overall, while the company shows strong operational efficiency, its profitability and leverage warrant attention.
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Company posted a loss of $-79.5M over the last year, representing 30.4% of revenue.
Debt of $223.1M is 5.7x the company's cash position of $39.4M.
Revenue decreased 11.9% year-over-year from $297.0M to $261.7M.
Operating margin expanded by 22.0pp, demonstrating strong operational leverage.
Both gross margin (+2.2pp) and operating margin (+22.0pp) are expanding simultaneously, indicating the company is scaling profitably.
Strong gross margin of 52.0% reflects healthy unit economics.
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