Rubicon Organics Reports Record $59.5 Million in 2025 Revenue, 22% Increase Over 2024
- Rubicon Organics achieved record 2025 financial results, with net revenue rising 22% to $59.5 million and gross profit increasing 27% to $19.5 million, alongside a net income of $1.1 million and operating profit turnaround to $1.8 million.
- The company completed the acquisition and ramp-up of its Cascadia cultivation facility, boosting annual production capacity to 15,500 kilograms across Cascadia and Pacifica, expected to improve supply, reduce reliance on third-party suppliers, and enhance margins starting mid-2026.
- Despite Q4 revenue growth to $16.5 million, adjusted EBITDA declined to $1.2 million due to startup costs and operational expenses related to Cascadia; cash on hand decreased but working capital improved, supported by private placements and a capital loan.
- Rubicon plans continued revenue and EBITDA growth in 2026, expanding internationally with a new branded launch for 1964 Supply Co., while awaiting certification for Cascadia to access medical marijuana markets, amid short-term challenges in British Columbia.
Rubicon Organics reported record financial results for 2025, with net revenue reaching $59.5 million, a 22% increase from the $48.7 million it generated in 2024. The company also posted record quarterly revenue in the fourth quarter, bringing in $16.5 million, up 16% from the same period a year earlier. Gross profit before fair value adjustments for the full year totaled $19.5 million, an increase of 27%, while adjusted EBITDA came in at $5 million, up 25% from 2024.
Rubicon said it generated $1.8 million in income from operations for the year, a turnaround from a $1.2 million operating loss in 2024. Net income for 2025 was $1.1 million.
CEO Margaret Brodie said the company’s performance came during what she described as a “milestone year”, pointing to revenue growth, expanded market share and the integration of the Cascadia facility.
“In a milestone year, we delivered record revenues, expanded our genetic and market share leadership, and completed one of the industry’s fastest integrations with the Cascadia acquisition,” said Brodie. “As we enter 2026, we are operating from our strongest foundation to date.”
Rubicon said one of the major developments during 2025 was the acquisition and ramp-up of its Cascadia cultivation facility, which now has a rated capacity of 4,500 kilograms of premium marijuana annually. The first harvests from the facility were completed on February 19, 2026, and the company said it expects monetization to begin in late in the second quarter of this year.
With Cascadia now fully planted and operational, Rubicon said it expects its combined annual production capacity across Cascadia and its Pacifica greenhouse to reach 15,500 kilograms. The company says that added scale will help it address supply constraints that have limited flower sales, while also reducing dependence on third-party suppliers and helping improve margins.
The company said gross margin and adjusted EBITDA could remain under pressure during the first half of 2026 because of continued investment tied to the Cascadia ramp-up. However, it says those figures are expected to improve in the second half of the year as production from the site begins contributing to revenue.
Rubicon’s brands continued to hold strong positions in Canada’s premium marijuana market in 2025. The company said it ranked as the No. 12 premium licensed producer nationally, driven by 1964 Supply Co., which it said was the leading premium brand by sales. It also said Wildflower ranked No. 22 among topical brands in Canada with a 25.9% market share, while its premium vapes held an 18% national market share.
For the fourth quarter alone, adjusted EBITDA was $1.2 million. That was down from $1.6 million in the fourth quarter of 2024, despite the increase in revenue, reflecting some of the pressure from startup costs tied to Cascadia and other operational expenses.
Rubicon ended 2025 with $4 million in cash and cash equivalents, down from $9.9 million a year earlier. Working capital, however, increased to $23.6 million from $19.9 million. During the year, the company also closed a non-brokered private placement for roughly $4.5 million and secured a $3 million long-term capital loan at a 6.79% interest rate.
Looking ahead, Rubicon said it expects growth in both revenue and adjusted EBITDA in 2026. The company is also continuing its push into international markets after completing its first overseas shipments in 2025. It said an upcoming branded launch will mark the international debut of 1964 Supply Co. in key markets.
Rubicon also said it is awaiting Good Agricultural and Collection Practices certification for Cascadia, which it believes will help it meet requirements for international medical marijuana markets.
Although the company expressed confidence in the year ahead, it did acknowledge some near-term pressure in British Columbia, where market softness linked in part to a strike late last year is expected to weigh on early 2026 results.
Even so, after posting record revenue, positive net income and a return to operating profitability, Rubicon enters 2026 with more production capacity than it had a year ago and with expectations that Cascadia will play a central role in its next phase of growth.