TerrAscend Reports $65.5 Million in Preliminary First Quarter Revenue, 15th Straight Quarter of Positive Operating Cash Flow

TerrAscend reported $65.5 million in preliminary net revenue for the first quarter of 2026, marking a slight increase from the same period last year as the company prepares to release its full quarterly results next week.

The North American marijuana operator said the figure compares to $66.1 million in the fourth quarter of 2025 and $64.3 million in the first quarter of 2025. The company also reported a preliminary gross profit margin of 52.8%, up from 52.1% in the prior quarter but down from 53.9% during the first quarter of 2025.

TerrAscend said general and administrative expenses were flat compared to the previous quarter, while the company generated positive cash flow from operations for the 15th consecutive quarter.

“The business returned to year-over-year revenue growth from continuing operations, while gross margin and other key profitability metrics exceeded our targets for the quarter,” said Jason Wild, TerrAscend’s executive chairman.

Wild also pointed to the recent federal rescheduling of medical marijuana and the potential for additional reforms, saying the company remains focused on efficiency, profitability, growth and disciplined capital allocation.

The preliminary results are unaudited and cover continuing operations only. They do not include Michigan, which TerrAscend began reporting as discontinued operations in the second quarter of 2025.

TerrAscend operates in Pennsylvania, New Jersey, Maryland, Ohio and California through TerrAscend Growth Corp., while also maintaining retail operations in Canada. Its brands and businesses include The Apothecarium, Ilera Healthcare, Kind Tree, Legend, State Flower, Wana and Valhalla Confections.

The company will release its full first quarter financial results before market open on May 7, followed by a conference call at 8 a.m. Eastern Time.