Voxtur Announces Results of Annual and Special Meeting of Shareholders
At the Meeting, the shareholders of the Company approved a resolution setting the number of directors of the Company at four and authorizing the Board to set the number of directors, and elected the following persons to serve as directors of the Company (the 'Board'), each for a term of one year or until their successor is duly elected or appointed: Michael Harris, Allan Bezanson, Ray Williams, and Gary Yeoman.
The shareholders also approved the appointment of MNP LLP as the Company's auditor and the ratification of the Company's Long-Term Incentive Plan (the 'LTIP'). A complete copy of the LTIP is available in the Management Information Circular for the Meeting, which is available at
www.sedar.com
. Finally, the shareholders confirmed, ratified and approved the Advance Notice By-Law.
About Voxtur
Voxtur is a proptech company. The company offers targeted data analytics to simplify the multifaceted aspects of the lending lifecycle for investors, lenders, government agencies and servicers. Voxtur's proprietary data hub and workflow platforms more accurately and efficiently value real estate assets, providing critical due diligence that enables market participants to effectively originate, trade, or service defaults on mortgage loans. As an independent and transparent mortgage technology provider, the company offers primary and secondary market solutions in the United States and Canada. For more information, visit
www.voxtur.com
.
Forward-Looking Information
This news release contains certain forward-looking statements and forward-looking information (collectively, 'forward-looking information') which reflect the expectations of management regarding the Company's future growth, financial performance and objectives and the Company's strategic initiatives, plans, business prospects and opportunities. These forward-looking statements reflect management's current expectations regarding future events and the Company's financial and operating performance and speak only as of the date of this press release. By their very nature, forward-looking statements require management to make assumptions and involve significant risks and uncertainties, should not be read as guarantees of future events, performance or results, and give rise to the possibility that management's predictions, forecasts, projections, expectations or conclusions will not prove to be accurate, that the assumptions may not be correct and that the Company's future growth, financial performance and objectives and the Company's strategic initiatives, plans, business prospects and opportunities, including the duration, impact of and recovery from the COVID-19 pandemic, will not occur or be achieved. Any information contained herein that is not based on historical facts may be deemed to constitute forward-looking information within the meaning of Canadian and United States securities laws. Forward-looking information may be based on expectations, estimates and projections as at the date of this news release, and may be identified by the words 'may', 'would', 'could', 'should', 'will', 'intend', 'plan', 'anticipate', 'believe', 'estimate', 'expect' or similar expressions. Forward-looking information may include but is not limited to the anticipated financial performance of the Company and other events or conditions that may occur in the future. Investors are cautioned that forward-looking information is not based on historical facts but instead reflects estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the information is provided. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance, or achievements of the Company. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information include but are not limited to: additional costs related to acquisitions, integration of acquired businesses, and implementation of new products; changing global financial conditions, especially in light of the COVID-19 global pandemic; reliance on specific key employees and customers to maintain business operations; competition within the Company's industry; a risk in technological failure, failure to implement technological upgrades, or failure to implement new technological products in accordance with expected timelines; changing market conditions related to defaulted mortgage loans, and the failure of clients to send foreclosure and bankruptcy referrals in volumes similar to those prior to the COVID-19 global pandemic; failure of governing agencies and regulatory bodies to approve the use of products and services developed by the Company; the Company's dependence on maintaining intellectual property and protecting newly developed intellectual property; operating losses and negative cash flows; and currency fluctuations. Accordingly, readers should not place undue reliance on forward-looking information contained herein. Factors relating to the Company's financial guidance and targets disclosed in this press release include, in addition to the factors set out above, the degree to which actual future events accord with, or vary from, the expectations of, and assumptions used by, Voxtur's management in preparing the financial guidance and targets.
This forward-looking information is provided as of the date of this news release and, accordingly, is subject to change after such date. The Company does not assume any obligation to update or revise this information to reflect new events or circumstances except as required in accordance with applicable laws.
Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Voxtur's common shares are traded on the TSX Venture Exchange under the symbol VXTR and in the US on the OTCQB under the symbol VXTRF.
Company Contact:
Jordan Ross
Tel: (416)708-9764
jordan@voxtur.com
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Wire
20 minutes ago
- Business Wire
NHC Reports Second Quarter 2025 Earnings
MURFREESBORO, Tenn.--(BUSINESS WIRE)-- National HealthCare Corporation (NYSE American: NHC), the nation's oldest publicly traded senior health care company, announced today net operating revenues for the quarter ended June 30, 2025 totaled $374,910,000 compared to $300,658,000 for the quarter ended June 30, 2024, an increase of 24.7%. The increase in net operating revenues for the second quarter of 2025 compared to the second quarter of 2024 was due to an 9.6% increase in same-facility net operating revenues, as well as the August 1, 2024 acquisition of White Oak Management, Inc. ('White Oak'). For the quarter ended June 30, 2025, the reported GAAP net income attributable to NHC was $23,722,000 compared to $26,844,000 for the same period in 2024. Excluding the unrealized gains and losses in our marketable equity securities portfolio and other non-GAAP adjustments, adjusted net income for the quarter ended June 30, 2025 was $25,710,000 compared to $15,612,000 for the same period in 2024, an increase of 64.7% (*). The GAAP diluted earnings per share were $1.52 and $1.73 for the quarters ending June 30, 2025 and 2024, respectively. Adjusted diluted earnings per share were $1.65 and $1.00 for the quarters ending June 30, 2025 and 2024, respectively (*). (*) - See the tables below that provide a reconciliation of GAAP to non-GAAP items. Expand About NHC As of August 1, 2025, NHC affiliates operate for themselves and third parties 80 skilled nursing facilities with 10,329 beds. NHC affiliates also operate 26 assisted living communities with 1,413 units, nine independent living communities with 777 units, three behavioral health hospitals, 34 homecare agencies, and 33 hospice agencies. NHC's other services include Alzheimer's and memory care units, pharmacy services, a rehabilitation services company, and providing management and accounting services to third party post-acute operators. Other information about the company can be found on our web site at Non-GAAP Financial Presentation The Company is providing certain non-GAAP financial measures as the Company believes that these figures are helpful in allowing investors to more accurately assess the ongoing nature of the Company's operations and measure the Company's performance more consistently across periods. Therefore, the Company believes this information is meaningful in addition to the information contained in the GAAP presentation of financial information. The presentation of this additional non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Forward-Looking Statements Statements in this press release that are not historical facts are forward-looking statements. NHC cautions investors that any forward-looking statements made involve risks and uncertainties and are not guarantees of future performance. The risks and uncertainties are detailed from time to time in reports filed by NHC with the S.E.C., including Forms 8-K, 10-Q, and 10-K. All forward-looking statements represent NHC's best judgment as of the date of this release. Selected Operating Statistics Three Months Ended Six Months Ended June 30 June 30 2025 2024 2025 2024 (unaudited) (unaudited) Skilled Nursing Per Diems: Medicare $ 614.85 $ 577.71 $ 613.47 $ 579.81 Managed Care 486.17 447.96 489.30 459.48 Medicaid 286.43 264.49 284.07 264.88 Private Pay and Other 341.34 312.91 339.24 310.31 Average Skilled Nursing Per Diem $ 361.42 $ 338.86 $ 360.78 (1) $ 341.21 (1) Skilled Nursing Patient Days: Medicare 83,615 74,602 169,869 155,758 Managed Care 83,015 62,957 166,661 128,388 Medicaid 368,687 279,504 732,329 561,325 Private Pay and Other 194,202 150,234 378,796 307,677 Total Skilled Nursing Patient Days 729,519 567,297 1,447,655 (1) 1,153,148 (1) (1) NHC exited three skilled nursing facilities in Missouri on March 1, 2024. For the six months ended June 30, 2024, the exited Missouri skilled nursing facilities had an average skilled nursing per diem of $275.64 and 20,267 patient days. The tables below provide reconciliations of GAAP to non-GAAP items (in thousands, except per share amounts): Three Months Ended Six Months Ended June 30 June 30 2025 2024 2025 2024 (unaudited) (unaudited) Net income attributable to National Healthcare Corporation $ 23,722 $ 26,844 $ 55,927 $ 53,057 Non-GAAP adjustments Unrealized (gains)/losses on marketable equity securities 5,061 (9,124 ) (5,921 ) (23,523 ) Operating losses for newly-opened operations not at full capacity - 20 - 20 Gain on sale of property and equipment (3,606 ) - (3,606 ) - Gain on sale of unconsolidated company - - - (1,024 ) Stock-based compensation expense 1,232 1,176 2,260 1,969 Acquisition-related expenses - 2,194 - 2,194 Employee retention credit - (9,445 ) - (9,445 ) Income tax provision/(benefit) on non-GAAP adjustments (699 ) 3,947 1,889 7,750 Non-GAAP Net income $ 25,710 $ 15,612 $ 50,549 $ 30,998 GAAP diluted earnings per share $ 1.52 $ 1.73 $ 3.59 $ 3.42 Non-GAAP adjustments Unrealized (gains)/losses on marketable equity securities 0.32 (0.59 ) (0.38 ) (1.51 ) Gain on sale of property and equipment (0.23 ) - (0.23 ) - Gain on sale of unconsolidated company - - - (0.07 ) Stock-based compensation expense 0.08 0.08 0.14 0.13 Acquisition-related expenses - 0.14 - 0.14 Employee retention credit - (0.61 ) - (0.61 ) Income tax provision/(benefit) on non-GAAP adjustments (0.04 ) 0.25 0.12 0.50 Non-GAAP diluted earnings per share $ 1.65 $ 1.00 $ 3.24 $ 2.00 Expand
Business Wire
20 minutes ago
- Business Wire
KKR Leads Financing for Harvest Partners' Growth Investment in Med-Metrix
NEW YORK--(BUSINESS WIRE)--KKR, a leading global investment firm, today announced that credit funds and accounts managed by KKR served as lead investors on a financing to support the growth investment from funds managed by Harvest Partners, LP ('Harvest') in Med-Metrix, LLC ('Med-Metrix' or 'the Company'), a leading provider of technology-enabled Revenue Cycle Management ("RCM") solutions. KKR Capital Markets also served as Left Lead Arranger and Bookrunner on the transaction. The Company's management team, led by CEO Joseph Davi, will continue to lead Med-Metrix and remain significant owners of the business. Med-Metrix's prior owner, A&M Capital ('AMC'), will retain a minority stake in the Company and invest additional capital as part of the transaction. Founded in 2010 and based in New Jersey, Med-Metrix is a leading platform providing RCM services and technology to health systems and physician groups across the United States. The Company offers end-to-end and point solution services supported by its proprietary technology platform. Credit funds and accounts managed by KKR originally served as the sole lenders in the financing for AMC's acquisition of Med-Metrix in 2021. 'Our long-standing relationships with Med-Metrix, Harvest, and AMC allowed us to move quickly and with conviction to seamlessly deliver a scaled solution for this transaction,' said Alexander Foreman, a Managing Director at KKR. 'We are pleased to further deepen our commitment to Med-Metrix as part of this milestone growth investment, which serves a testament to the remarkable success of Joe and the entire team in expanding the Company's reach and building out its comprehensive suite of offerings to serve even more healthcare systems and providers across the country.' About KKR KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR's insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR's investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR's website at For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group's website at About Med-Metrix Med-Metrix is a leading technology-enabled services platform providing RCM and Business Intelligence ("BI") solutions for health systems and physician groups across the United States. Med-Metrix provides end-to-end as well as point solution RCM and BI services via the Company's proprietary software platform. More information is available at About Harvest Partners Founded in 1981, Harvest Partners is an established private equity firm with over 40 years of experience investing in middle-market companies and partnering with high-quality management teams to build growing businesses. For more information, please visit About A&M Capital A&M Capital is a multi-strategy private equity investment firm with over $6.0 billion in total commitments across its funds, vehicles, and accounts. The firm is led by a highly experienced investment team, which is augmented by a strategic association with A&M Consulting, a leading global operationally focused advisory firm. A&M Capital combines a focus on middle-market private equity investing with deep operational expertise, industry knowledge, and global corporate relationships, making A&M Capital an attractive partner to management teams and business owners. A&M Capital is headquartered in Greenwich, CT, with offices in Los Angeles, CA, West Palm Beach, FL, London, UK, and Milan, IT. For more information, visit
Business Wire
20 minutes ago
- Business Wire
Canopy Growth Reports First Quarter Fiscal 2026 Financial Results; Cannabis Revenue Increased 24% Year-Over-Year
SMITHS FALLS, Ontario--(BUSINESS WIRE)--Canopy Growth Corporation ("Canopy Growth" or the "Company") (TSX:WEED) (Nasdaq: CGC) today announced its financial results for the first quarter ended June 30, 2025 ("Q1 FY2026"). All financial information in this press release is reported in Canadian dollars, unless otherwise indicated. "We delivered strong top line growth in the first quarter of fiscal 2026, led by momentum in our Canada adult-use cannabis business where we're gaining share in high-demand categories, and steady performance across our global medical cannabis business. This reflects the early impact of our focused commercial strategy and a more disciplined execution. I'm confident we can continue to build on this momentum through the remainder of the year." Luc Mongeau, Chief Executive Officer 'Our financial discipline has already delivered meaningful operating expense reductions, and we see further opportunity to simplify and focus the business. Improving gross margin remains a key priority while maintaining topline performance in all areas of the business. These actions are critical to strengthening our financial position through the remainder of fiscal 2026 and ultimately achieving Adjusted EBITDA profitability.' Tom Stewart, Interim Chief Financial Officer First Quarter Fiscal 2026 Financial Summary First Quarter Fiscal 2026 Financial Highlights As of the three months ended June 30, 2025, the Company began reporting its financial results for the following two reportable segments: (i) Cannabis - includes the global production, distribution and sale of a diverse range of cannabis and cannabis-related products; and (ii) Storz & Bickel - includes the production, distribution and sale of vaporizers and accessories. Consolidated net revenue in Q1 FY2026 increased 9% compared to the first quarter ended June 30, 2024 ('Q1 FY2025') due to increased Canada adult-use cannabis, Canada medical cannabis and international markets cannabis net revenue offset by lower Storz & Bickel net revenue. Consolidated gross margin decreased to 25% in Q1 FY2026, compared to 35% in Q1 FY2025. This decrease was primarily driven by lower Storz & Bickel sales, lower cannabis sales in the high-margin Poland market and a shift in product mix in Canada due to increased consumer demand for manufactured adult-use cannabis products. Operating loss from continuing operations was $23MM in Q1 FY2026, representing an improvement of 21% compared to Q1 FY2025. The improvement was driven primarily by a reduction in operating expenses. Adjusted EBITDA loss of $8MM in Q1 FY2026, compared to $5MM in Q1 FY2025, driven primarily by lower consolidated gross margins offset partially by lower selling, general and administrative ("SG&A") expenses. Free cash flow was an outflow of $12MM in Q1 FY2026, representing a decrease of 79% in outflow compared to Q1 FY2025, primarily driven by lower SG&A expenses, lower working capital use, and the timing of interest payments. Cash and short-term investments increased to $144MM at June 30, 2025, from $131MM at March 31, 2025. Cannabis Highlights Canada adult-use cannabis net revenue in Q1 FY2026 was $27MM, representing an increase of 43% compared to Q1 FY2025 driven primarily by increased distribution and strong consumer demand for flower and manufactured cannabis products including infused pre-rolled joint ("PRJ") offerings. Total Claybourne infused PRJ sales increased 58% sequentially in Q1 FY2026 compared to Q4 FY2025 3. Maintained #2 category market share in the infused PRJ category in Alberta, #3 in Ontario, and #3 nationally 3. The Company is focused on maintaining commercial momentum in its adult-use cannabis business, with a focus on expanding retail distribution and executing against high-demand product segments through the remainder of fiscal year 2026 ("FY2026"). Canada medical cannabis net revenue in Q1 FY2026 increased 13% compared to Q1 FY2025 driven by an increase in the number of insured customers, increased order sizes from our insured customers, and a larger assortment of cannabis products available on the Spectrum online store. International markets cannabis net revenue was $9MM in Q1 FY2026, representing an increase of 4% over Q1 FY2025, primarily attributable to increased shipments of flower products into Europe, which was offset by a decline in the Company's Australian medical cannabis business. Supply chain improvements in international markets are expected to increase cannabis supply and consistency in margin accretive European markets in the second half of FY2026. Cannabis gross margins decreased to 24% in Q1 FY2026 compared to 33% in Q1 FY2025. This decrease was primarily attributable to a shift in Canada of the adult-use cannabis consumers to higher cost manufactured products like infused PRJs and lower sales in Poland which historically has high margins. The Company has a number of actions underway that are expected to improve cannabis gross margins in the second half of FY2026, including the deployment of automation technology and increased PRJ production capacity and the continued pursuit of margin accretive bulk cannabis sales in Canada and Europe. Storz & Bickel Highlights Storz & Bickel delivered net revenue in Q1 FY2026 of $15MM, representing a decrease of 25% compared to Q1 FY2025, primarily attributable to lapping strong sales in the prior year and consumer economic uncertainty. Lower sales and an unfavourable shift in geographic mix resulted in a reduction to gross margin, which decreased to 29% in Q1 FY2026 compared to 39% in Q1 FY2025. Storz & Bickel has implemented several cost efficiency measures, including bringing additional manufacturing capabilities in-house and headcount reductions, which are expected to reduce cost of goods sold and SG&A expenses over the coming quarters. Storz & Bickel is preparing to launch a new vaporizer in the second half of calendar year 2025. The Company believes the new device will generate strong consumer interest. First Quarter Fiscal 2026 Revenue Review 4 Appointment of Shan Atkins to Board of Directors The Company also announced the appointment of Margaret Shan Atkins to its Board of Directors, effective August 6, 2025. Ms. Atkins brings extensive experience in retail strategy and operations, consumer goods, wholesale distribution, cybersecurity oversight, accounting and finance, and private investment in both the U.S. and Canada. Ms. Atkins is a former partner in the consumer and retail practice of international consultancy Bain & Company where she developed and executed strategic plans for major retail organizations. She also served as a C-suite executive at a Fortune 15 public retailer, where she led a multi-billion-dollar business unit. She presently serves on the boards of two U.S. public companies – Darden Restaurants (NYSE: DRI) and SpartanNash (NASD: SPTN), where she chairs the audit committee at both companies and serves on the Governance and Nominating Committee at Darden and the Compensation Committee at SpartanNash. During the past five years, Ms. Atkins also served on the following public company boards of directors: Aurora Cannabis, Inc., a Canadian cannabis company, from 2019 to 2023; SunOpta, Inc., a North American manufacturer of natural and organic food products, from 2014 to 2019; LSC Communications, Inc., a leading provider of long and short-run printing services to the book, catalog and magazine publishing industries, from 2016 to 2021. ____________________ 1 Adjusted EBITDA is a non-GAAP measure. See "Non-GAAP Measures" and Schedule 4 for a reconciliation of net loss from continuing operations to adjusted EBITDA. 2 Free cash flow is a non-GAAP measure. See "Non-GAAP Measures" and Schedule 5 for a reconciliation of net cash used in operating activities - continuing operations to free cash flow - continuing operations. 3 Calculated using the Company's internal proprietary market analysis tool that applies sales data supplied by third-party providers and government agencies (last 13 weeks ended June 29, 2025). 4 In Q1 FY2026, we are reporting our financial results for the following two reportable segments: (i) Cannabis; and (ii) Storz & Bickel. 5 For Q1 FY2026, amount is net of excise taxes of $14.2MM and other revenue adjustments of $0.9MM (Q1 FY2025 - $7.5MM and $1.2MM, respectively). 6 For Q1 FY2026, amount is net of excise taxes of $2.4MM (Q1 FY2025 - $2.1MM). Expand Webcast and Conference Call Information The Company will host a conference call and audio webcast with Luc Mongeau, CEO and Tom Stewart, Interim CFO at 10:00 AM Eastern Time on August 8, 2025. Webcast Information A live audio webcast will be available at: Replay Information A replay will be accessible by webcast until 11:59 PM ET on November 6, 2025 at: Non-GAAP Measures Adjusted EBITDA is a non-GAAP measure used by management that is not defined by U.S. GAAP and may not be comparable to similar measures presented by other companies. Management believes Adjusted EBITDA is a useful measure for investors because it provides meaningful and useful financial information, as this measure demonstrates the operating performance of businesses. Adjusted EBITDA is calculated as the reported net income (loss), adjusted to exclude income tax recovery (expense); other income (expense), net; loss on equity method investments; share-based compensation expense; depreciation and amortization expense; asset impairment and restructuring costs; restructuring costs recorded in cost of goods sold; and charges related to the flow-through of inventory step-up on business combinations, and further adjusted to remove acquisition, divestiture, and other costs. Asset impairments related to periodic changes to the Company's supply chain processes are not excluded from Adjusted EBITDA given their occurrence through the normal course of core operational activities. Accordingly, management believes that Adjusted EBITDA provides meaningful and useful financial information as this measure demonstrates the operating performance of businesses. The Adjusted EBITDA reconciliation is presented within this press release and explained in the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025 (the 'Form 10-Q') filed with the Securities and Exchange Commission ('SEC'). Free cash flow is a non-GAAP measure used by management that is not defined by U.S. GAAP and may not be comparable to similar measures presented by other companies. Management believes that free cash flow presents meaningful information regarding the amount of cash flow required to maintain and organically expand the Company's business, and that the free cash flow measure provides meaningful information regarding the Company's liquidity requirements. This measure is calculated as net cash provided by (used in) operating activities less purchases of and deposits on property, plant and equipment. The free cash flow reconciliation is presented within this press release and explained in the Form 10-Q filed with the SEC. About Canopy Growth Canopy Growth is a world-leading cannabis company dedicated to unleashing the power of cannabis to improve lives. Through an unwavering commitment to consumers, Canopy Growth delivers innovative products from owned and licensed brands including Tweed, 7ACRES, DOJA, Deep Space, and Claybourne, as well as category defining vaporization devices by Storz & Bickel. In addition, Canopy Growth serves medical cannabis patients globally with principal operations in Canada, Europe and Australia. Canopy Growth has also established a comprehensive ecosystem to realize the opportunities presented by the U.S. THC market through an unconsolidated, non-controlling interest in Canopy USA, LLC ('Canopy USA'). Canopy USA's portfolio includes ownership of Acreage Holdings, Inc., a vertically integrated multi‑state cannabis operator with operations throughout the U.S. Northeast and Midwest, as well as ownership of Wana Wellness, LLC, The Cima Group, LLC, and Mountain High Products, LLC (collectively 'Wana'), a leading North American edibles brand, and majority ownership of Lemurian, Inc. ('Jetty'), a California-based producer of high-quality cannabis extracts and clean vape technology. At Canopy Growth, we're shaping a future where cannabis is embraced for its potential to enhance well-being and improve lives. With high-quality products, a commitment to responsible use, and a focus on enhancing the communities where we live and work, we're paving the way for a better understanding of all that cannabis can offer. For more information visit Notice Regarding Forward Looking Statements This press release contains 'forward-looking statements' within the meaning of applicable securities laws, which involve certain known and unknown risks and uncertainties. To the extent any forward-looking statements in this press release constitutes 'financial outlooks' within the meaning of applicable Canadian securities laws, the reader is cautioned that this information may not be appropriate for any other purpose and the reader should not place undue reliance on such financial outlooks. Forward-looking statements predict or describe our future operations, business plans, business and investment strategies and the performance of our investments. These forward-looking statements are generally identified by their use of such terms and phrases as 'intend,' 'goal,' 'strategy,' 'estimate,' 'expect,' 'project,' 'projections,' 'forecasts,' 'plans,' 'seeks,' 'anticipates,' 'potential,' 'proposed,' 'will,' 'should,' 'could,' 'would,' 'may,' 'likely,' 'designed to,' 'foreseeable future,' 'believe,' 'scheduled' and other similar expressions. Our actual results or outcomes may differ materially from those anticipated. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made. Forward-looking statements include, but are not limited to, statements with respect to: laws and regulations and any amendments thereto applicable to our business and the impact thereof, including uncertainty regarding the application of U.S. state and federal law to cannabis and hemp (including CBD) products and the scope of any regulations by the U.S. Food and Drug Administration, the U.S. Drug Enforcement Administration, the U.S. Federal Trade Commission, the U.S. Patent and Trademark Office, the U.S. Department of Agriculture and any state equivalent regulatory agencies over cannabis and hemp (including CBD) products; expectations regarding the amount or frequency of impairment losses, including as a result of the write-down of intangible assets, including goodwill; our ability to refinance debt as and when required on terms favorable to us and comply with covenants contained in our debt facilities and debt instruments; the impacts of the Company's strategy to accelerate entry into the U.S. cannabis market through the creation of Canopy USA; expectations for Canopy USA to capitalize on the opportunity for growth in the United States cannabis sector and the anticipated benefits of such strategy; the timing and occurrence of the final tranche closing in connection with the acquisition of Jetty pursuant to the exercise of the option to acquire Jetty; the issuance of additional common shares of the Company (each whole share, a 'Canopy Share' or a 'Share') to satisfy any deferred and/or option exercise payments to the shareholders of Wana and Jetty and the issuance of additional non-voting and non-participating shares in the capital of Canopy USA issuable to Canopy Growth from Canopy USA in consideration thereof; the acquisition of additional Class A shares of Canopy USA in connection with the investment in Canopy USA by the Huneeus 2017 Irrevocable Trust (the 'Trust') in the aggregate amount of up to US$20 million, including any warrants of Canopy USA issued to the Trust in accordance with the share purchase agreement entered into by the Trust and Canopy USA; the timing and occurrence of certain prepayments of the Company's credit facility in connection with the agreement dated July 29, 2025 between the Company and certain lenders under such credit facility; expectations regarding the potential success of, and the costs and benefits associated with, our acquisitions, equity investments and dispositions; the grant, renewal and impact of any license or supplemental license to conduct activities with cannabis or any amendments thereof; our international activities, including required regulatory approvals and licensing, anticipated costs and timing, and expected impact; our ability to successfully create and launch brands and further create, launch and scale products in jurisdictions where such products are legal and that we currently operate in; the benefits, viability, safety, efficacy, dosing and social acceptance of cannabis, including CBD and other cannabinoids; our ability to continue as a going concern; our ability to maintain effective internal control over financial reporting; expectations regarding the use of proceeds of equity financings; the legalization of the use of cannabis for medical or adult-use in jurisdictions outside of Canada, the related timing and impact thereof and our intentions to participate in such markets, if and when such use is legalized; our ability to execute on our strategy and the anticipated benefits of such strategy; the ongoing impact of the legalization of additional cannabis product types and forms for adult-use in Canada, including federal, provincial, territorial and municipal regulations pertaining thereto, the related timing and impact thereof and our intentions to participate in such markets; the ongoing impact of developing provincial, state, territorial and municipal regulations pertaining to the sale and distribution of cannabis, the related timing and impact thereof, as well as the restrictions on federally regulated cannabis producers participating in certain retail markets and our intentions to participate in such markets to the extent permissible; the timing and nature of legislative changes in the U.S. regarding the regulation of cannabis including tetrahydrocannabinol; the future performance of our business and operations; our competitive advantages and business strategies; the competitive conditions of the industry; the expected growth in the number of customers using our products; expectations regarding revenues, expenses and anticipated cash needs; expectations regarding cash flow, liquidity and sources of funding; expectations regarding capital expenditures; the expansion of our production and manufacturing, the costs and timing associated therewith and the receipt of applicable production and sale licenses; expectations with respect to our growing, production and supply chain capacities; expectations regarding the resolution of litigation and other legal and regulatory proceedings, reviews and investigations; expectations with respect to future production costs; expectations with respect to future sales and distribution channels and networks; the expected methods to be used to distribute and sell our products; our future product offerings; the anticipated future gross margins of our operations; accounting standards and estimates; expectations regarding our distribution network; expectations regarding the costs and benefits associated with our contracts and agreements with third parties, including under our third-party supply and manufacturing agreements; our ability to comply with the listing requirements of the Nasdaq Stock Market LLC and the Toronto Stock Exchange; and expectations on price changes for products in cannabis markets. Certain of the forward-looking statements contained herein concerning the industries in which we conduct our business are based on estimates prepared by us using data from publicly available governmental sources, market research, industry analysis and on assumptions based on data and knowledge of these industries, which we believe to be reasonable. However, although generally indicative of relative market positions, market shares and performance characteristics, such data is inherently imprecise. The industries in which we conduct our business involve risks and uncertainties that are subject to change based on various factors, which are described further below. The forward-looking statements contained herein are based upon certain material assumptions, including: (i) management's perceptions of historical trends, current conditions and expected future developments; (ii) our ability to generate cash flow from operations; (iii) general economic, financial market, regulatory and political conditions in which we operate; (iv) the production and manufacturing capabilities and output from our facilities, strategic alliances and equity investments; (v) consumer interest in our products; (vi) competition; (vii) anticipated and unanticipated costs; (viii) government regulation of our activities and products including but not limited to the areas of taxation and environmental protection; (ix) the timely receipt of any required regulatory authorizations, approvals, consents, permits and/or licenses; (x) our ability to obtain qualified staff, equipment and services in a timely and cost-efficient manner; (xi) our ability to conduct operations in a safe, efficient and effective manner; (xii) our ability to realize anticipated benefits, synergies or generate revenue, profits or value from our recent acquisitions into our existing operations; and (xiii) other considerations that management believes to be appropriate in the circumstances. While our management considers these assumptions to be reasonable based on information currently available to management, there is no assurance that such expectations will prove to be correct. Financial outlooks, as with forward-looking statements generally, are, without limitation, based on the assumptions and subject to various risks as set out herein. Our actual financial position and results of operations may differ materially from management's current expectations. By their nature, forward-looking statements are subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking statements in this press release and other reports we file with, or furnish to, the SEC and other regulatory agencies and made by our directors, officers, other employees and other persons authorized to speak on our behalf. Such factors include, without limitation, our limited operating history; our ability to continue as a going concern; risks that we may be required to write down intangible assets, including goodwill, due to impairment; the adequacy of our capital resources and liquidity, including but not limited to, availability of sufficient cash flow to execute our business plan (either within the expected timeframe or at all); our ability to maintain an effective system of internal control; the diversion of management time on matters related to Canopy USA; the risks that the Trust's future ownership interest in Canopy USA is not quantifiable, and the Trust may have significant ownership and influence over Canopy USA; the risks in the event that Acreage cannot satisfy its debt obligations as they become due; volatility in and/or degradation of general economic, market, industry or business conditions; risks relating to the overall macroeconomic environment, which may impact customer spending, our costs and our margins, including tariffs (and related retaliatory measures), the levels of inflation, interest rates and trade policy; risks relating to the evolving regulatory landscape in the United States; risks relating to our current and future operations in emerging markets; compliance with applicable environmental, economic, health and safety, energy and other policies and regulations and in particular health concerns with respect to vaping and the use of cannabis products in vaping devices; risks and uncertainty regarding future product development; changes in regulatory requirements in relation to our business and products; our reliance on licenses issued by and contractual arrangements with various federal, state and provincial governmental authorities; inherent uncertainty associated with projections; future levels of revenues and the impact of increasing levels of competition; third-party manufacturing risks; third-party transportation risks; our exposure to risks related to an agricultural business, including wholesale price volatility and variable product quality; changes in laws, regulations and guidelines and our compliance with such laws, regulations and guidelines; risks relating to inventory write downs; risks relating to our ability to refinance debt as and when required on terms favorable to us and to comply with covenants contained in our debt facilities and debt instruments; risks associated with jointly owned investments; our ability to manage disruptions in credit markets or changes to our credit ratings; the success or timing of completion of ongoing or anticipated capital or maintenance projects; risks related to the integration of acquired businesses; the timing and manner of the legalization of cannabis in the United States; business strategies, growth opportunities and expected investment; counterparty risks and liquidity risks that may impact our ability to obtain loans and other credit facilities on favorable terms; the potential effects of judicial, regulatory or other proceedings, litigation or threatened litigation or proceedings, or reviews or investigations, on our business, financial condition, results of operations and cash flows; risks associated with divestment and restructuring; the anticipated effects of actions of third parties such as competitors, activist investors or federal, state, provincial, territorial or local regulatory authorities, self-regulatory organizations, plaintiffs in litigation or persons threatening litigation; consumer demand for cannabis products; the implementation and effectiveness of key personnel changes; risks related to stock exchange restrictions; risks related to the protection and enforcement of our intellectual property rights; the risks related to our exchangeable shares (the 'Exchangeable Shares') having different rights from our Canopy Shares and there may never be a trading market for the Exchangeable Shares; future levels of capital, environmental or maintenance expenditures, general and administrative and other expenses; risks related to finalization of the consideration payable by us for the acquisition by Canopy USA of the remaining interests in Jetty; and the factors discussed under the heading 'Risk Factors' in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2025 filed with the SEC. Readers are cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking statements. Forward-looking statements are provided for the purposes of assisting the reader in understanding our financial performance, financial position and cash flows as of and for periods ended on certain dates and to present information about management's current expectations and plans relating to the future, and the reader is cautioned that the forward-looking statements may not be appropriate for any other purpose. While we believe that the assumptions and expectations reflected in the forward-looking statements are reasonable based on information currently available to management, there is no assurance that such assumptions and expectations will prove to have been correct. Forward-looking statements are made as of the date they are made and are based on the beliefs, estimates, expectations and opinions of management on that date. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking statements, except as required by law. The forward-looking statements contained in this press release and other reports we file with, or furnish to, the SEC and other regulatory agencies and made by our directors, officers, other employees and other persons authorized to speak on our behalf are expressly qualified in their entirety by these cautionary statements. Schedule 2 Three months ended June 30, 2025 2024 Revenue $ 88,748 $ 75,783 Excise taxes 16,614 9,571 Net revenue 72,134 66,212 Cost of goods sold 54,096 43,181 Gross margin 18,038 23,031 Operating expenses Selling, general and administrative expenses 38,108 47,968 Share-based compensation (99 ) 4,151 Loss on asset impairment and restructuring 2,653 20 Total operating expenses 40,662 52,139 Operating loss from continuing operations (22,624 ) (29,108 ) Other income (expense), net (18,612 ) (93,889 ) Loss from continuing operations before income taxes (41,236 ) (122,997 ) Income tax expense (291 ) (6,194 ) Net loss from continuing operations (41,527 ) (129,191 ) Discontinued operations, net of income tax - 2,053 Net loss attributable to Canopy Growth Corporation $ (41,527 ) $ (127,138 ) Basic and diluted loss per share Continuing operations $ (0.22 ) $ (1.63 ) Discontinued operations - 0.03 Basic and diluted loss per share $ (0.22 ) $ (1.60 ) Basic and diluted weighted average common shares outstanding 188,321,555 79,243,020 Expand Schedule 3 CANOPY GROWTH CORPORATION CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands of Canadian dollars, unaudited) Three months ended June 30, 2025 2024 Cash flows from operating activities: Net loss $ (41,527 ) $ (127,138 ) Gain from discontinued operations, net of income tax - 2,053 Net loss from continuing operations (41,527 ) (129,191 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation of property, plant and equipment 4,753 5,682 Amortization of intangible assets 4,917 5,348 Share-based compensation (99 ) 4,151 Loss on asset impairment and restructuring 109 86 Income tax expense 291 6,194 Non-cash fair value adjustments and charges related to settlement of long-term debt 10,049 79,793 Change in operating assets and liabilities, net of effects from purchases of businesses: Amounts receivable 2,915 668 Inventory 2,838 (7,008 ) Prepaid expenses and other assets (2,668 ) (185 ) Accounts payable and accrued liabilities 5,184 (5,911 ) Other, including non-cash foreign currency 2,901 (11,407 ) Net cash used in operating activities (10,337 ) (51,780 ) Cash flows from investing activities: Purchases of and deposits on property, plant and equipment (1,306 ) (3,920 ) Purchases of intangible assets (183 ) (14 ) Proceeds on sale of property, plant and equipment 5 4,926 Redemption of short-term investments 779 30,022 Net cash outflow on sale or deconsolidation of subsidiaries - (6,968 ) Net cash inflow on loan receivable - 28,103 Investment in other financial assets - (95,335 ) Net cash used in investing activities - continuing operations (705 ) (43,186 ) Net cash provided by investing activities - discontinued operations - 10,157 Net cash used in investing activities (705 ) (33,029 ) Cash flows from financing activities: Proceeds from issuance of common shares and warrants 38,261 53,854 Issuance of long-term debt and convertible debentures - 68,255 Repayment of long-term debt (916 ) (11,836 ) Other financing activities (11,885 ) (4,498 ) Net cash provided by financing activities 25,460 105,775 Effect of exchange rate changes on cash and cash equivalents (2,027 ) 890 Net increase in cash and cash equivalents 12,391 21,856 Cash and cash equivalents, beginning of period 113,811 170,300 Cash and cash equivalents, end of period $ 126,202 $ 192,156 Expand Schedule 4 Adjusted EBITDA 1 Reconciliation (Non-GAAP Measure) Three months ended June 30, (in thousands of Canadian dollars, unaudited) 2025 2024 Net loss from continuing operations $ (41,527 ) $ (129,191 ) Income tax expense 291 6,194 Other (income) expense, net 18,612 93,889 Share-based compensation (99 ) 4,151 Acquisition, divestiture, and other costs 2,484 8,627 Depreciation and amortization 9,670 11,030 Loss on asset impairment and restructuring 2,653 20 Adjusted EBITDA 1 $ (7,916 ) $ (5,280 ) 1 Adjusted EBITDA is a non-GAAP measure. See "Non-GAAP Measures". Expand Schedule 5 Free Cash Flow 1 Reconciliation (Non-GAAP Measure) Three months ended June 30, (in thousands of Canadian dollars, unaudited) 2025 2024 Net cash used in operating activities - continuing operations $ (10,337 ) $ (51,780 ) Purchases of and deposits on property, plant and equipment - continuing operations (1,306 ) (3,920 ) Free cash flow 1 - continuing operations $ (11,643 ) $ (55,700 ) 1 Free cash flow is a non-GAAP measure. See "Non-GAAP Measures". Expand
