SmartCentres Real Estate Investment Trust (SRU.UN) Receives a Hold from Scotiabank
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In addition to Scotiabank, SmartCentres Real Estate Investment Trust also received a Hold from BMO Capital's Michael Markidis in a report issued yesterday. However, today, TR | OpenAI – 4o reiterated a Buy rating on SmartCentres Real Estate Investment Trust (TSX: SRU.UN).
The company has a one-year high of C$27.50 and a one-year low of C$23.18. Currently, SmartCentres Real Estate Investment Trust has an average volume of 277.8K.
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Select Key Financial Metrics (in $000s unless otherwise indicated) Q3-2025 Q3-2024 % Change Gross revenue 110,205 63,605 73 % Excise taxes (39,413 ) (22,545 ) 75 % Net revenue 70,792 41,060 72 % Cost of sales 48,369 27,173 78 % Gross margin before fair value changes to biological assets & inventories sold 22,423 13,887 61 % Realized fair value on inventories sold and other inventory charges (14,461 ) (13,728 ) 5 % Unrealized gain on changes in fair value of biological assets 18,184 13,849 31 % Gross margin 26,146 14,008 87 % Adjusted gross margin (1) 24,226 14,586 66 % Adjusted gross margin % (1) 34 % 36 % (2 )% Selling (including marketing), general & administrative expenses 24,504 14,376 70 % Net (loss) income (6,294 ) 2,818 nm Adjusted EBITDA (1) 5,694 3,465 64 % Net cash used in operating activities before working capital changes (686 ) (182 ) 277 % Net cash provided by (used in) operating activities after working capital changes 14,626 (3,730 ) nm Note (1) Adjusted gross margin, adjusted gross margin % and adjusted EBITDA are non-IFRS financial measures not defined by and do not have any standardized meaning under IFRS and might not be comparable to similar financial measures disclosed by other issuers; please refer to 'Non-IFRS Financial Measures' in this press release for more information. Expand Select Balance Sheet Metrics (in $000s) JUNE 30, 2025 SEPTEMBER 30, 2024 % Change Cash & short-term investments (including restricted cash) 85,931 133,426 (36 )% Biological assets & inventories 125,186 82,524 52 % Other current assets 66,666 46,269 44 % Accounts payable & accrued liabilities 89,803 47,097 91 % Current portion of long-term debt 40 60 (33 )% Working capital 170,508 208,897 (18 )% Property, plant & equipment 123,537 96,231 28 % Long-term debt — 25 (100 )% Total assets 564,615 407,860 38 % Total liabilities 179,119 101,871 76 % Shareholders' equity 385,496 305,989 26 % Expand The following table reconciles the Company's adjusted EBITDA to net loss. Adjusted EBITDA Reconciliation (in $000s unless otherwise indicated) Q3-2025 Q3-2024 Net (loss) income as reported $ (6,294 ) $ 2,818 Add/(deduct): Investment income, net of financing costs (73 ) (1,179 ) Income tax (recovery) expense (9,903 ) — Depreciation and amortization 4,789 3,039 ERP implementation costs 1,217 7 Acquisition and other transaction costs 654 421 Inventory and biological assets fair value and NRV adjustments (2,787 ) 578 Acquisition-related fair value adjustment to inventory sold 897 — Share-based compensation 1,007 2,087 Other (income) expenses(1) 13,511 (6,687 ) Research and development expenditures, net of depreciation 2,676 2,381 Adjusted EBITDA $ 5,694 $ 3,465 Note 1: Other (income) expenses includes share of loss from investments in associates, (gain) loss on disposal of property, plant and equipment, change in fair value of derivative liabilities, preferred shares, contingent consideration and other financial assets, and certain other non-operating (income) expenses. Expand The following table reconciles the Company's adjusted gross margin to gross margin before fair value changes to biological assets and inventories sold: The following table reconciles the Company's Free Cash Flow to net cash and restricted cash provided by (used in) operating activities: Third Quarter Fiscal 2025 Conference Call The Company will host a conference call to discuss its results with details as follows: Date: August 13, 2025 Time: 8:00 am Eastern Time To register for the conference call, please use this link: To ensure you are connected for the full call, we suggest registering a day in advance or at minimum 10 minutes before the start of the call. After registering, a confirmation will be sent through email, including dial in details and unique conference call codes for entry. Registration is open through the live call. To access the webcast: A replay of the webcast will be available within 24 hours after the conclusion of the call at and will be archived for a period of 90 days following the call. Non-IFRS Financial Measures This news release refers to certain financial performance measures (including adjusted gross margin, adjusted gross margin %, adjusted EBITDA and Free Cash Flow) that are not defined by and do not have a standardized meaning under IFRS as issued by the International Accounting Standards Board. Non-IFRS financial measures are used by management to assess the financial and operational performance of the Company. The Company believes that these non-IFRS financial measures, in addition to conventional measures prepared in accordance with IFRS, enable investors to evaluate the Company's operating results, underlying performance and prospects in a similar manner to the Company's management. As there are no standardized methods of calculating these non-IFRS measures, the Company's approaches may differ from those used by others, and accordingly, the use of these measures may not be directly comparable. Accordingly, these non-IFRS measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Adjusted EBITDA is a non-IFRS measure that the Company defines as net income (loss) before: net of financing costs; income tax expense (recovery); depreciation, amortization, impairment, normalization of depreciation add-back due to changes in depreciable assets resulting from impairment charges, (gain) loss on disposal of property, plant and equipment (per the consolidated statement of cash flows); share-based compensation (per the consolidated statement of cash flows); share of loss (gain) from investments in associates including impairment loss; change in fair value of contingent consideration; change in fair value of derivative liabilities, other financial assets and preferred shares; expenditures incurred in connection with research and development ("R&D") activities (net of depreciation); unrealized gain on changes in fair value of biological assets; realized fair value on inventories sold and other inventory charges; provisions and net realizable value adjustments related to inventory and biological assets; government subsidies, insurance recoveries and other non-operating expenses (income); legal provisions (recoveries); incremental fair value component of inventories sold from acquisitions; ERP implementation costs; transaction costs; share issuance costs; and provision for expected credit losses . Adjusted EBITDA is intended to provide a proxy for the Company's operating cash flow and derive expectations of future financial performance for the Company, and excludes adjustments that are not reflective of current operating results. Adjusted gross margin is a non-IFRS measure that the Company defines as net revenue less cost of sales, before the effects of (i) unrealized gain on changes in fair value of biological assets; (ii) realized fair value on inventories sold and other inventory charges; (iii) provisions and impairment of inventories and biological assets; and (iv) provisions to net realizable value. Adjusted gross margin % is calculated by dividing adjusted gross margin by net revenue. Management believes that these measures provide useful information to assess the profitability of our operations as they represent the normalized gross margin generated from operations and exclude the effects of non-cash fair value adjustments on inventories and biological assets, which are required by IFRS. Free Cash Flow is a non-IFRS measure that the Company defines as net cash provided by or used in operating activities less the purchase of property, plant and equipment. Management believes this measure is a useful indicator of the Company's capacity to fund operations from internally generated cash flows, without the need for additional borrowings or use of existing cash reserves under normal operating conditions. The most directly comparable measure to adjusted EBITDA, calculated in accordance with IFRS is net income (loss) and beginning on page 5 of this press release is a reconciliation to such measure. The most directly comparable measure to adjusted gross margin calculated in accordance with IFRS is gross margin before fair value changes to biological assets and inventories sold and beginning on page 5 of this press release is a reconciliation to such measure. The most directly comparable measure to Free Cash Flow is net cash and restricted cash provided by (used in) operating activities, and beginning on page 5 of this press release is a reconciliation to such measure. About Organigram Global Inc. Organigram Global Inc. is a NASDAQ Global Select Market and TSX listed company whose wholly-owned subsidiaries include Organigram Inc., a licensed cultivator or cannabis and manufacturer of cannabis-derived goods in Canada. Through its recent acquisition of Collective Project, Organigram Global participates in the U.S. and Canadian cannabinoid beverages markets. 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They include, but are not limited to, statements with respect to expectations, projections or other characterizations of future events or circumstances, and the Company's objectives, goals, strategies, beliefs, intentions, plans, estimates, forecasts, projections and outlook, including statements relating to the Company's future performance, the Company's positioning to capture additional market share and sales including international sales, expectations for consumer demand, expected improvement to gross margins before fair value changes to biological assets and inventories, expectations regarding adjusted gross margins, adjusted EBITDA, Free Cash Flow and net revenue in Fiscal 2025 and beyond, expectations regarding cultivation capacity, the Company's plans and objectives including around the PDC, availability and sources of any future financing, availability of cost efficiency opportunities, the ability of the Company to fulfill demand for its revitalized product portfolio with increased staffing, expectations relating to greater capacity to meet demand due to increased capacity at the Company's facilities, expectations around lower product cultivation costs, the ability to achieve economies of scale and ramp up cultivation, expectations pertaining to the increase of automation and reduction in reliance on manual labour, expectations around the launch of higher margin dried flower strains, expectations around market and consumer demand and other patterns related to existing, new and planned product forms; expectations regarding the Company's acquisition, integration and synergy realization of Motif and Collective Project; expectations around FASTTM nanoemulsion technology; expectations regarding EU-GMP certification; timing for launch of new product forms, ability of those new product forms to capture sales and market share, estimates around incremental sales and more generally estimates or predictions of actions of customers, suppliers, partners, distributors, competitors or regulatory authorities; statements regarding the future of the Canadian and international cannabis markets and, statements regarding the Company's future economic performance. 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These risks, uncertainties and factors include: general economic factors; international trade disputes sparked by tariffs and retaliatory tariffs or other non-tariff measures; changes to government laws, regulations or policies, including customs, tariffs, trade or environmental law, regulations or policies, or the enforcement thereof; receipt of regulatory approvals or consents and any conditions imposed upon same and the timing thereof; the Company's ability to meet regulatory criteria which may be subject to change; change in regulation including restrictions on sale of new product forms; change in stock exchange listing practices; the Company's ability to manage costs, timing and conditions to receiving any required testing results and certifications; results of final testing of new products; changes in governmental plans including those related to methods of distribution; timing and nature of sales and product returns; customer buying patterns and consumer preferences not being as predicted given this is a new and emerging market; material weaknesses identified in the Company's internal controls over financial reporting; the completion of regulatory processes and registrations including for new products and forms; market demand and acceptance of new products and forms; unforeseen construction or delivery delays including of equipment and commissioning; increases to expected costs; competitive and industry conditions; change in customer buying patterns; and changes in crop yields. These and other risk factors are disclosed in the Company's documents filed from time to time under the Company's issuer profile on the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval+ ('SEDAR') at and reports and other information filed with or furnished to the United States Securities and Exchange Commission ('SEC') from time to time on the SEC's Electronic Document Gathering and Retrieval System ('EDGAR') at including the Company's most recent management discussion and analysis ('MD&A') and annual information form. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Forward looking information is subject to risks and uncertainties that are addressed in the 'Risk Factors' section of the MD&A dated August 12, 2025 and there can be no assurance whatsoever that these events will occur. This news release contains information concerning our industry and the markets in which we operate, including our market position and market share, which is based on information from independent third-party sources. Although we believe these sources to be generally reliable, market and industry data is inherently imprecise, subject to interpretation and cannot be verified with complete certainty due to limits on the availability and reliability of raw data, the voluntary nature of the data gathering process, and other limitations and uncertainties inherent in any statistical survey or data collection process. We have not independently verified any third-party information contained herein.
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Caution concerning forward-looking statements This News Release may contain information that constitutes 'forward-looking' information within the meaning of applicable securities laws. Often, but not always, forward-looking information can be identified by the use of forward-looking terminology such as 'plans', 'expects', 'is expected', 'budgets', 'scheduled', 'estimates', 'forecasts', 'predicts', 'projects', 'intends', 'targets', 'aims', 'anticipates' or 'believes' or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions 'may', 'could', 'should', 'would', 'might' or 'will' be taken, occur or be achieved. Forward-looking information in this press release includes, but is not limited to, anticipated benefits of capital expenditures (including energy efficiencies and enhanced customer experiences) and expectations of business growth. 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Ivan Wu CFO 604 736 9240 1 Operating earnings is defined as earnings after general and administrative expenses and before interest, depreciation, foreign currency exchange, gain on assets sold and income tax. However, operating earnings is not a term that has specific meaning in accordance with IFRS, and may be calculated differently by other companies. Canlan reconciles operating earnings to its net earnings. To view the source version of this press release, please visit
