KINGSVILLE, ON, July 23, 2025 /PRNewswire/ - Greenway Greenhouse Cannabis Corporation (CSE: GWAY) (OTCQB: GWAYF) ("Greenway" or the "Company"), a cultivator of high-quality greenhouse cannabis for the Canadian market, today filed its audited annual financial statements for the year ended March 31, 2025.
The Company is pleased to report the following results for the year ended March 31, 2025. All amounts are expressed in Canadian dollars:
- Annual net revenue of $8,948,943 for the year, an increase of 71% compared to the prior year. Fourth quarter net revenue was $3,071,106, an increase of 107% from the same quarter in the prior fiscal year
- Total grams or grams equivalent sold during the fiscal year were 6,803,628, representing a 23% increase year-over-year.
- Annual average sales price of $1.32 per gram, up 40% from the prior year with a fourth quarter average sales price of $1.46 per gram.
- Average cash cost per gram sold of $0.83 per gram, with a fourth quarter cost per gram sold of $0.73.
- Adjusted EBITDA of $1,181,419, compared to a negative adjusted EBITDA of $624,391 in the prior year.
- Excluding amounts due to related parties, the Company had a positive working capital of $3,997,814 as at March 31, 2025 (March 31, 2024 - $3,283,911).
- Net cash provided by operating activities was $1,806,461, compared to net cash used of $2,047,081 in the prior year.
- The Company achieved a net income for the fourth quarter of $202,729.
- Cash balance increased by $1,612,088 to $3,142,898 over the course of the fiscal year.
"This past year marks a true turning point for Greenway. Our 71% increase in annual revenue and over 100% revenue growth in the fourth quarter underscore the growing demand for our high-quality cannabis. We're especially proud to see average selling prices rise 40% year over year-reflecting both the strength of the Greenway brand and the premium nature of our flower. Perhaps most importantly, we transitioned from burning cash to generating it, with over $1.8 million in net cash provided by operating activities. This kind of momentum: positive EBITDA, stronger margins, and disciplined cost control sets the foundation for our next phase of growth. As we expand our presence both domestically and internationally, we remain committed to efficiency, profitability, and delivering consistent value to our shareholders." - Jamie D'Alimonte, CEO
A copy of the audited annual financial statements for the year ended March 31, 2025 (prepared in accordance with IFRS Accounting Standards ("IFRS")) and the related Management's Discussion and Analysis are available under the Company's profile on www.sedarplus.ca.
Non-IFRS Measures
Management uses a non-IFRS measure to assess the Company's performance. Non-IFRS measures do not have any standardized meaning under IFRS and are not a measure of financial performance under IFRS, and therefore, may not be comparable to similar measures presented by other companies. Please refer to page 1 of the Company's Management's Discussion and Analysis for an explanation of the composition of Adjusted EBITDA, an explanation of how it provides useful information to an investor and a quantitative reconciliation to the most directly comparable financial measure under IFRS, all of which is hereby incorporated by reference in this press release.
Reconciliations of Non-IFRS Measures
The following table reconciles the non-IFRS measure to the most comparable IFRS measure for the year ended March 31, 2025. This measure does not have any standardized meaning under IFRS and is not a measure of financial performance under IFRS, and therefore, may not be comparable to similar measures presented by other companies.
For the year ended March 31, 2025 | |
Net Loss and Comprehensive Loss | (2,057,449) |
Amortization - Cost of sales | 1,677,631 |
Fair value adjustment on sale of inventory | 289,458 |
Fair value adjustment on growth of biological assets | (370,467) |
Amortization - Operating expenses | 418,131 |
Shares issued for services rendered | 88,783 |
Bad debt | 954 |
Impairment of intangible asset | 35,913 |
Interest expense | 1,098,510 |
$ | |
Adjusted EBITDA | 1,181,419 |
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in the United States nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), or any state securities laws and may not be offered or sold in the United States unless registered under the 1933 Act and any applicable securities laws of any state of the United States or an applicable exemption from the registration requirements is available.
About Greenway
Greenway Greenhouse Cannabis Corporation is a federally licensed cultivator for the Canadian cannabis marketplace. Greenway is headquartered in Kingsville, Ontario, and leverages its agriculture and cannabis expertise in its aspiration to be a leading cannabis cultivator in Canada. More information can be found on Greenway.ca and updates can be followed on Instagram, Twitter, Facebook, and LinkedIn.
The CSE has in no way passed upon the merits of the business of the Company and has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements that constitute forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements in this news release that are not purely historical statements of fact are forward-looking statements and include statements regarding the Offering and the intended use of proceeds thereof, and the Company's beliefs, plans, expectations, future, strategy, objectives, goals and targets, the development of future operations, and orientations regarding the future as of the date of this news release. Although the Company believes that such statements are reasonable and reflect expectations of future developments and other factors which management believes to be reasonable and relevant, the Company can give no assurance that such expectations will prove to be correct. Forward- looking statements are typically identified by words such as: "believes", "expects", "aim", "anticipates", "intends", "estimates", "plans", "may", "should", "would", "will", "potential", "scheduled" or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved.
Forward-looking statements involve known and unknown risks, assumptions, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements, and includes those risks described in the Company's final prospectus dated September 3, 2021, a copy of which is available under the Company's profile at www.sedarplus.ca. Forward-looking statements are made as of the date of this news release and, unless required by applicable law, the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in these forward-looking statements
SOURCE Greenway Greenhouse Cannabis Corporation
