IM Cannabis (IMCC) Q4 2025 earnings summary

Executive summary

• Achieved revenue of C$54.7 million for 2025, demonstrating stability amid challenges in Israel.

• Generated positive operating cash flow of C$4.7 million, a turnaround from negative cash flow in 2024.

• Germany revenue grew over 134% year-over-year to C$36.3 million, now over 66% of total revenue.

• Announced intent to diversify into defense and intelligence technology sectors via proposed acquisition in Poland.

Financial highlights

• Gross profit increased 15% to C$9.7 million, driven by cost efficiencies and higher-margin German sales.

• Cash and restricted cash rose to C$3.3 million from C$927,000 at year-end 2024.

• Strengthened cash position through a private placement yielding net proceeds of C$5.1 million.

Outlook and guidance

• Exploring additional business activities to enhance long-term growth, including entry into defense and homeland security technology.

• Proposed acquisition of 51% of Black Axe Technologies in Poland marks strategic expansion.