The headline net income is heavily distorted by a $105.8M non-cash fair value gain on preferred shares, masking underlying cash burn. Monitor the company's ability to generate positive free cash flow in Q4 Fiscal 2026 as guided, and watch for any further updates on EU-GMP certification and the U.S. hemp regulatory situation, which could materially impact international revenue growth.
Price Chart
Executive Summary
No summary provided
Key Facts
- Net revenue for Q3 Fiscal 2026 was $105.8M, up 49% YoY from $70.8M
- Adjusted EBITDA was $13.4M, up 136% YoY from $5.7M
- Net income was $105.5M vs a net loss of $6.3M in Q3 Fiscal 2025, driven by a $105.8M non-cash fair value gain on preferred shares
- Cash and short-term investments were $11.7M, down 86% from $84.4M at September 30, 2025
- Company expects Fiscal 2026 net revenue to exceed $350M and modest negative free cash flow for the full year
- A material weakness in ICFR related to biological assets and inventory valuation remains unremediated
Financial Impact
Net revenue increased 49% YoY to $105.8M; Adjusted EBITDA rose 136% to $13.4M; cash balance fell 86% to $11.7M due to Sanity Group acquisition funding
Risk Factors
- Material weakness in ICFR remains unremediated, posing financial reporting risk
- Cash burn continues; cash balance fell 86% to $11.7M, requiring reliance on credit facilities
- U.S. hemp-derived THC business is being paused due to regulatory changes, with investments written down to $nil
- EU-GMP certification timing remains uncertain, potentially delaying international revenue growth
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001628280-26-055496 |
| Document: organigramholdingsinc-2mda.htm | 0001628280-26-055496 |
| Document: organigramholdingsinc-3prx.htm | 0001628280-26-055496 |
| Document: a5aceocertification-2026q3.htm | 0001628280-26-055496 |
| Document: a5bcfocertification-2026q3.htm | 0001628280-26-055496 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 15, 2026 11d ago | 6-K | $0.9316 | awaiting T+60 | — | $0.9390 (+0.79%) |
Sep 3, 2026 7w ago | 6-K | $1.17 | awaiting T+60 | — | $0.9390 (−19.74%) |
Aug 20, 2026 9w ago | 6-K | $1.20 | awaiting T+60 | — | $0.9390 (−21.75%) |
Aug 11, 2026 10w ago | 6-K | $1.23 | awaiting T+60 | — | $0.9390 (−23.66%) |
Aug 4, 2026 11w ago | 6-K | $0.9930 | awaiting T+60 | — | $0.9390 (−5.44%) |
Jul 20, 2026 14w ago | 6-K | $0.9448 $0.9190 | ▼ −2.73% | ▼ −6.70% | $0.9390 (−0.61%) |
Jun 11, 2026 19w ago | Institutional Cluster | $1.08 $1.16 | ▲ +6.94% | ▲ +2.55% | $0.9390 (−13.06%) |
May 6, 2026 24w ago | 6-K | $1.39 $0.9393 | ▼ −32.42% | ▼ −34.49% | $0.9390 (−32.45%) |
Mar 30, 2026 30w ago | 6-K | $1.34 $1.03 | ▼ −23.13% | ▼ −35.52% | $0.9390 (−29.93%) |
US Market Status
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