Thursday, October 9, 2025

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Fire & Flower Sees PI Financial Reiterate $20 Price Target Following Q3 Results

On December 14th, Fire and Flower Holdings Corp (TSX: FAF) announced its third quarter results ending October 31st, 2021. The company reported total revenues of $45.4 million, with a gross profit of $15.7 million or a 34.6% margin. The company reported a positive adjusted EBITDA for the 6th consecutive quarter, coming in at $2.1 million while the company reported another net loss of $1.98 million or an -$0.06 earnings per share.

Fire & Flower currently has 5 analysts covering the stock with an average 12-month price target of C$15.50 or a 166% upside from the current stock price. All 5 analysts currently have buy ratings on the stock. The street high sits at C$20 from PI Financial while the lowest price target comes in at C$12.

In PI Financial’s third quarter review, they reiterate their C$20 12-month price target and buy rating, saying that their takeaway is that the company’s digital platform continues to be the highest contributor to their adjusted EBITDA.

For the results, PI says that this quarter was fairly neutral as adjusted EBITDA dropped roughly 34% quarter over quarter and came in about $1.5 million below consensus estimates. They attribute this miss to an increase in corporate costs. Although, revenue came in line with PI’s expectations even as same-store sales dropped 27% year over year.

PI says that Fire & Flower has seen increased competition and further price compression in many of its key provinces and doesn’t expect that issue to slow down. They note that Ontario has added 228 stores during this quarter, which will most likely make same-store sales continue to drop.

Lastly, PI Financial notes that Fire & Flower added 6 new retail locations this quarter and 5 since the quarter ended. This brings their total stores to 102 now and expects that Alimentation Couche-Tard to help the company to continue to open stores in Alberta, Saskatchewan, and Manitoba over the next couple of months.


Information for this briefing was found via Sedar and Refinitiv. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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