Simply Solventless (TSXV: HASH) reported its Q2 2025 financials, with gross revenue jumping 317% year over year to a record $13.0 million from $3.1 million, a 5% increase from last quarter’s $12.4 million.
Costs scaled with volume as cost of goods sold rose to $6.2 million from $1.9 million, swinging gross profit before fair-value adjustments to $4.7 million from a loss of $0.08 million. Including fair-value changes, company-defined gross margin was about $5.3 million, a 43.0% margin, down sequentially from 48.9%.
Operating expense increased with growth as well, led by selling, general and administrative expense rising to $2.07 million from $0.77 million. Operating income reached $2.64 million versus a $0.97 million loss last year.
Net income came in at $3.4 million from a $0.6 million loss a year ago, but a drop from last quarter’s $8.4 million net income due to a $7.7 million bargain-purchase gain in Q1. The bottomline translates to $0.03 EPS versus a loss of $0.01 a year ago.
EBITDA was at $4.3 million for the quarter versus a $0.5 million loss a year ago but also a drop from $9.5 million gain last quarter. Adjusted EBITDA was at $3.2 million, flat quarter over quarter and up from a $0.9 million loss last year.
Cash from operations was positive $1.0 million versus a $0.5 million outflow last year. Ending cash balance for the quarter rose to $1.52 million from $0.11 million a year earlier.
A retrofit at the Humble facility is expected to lift annual production to 14,000 kg from 8,000 kg, with first harvests targeted for Q1 2026 and a projected cost of $2.5 million. The firm also secured exclusive Canadian rights to launch the Sluggers brand, retaining 75% of net income on those sales, with launch planned for late Q3 2025.
Simply Solventless last traded at $0.34 on the TSX Venture.
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