The Company achieved record Adjusted EBITDA from continuing operations of $1.4 million in the third quarter, and positive Net Income.
During Q3-2025, the Company expanded TRUBAR™ distribution into more than 500 additional U.S. grocery stores, launched the TRUBAR™ Kids line at Sprouts Farmers Market locations across the U.S., and continued its Canadian retail expansion.
TRUBAR reaffirms full-year 2025 guidance for Net Revenue in the range of $65 to $70 million.
VANCOUVER, BC, Nov. 24, 2025 /CNW/ - TRUBAR Inc. (TRUBAR" or the "Company") (TSXV: TRBR) (OTCQX:TRBRF), a better-for-you snacking company focused on delivering high-quality, plant-based protein products with exceptional taste and made with clean, recognizable ingredients, is pleased to announce its interim financial results for the three months ended September 30, 2025. All amounts are expressed in United States dollars unless otherwise noted. Certain metrics, including those expressed on an adjusted basis, such as "Gross Revenue", "Gross Profit", "Gross Margin Percentage", "EBITDA" and "Adjusted EBITDA", are non-International Financial Reporting Standards ("IFRS") defined measures, see "Non-IFRS Measures" below.
Selected financial and operating information are outlined below and should be read together with the Company's interim consolidated financial statements and related management's discussion and analysis ("MD&A") for the three months ended September 30, 2025, which are available under the Company's profile on SEDAR+ at www.sedarplus.com.
MANAGEMENT COMMENTARY
Erica Groussman, Chief Executive Officer, commented, "I am very pleased with our performance in the third quarter and for the records we achieved in both Net Revenue and Adjusted EBITDA. Our strategic focus on increasing household penetration of the TRUBAR™ brand helped drive an 88% year over year increase in Net Revenue, including a 206% increase in retail sales and a 170% increase in Direct to Consumer (DTC) sales. During the quarter, we expanded TRUBAR™ distribution into more than 500 additional U.S. grocery stores, launched the TRUBAR™ Kids line at Sprouts, and continued our Canadian retail expansion. These actions underscore the continued momentum and growing strength of the TRUBAR™ brand as a leader in the better-for-you snacking category."
Kingsley Ward, Executive Chairman, added, "Our expanding retail footprint, combined with the continued strength across our retail and e-commerce channels, is creating a powerful foundation for long-term growth. We further strengthened our financial position this quarter with an increase in our cash balance, enhancing our flexibility to support ongoing expansion and execution. With a robust pipeline of innovation and upcoming retail launches, we remain confident in our ability to drive sustained growth and deliver long-term value for our shareholders.
2025 ANNUAL GUIDANCE
TRUBAR is pleased to reaffirm its full year 2025 guidance range for Net Revenue in the range of $65 million to $70 million.
FINANCIAL HIGHLIGHTS FOR THE THREE-MONTH PERIOD ENDING SEPTEMBER 30, 2025
Financial highlights for the Company's continuing operations during the three months ended September 30, 2025 included:
Net Revenue was $21.6 million for the three months ended September 30, 2025, representing an increase of 88% compared to Net Revenue of $11.5 million during the three months ended September 30, 2024. The increase was attributable to various marketing activities and promotional programs.
Gross Revenue was $29.9 million for the three months ended September 30, 2025, an increase of 161% compared to $11.4 million for the comparable period in 2024.
Gross Profit1 was $8.9 million for the three months ended September 30, 2025, an increase of 76% as compared to Gross Profit of $5.1 million for the three months ended September 30, 2024. Gross Margin Percentage1 was 41% for the three months ended September 30, 2025, compared to Gross Margin Percentage of 44% for the comparable period in 2024. The lower margin was related to investments made at retail to drive consumer trial and awareness of the TRUBAR™ brand.
Operating costs were $7.9 million for the three months ended September 30, 2025, an increase of $3.1 million (or 65%), compared to $4.8 million for the three months ended September 30, 2024. This increase reflects the Company's strategic investments and operational growth initiatives.
The Company generated Adjusted EBITDA2 of $1.4 million from continuing operations for the three months period ending September 30, 2025, as compared to Adjusted EBITDA of $1.0 million achieved in the comparable period in 2024.
The Company recorded a net gain from continuing operations of $192 thousand during the three months ended September 30, 2025, compared to a net gain of $4.1 million for the three months ended September 30, 2024.
The Company had a cash balance of $3.7 million as of September 30, 2025, compared to $7.1 million at the end of the prior fiscal year on December 31, 2024.3
SEGMENTED REVENUE
Wholesale club net revenue was $12.5 million in Q3-2025, an increase of 50% as compared to $8.4 million in Q3-2024.
Retail net revenue was $4.8 million in Q3-2025, an increase of 206% as compared to $1.6 million in Q3-2024.
Direct-to-consumer (DTC) net revenue was $4.3 million in Q3-2025, an increase of 170% as compared to $1.6 million in Q3-2024. DTC revenue includes e-commerce revenue generated from Amazon and Shopify.
THIRD QUARTER 2025 BUSINESS AND OPERATIONAL HIGHLIGHTS
Significant business and operational highlights for the Company during the three months ended September 30, 2025 included:
Sale of No B.S. Brand: On July 2, 2025, the Company announced it has completed the sale of its personal care product line, ...
