Overview

• U.S. cannabis operator's Q1 revenue rose 5% yr/yr, adjusted EBITDA increased sharply

• Ohio revenue grew 34% yr/yr, driven by improved cultivation yields

• Arizona repositioning underway as company exits Eloy cultivation amid market oversupply

Outlook

• Company expects business to generate strong cash flow through 2026 and beyond

• Arizona cultivation exit expected to complete by end of Q2 2026

Result Drivers

• OHIO GROWTH - Ohio revenue rose 34% yr/yr, driven by improved cultivation yields and expansion to five dispensaries

• ARIZONA REPOSITIONING - Co is exiting cultivation in Arizona due to market oversupply and price compression, focusing on dispensaries and manufacturing

Company press release: ID:nNFCbN6C4F

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue		$12.16 mln	$12.4 mln (2 Analysts)
Q1 Adjusted EBITDA		$3.56 mln	$2.7 mln (2 Analysts)

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the healthcare facilities & services peer group is "buy"

• Wall Street's median 12-month price target for Vext Science Inc is C$0.40, about 45.5% above its May 20 closing price of C$0.28

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