09:11 AM EDT, 04/28/2025 (MT Newswires) -- Cannara Biotech ( LOVFF ) said Monday that it swung to a second-quarter profit

For the three months ended Feb. 28, Cannara reported net income of $3.3 million, or $0.04 per share, improving from a loss of $3.4 million, or $0.04 per share. The company said the latest result include a $1.4 million deferred tax expense, signaling a shift to sustained taxable profitability.

Total revenue increased to $26.6 million from $19.7 million, driven by national brand expansion and higher sales volumes. Adjusted EBITDA more than doubled to $7.1 million from $3.5 million, marking the company's 16th consecutive quarter of positive adjusted EBITDA.

"Q2 2025 marks another record quarter for Cannara, driven by the continued national expansion of our premium brands, strong consumer loyalty, and disciplined execution," said Zohar Krivorot, Cannara's president and CEO.

Cannara's share price gained 1.5% on Friday to $1.40 on the TSXV.