Village Farms International, Inc.

Village Farms International, Inc. (VFF) reported strong FY 2025 results with sales of $215.9M, up 10% YoY from $195.9M in 2024. Gross profit surged 91% to $87.7M, achieving a 41% margin versus 23% prior year, driven by Canadian Cannabis improvements and Netherlands operations. Net income attributable to shareholders reached $32.4M or $0.29/share, reversing a $35.9M loss in 2024. Adjusted EBITDA from continuing operations hit $49.9M, up 576% YoY. Canadian Cannabis sales grew 10% to $163.7M with 44% gross margin, boosted by 517% international export growth. Netherlands Cannabis contributed $9.9M in first-year sales at 50% margin. U.S. Cannabis sales fell 17% to $14.4M amid regulatory pressures. Produce sales declined 9% to $26.3M post-asset sale. Discontinued operations added $11.1M income from produce divestiture. Balance sheet strengthened with $86.3M cash (up from $24.6M), $95.9M working capital, and total assets $423.1M. Debt reduced to $33.7M. Strong cash flow of $58.1M from operations supports growth. Forward-looking, expansions in Netherlands and Delta 2 cannabis conversion signal continued momentum in profitable markets.

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