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- **Record Financials**: 21% YoY revenue growth, $10.8M net income, and 31% EBITDA margin.
- **Key Growth Drivers**: International medical exports (+758% YoY), Netherlands expansion, and cost control.
- **Strategic Moves**: Share repurchase program launched; cautious on US hemp M&A.
- **Market Leadership**: Leading EU GMP exporter with 750% YoY medical sales growth.
- **Capacity Expansion**: 33% Canadian production capacity increase underway for 2026.


**【CEO Opening Remarks】**
- Q3 2025 revenue increased 21% YoY to $66.7 million, driven by Canadian cannabis and Dutch recreational sales.
- Net income from continuing operations rose to $10.8 million ($0.09/share), up 10x Q2.
- Adjusted EBITDA reached $20.7 million (31% margin), a 309% YoY increase.
- Key growth drivers: international medical exports (+758% YoY), Netherlands expansion, and cost control.
- 40% of Canadian greenhouses now in cannabis production, with 33% capacity expansion underway.

**【CFO Financial Commentary】**
- Canadian cannabis segment: CAD 64.1 million in sales (+29% YoY), 56% gross margin (vs. 26% YoY), and CAD 26.6 million EBITDA.
- Netherlands: EUR 3.6 million in sales, 11% sequential growth, and EUR 0.3 million EBITDA.
- US hemp: $3.3 million in sales, stable amid regulatory challenges.
- Cash flow from operations: $24.4 million, up 295% YoY.
- Share repurchase program launched with $10 million authorization.

**【Q&A Highlights】**
- **Gross Margin Sustainability**: 30-40% target maintained; Q3 56% margin driven by pricing, exports, and efficiency.
- **Texas Expansion**: Monitoring regulatory changes; cautious on M&A to preserve NASDAQ listing.
- **Dutch Market Dynamics**: 5x capacity expansion underway; 91% coffee shop penetration in Netherlands.
- **Germany Market Share**: Leading EU GMP-certified exporter; 750% YoY medical sales growth.
- **Texas Hemp Business**: Stable amid regulatory headwinds; exploring new product lines.


Village Farms International, Inc. (VFF) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

VFF

VFF fundamentals

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