Avicanna (TSX: AVCN) posted positive adjusted EBITDA of $0.22 million in Q3 2026 — a $1.01 million swing from a year earlier — on revenue of $5.73 million, as margins widened to 51% and its MyMedi.ca platform pushed proprietary products to 31% of sales. All figures in Canadian dollars.
A profit milestone, on smaller revenue
Avicanna Inc. reported positive adjusted EBITDA of $0.22 million for the third quarter of 2026, a $1.01 million improvement from the $0.79 million loss it posted in Q3 2025 — and a swing from the $0.36 million loss in Q2 2026.
Revenue was $5.73 million, down 10% from a year earlier. The company attributes the decline to the April 2026 Veterans Affairs Canada reimbursement changes. Sequentially, revenue rose 2% from Q2 — the first sequential increase since those VAC changes took effect. Nine-month revenue was $18.05 million, down 4% year over year. All figures are in Canadian dollars.
"As projected, we achieved positive adjusted EBITDA in the third quarter through disciplined optimization of our operations, enhanced margins and prudent cost management," said founder and CEO Aras Azadian.
Margins and costs did the work
Gross profit was $2.92 million, with gross margin widening to 51% from 49% a year earlier. Operating expenses fell 30% year over year to $3.19 million, and the operating loss narrowed 80% to $0.27 million.
The balance sheet moved the right way, too: working capital swung to a surplus of $0.11 million at September 30 from a $1.28 million deficit at the end of 2025, and after quarter-end the company completed a $2.0 million non-convertible debenture financing (October 29).
"We made meaningful progress in improving operating efficiency, expanding margins and strengthening working capital," said CFO Nick Hilborn.
MyMedi.ca and the proprietary push
The quarter's operating story is the mix shift toward Avicanna's own products. Proprietary products reached 31% of sales on the MyMedi.ca medical platform, up from 19% a year earlier, and proprietary product sales through the platform grew a further 16% quarter over quarter. Patient retention on the platform reached record levels, the company said.
In Canada, Avicanna sold 176,694 proprietary finished-product units in the first nine months of 2026, up 16% year over year, across 68 commercial SKUs and 178 active listings. It also launched QUIX, its rapid-onset nano-emulsion line, with 10 initial SKUs and 37 listings, and rolled out the MyMedi.ca Integrated Healthcare Program for hospitals, specialty clinics and healthcare networks.
Avicanna gave no numeric guidance. Its stated outlook is to scale domestically and pursue international expansion.
Sources
- GlobeNewswire, "Avicanna Reports Positive Adjusted EBITDA for Q3 2026 and Provides Corporate Update," Nov. 12, 2026 Link
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