TerrAscend reported a larger-than-expected quarterly loss, despite higher revenue and gross margin and another quarter of positive free cash flow.
TerrAscend Corp. (TSND.TO) released its third-quarter 2026 results after markets closed on November 5. Earnings per share came in at -C$0.0327, compared with an estimate of -C$0.02, a 63.5% miss. Still, the company reported 5% year-over-year revenue growth to US$68.2 million, a gross margin of 52.3%, and US$6.1 million in free cash flow. For Canadian investors, the results point to progress in some markets, but profitability remains a challenge.
Recent earnings trend
TerrAscend Corp.
TSND.TO
TSND.TO
TerrAscend Corp.
WealthAwesomeMarket cap
$247.82M
52W high
$2.00
52W low
$0.53
1W change
+0.76%
Beta
2.34
Analyst Price Targets
Based on analyst covering TSND · as of Nov 9, 2026
Wall Street analysts forecast TSND stock price to rise 183.5% over the next 12 months.
Consensus
BullishBased on avg. target vs last close (formal rating unavailable for Canadian listings)
Avg. Target
C$1.89
+183.5% Upside
Previously C$1.87 on Nov 6, 2026
Current Price
C$0.67
Last close
Targets are snapshotted when they change. Unchanged figures keep their original date. Not financial advice.
Wealth Awesome Price Forecast
WA ModelStatistical 90-day price range based on TSND's historical volatility
30-Day Vol
81.4%
Annualized
90-Day Vol
77.0%
Annualized
Trend (90d)
-50.0%
Annualized drift
90d Mean
C$0.56
Expected price
| Horizon | Expected | 68% Range (1σ) |
|---|---|---|
| 30 trading days | C$0.63 | C$0.47 – C$0.83 |
| 60 trading days | C$0.59 | C$0.40 – C$0.88 |
| 90 trading days | C$0.56 | C$0.34 – C$0.90 |
Methodology: Range is calculated using 30-day realized volatility via geometric Brownian motion (log-normal model). 68% band = ±1σ, 95% band = ±2σ. This is a statistical model, not a prediction. Past volatility does not guarantee future results. Not financial advice.
Analyst coverage: 2 analyst(s) cover this name; upcoming EPS consensus is available.
Beat estimates in 1 of the last 4 comparable quarter(s).
| Fiscal period | Report date | Actual EPS | Estimate | Surprise |
|---|---|---|---|---|
| 2026-09-30 | 2026-11-05 | -0.0327 | -0.0200 | -63.5% |
| 2026-06-30 | 2026-08-06 | -0.0300 | -0.0100 | -200.0% |
| 2026-03-31 | 2026-05-07 | -0.0300 | -0.0100 | -200.0% |
| 2025-12-31 | 2026-03-12 | 0.0170 | -0.0100 | +270.0% |
| 2025-09-30 | 2025-11-06 | -0.0300 | -0.0200 | -50.0% |
| 2025-06-30 | 2025-08-07 | -0.1600 | -0.0300 | -433.3% |
Investor takeaway: TerrAscend has missed earnings estimates in three of its past four reported quarters. Revenue growth, a stronger gross margin, and positive free cash flow are encouraging. But the net loss and higher general and administrative costs weigh on that progress. The key question is whether sales can keep growing while earnings improve and margins hold up.
EPS: -C$0.0327 vs. -C$0.02 estimated
TerrAscend missed estimates for the third quarter in a row. Its loss per share was narrower than the -C$0.03 reported in each of the previous two quarters, but trailing 12-month EPS remained negative at -C$0.15.
Bull case
TerrAscend grew Q3 revenue and reported a 52.3% gross margin, along with US$6.1 million in free cash flow. According to the earnings-call summary, this was its 13th straight quarter with positive free cash flow.
Pennsylvania stood out. Revenue there rose 16.8% year over year, while same-store sales increased 12%. Management said the facility was running at nearly half capacity, leaving room to grow without additional capital spending. TerrAscend also reported US$42.5 million in cash, with no material debt maturities until 2028.
Bear case
TerrAscend reported a US$5.5 million net loss from continuing operations. General and administrative expenses increased to US$24 million, or 35.2% of revenue, from US$21.3 million, or 32.8%, a year earlier. The earnings-call summary attributed the increase to one-time transaction costs.
Growth in New Jersey was modest amid competition and price pressure, while wholesale revenue was nearly flat. Management expects Q4 revenue growth to be in the mid-single digits year over year. At the supplied closing price, the shares also remained below their 50-day and 200-day moving averages.
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