| Schedule of Reconciliation of Segment Revenue, Measures of Segments Profit or Loss, and Significant Segment Expenses from Continuing Operations Reconciled to Consolidated Loss Before Income Taxes |
The following tables reflect the reconciliation of segment revenue and significant segment expenses from continuing operations reconciled to the consolidated income (loss) from continuing operations before income taxes and equity method investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended June 30, 2025 |
|
|
Produce |
|
|
Cannabis Canada |
|
|
Cannabis U.S. |
|
|
Clean
Energy |
|
|
Cannabis Netherlands |
|
|
Total |
|
Sales to external customers |
$ |
8,574 |
|
|
$ |
44,518 |
|
|
$ |
3,841 |
|
|
$ |
483 |
|
|
$ |
2,483 |
|
|
$ |
59,899 |
|
Cost of sales |
|
(7,975 |
) |
|
|
(27,050 |
) |
|
|
(1,405 |
) |
|
|
(80 |
) |
|
|
(1,047 |
) |
|
|
(37,557 |
) |
Selling, general and administrative expenses |
|
(870 |
) |
|
|
(8,604 |
) |
|
|
(2,445 |
) |
|
|
27 |
|
|
|
(557 |
) |
|
|
(12,449 |
) |
Segment operating income (loss) |
$ |
(271 |
) |
|
$ |
8,864 |
|
|
$ |
(9 |
) |
|
$ |
430 |
|
|
$ |
879 |
|
|
$ |
9,893 |
|
Reconciliation of segment operating (loss) income to income from continuing operations before taxes and income from equity method investments(1) |
|
Other income, net (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,517 |
|
Other corporate expenses (3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,962 |
) |
Income from continuing operations before taxes and income from equity method investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
12,448 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended June 30, 2024 |
|
|
Produce |
|
|
Cannabis Canada |
|
|
Cannabis U.S. |
|
|
Clean
Energy |
|
|
Cannabis Netherlands |
|
|
Total |
|
Sales to external customers |
$ |
8,434 |
|
|
$ |
40,745 |
|
|
$ |
4,297 |
|
|
$ |
121 |
|
|
$ |
— |
|
|
$ |
53,597 |
|
Cost of sales |
|
(8,209 |
) |
|
|
(30,040 |
) |
|
|
(1,668 |
) |
|
|
(43 |
) |
|
|
— |
|
|
|
(39,960 |
) |
Selling, general and administrative expenses |
|
(1,003 |
) |
|
|
(8,749 |
) |
|
|
(2,960 |
) |
|
|
(17 |
) |
|
|
(341 |
) |
|
|
(13,070 |
) |
Segment operating (loss) income |
$ |
(778 |
) |
|
$ |
1,956 |
|
|
$ |
(331 |
) |
|
$ |
61 |
|
|
$ |
(341 |
) |
|
$ |
567 |
|
Reconciliation of segment operating (loss) income to loss from continuing operations before taxes and income from equity method investments(1) |
|
Other expense, net (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(937 |
) |
Goodwill and intangible asset impairments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(11,939 |
) |
Other corporate expenses (3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3,986 |
) |
Loss from continuing operations before taxes and income from equity method investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(16,295 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended June 30, 2025 |
|
|
Produce |
|
|
Cannabis Canada |
|
|
Cannabis U.S. |
|
|
Clean
Energy |
|
|
Cannabis Netherlands |
|
|
Total |
|
Sales to external customers |
$ |
8,601 |
|
|
$ |
79,355 |
|
|
$ |
7,745 |
|
|
$ |
909 |
|
|
$ |
2,969 |
|
|
$ |
99,579 |
|
Cost of sales |
|
(9,444 |
) |
|
|
(49,412 |
) |
|
|
(2,716 |
) |
|
|
(153 |
) |
|
|
(1,332 |
) |
|
|
(63,057 |
) |
Selling, general and administrative expenses |
|
(1,585 |
) |
|
|
(17,366 |
) |
|
|
(4,980 |
) |
|
|
(1 |
) |
|
|
(996 |
) |
|
|
(24,928 |
) |
Segment operating (loss) income |
$ |
(2,428 |
) |
|
$ |
12,577 |
|
|
$ |
49 |
|
|
$ |
755 |
|
|
$ |
641 |
|
|
$ |
11,594 |
|
Reconciliation of segment operating (loss) income to income from continuing operations before taxes and income from equity method investments(1) |
|
Other income, net (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,827 |
|
Other corporate expenses (3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5,102 |
) |
Income from continuing operations before taxes and income from equity method investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
11,319 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended June 30, 2024 |
|
|
Produce |
|
|
Cannabis Canada |
|
|
Cannabis U.S. |
|
|
Clean
Energy |
|
|
Cannabis Netherlands |
|
|
Total |
|
Sales to external customers |
$ |
8,438 |
|
|
$ |
78,191 |
|
|
$ |
8,834 |
|
|
$ |
121 |
|
|
$ |
— |
|
|
$ |
95,584 |
|
Cost of sales |
|
(9,199 |
) |
|
|
(57,978 |
) |
|
|
(3,510 |
) |
|
|
(43 |
) |
|
|
— |
|
|
|
(70,730 |
) |
Selling, general and administrative expenses |
|
(1,559 |
) |
|
|
(16,453 |
) |
|
|
(6,366 |
) |
|
|
(37 |
) |
|
|
(704 |
) |
|
|
(25,119 |
) |
Segment operating (loss) income |
$ |
(2,320 |
) |
|
$ |
3,760 |
|
|
$ |
(1,042 |
) |
|
$ |
41 |
|
|
$ |
(704 |
) |
|
$ |
(265 |
) |
Reconciliation of segment operating (loss) income to loss from continuing operations before taxes and income from equity method investments(1) |
|
Other expense, net (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,419 |
) |
Goodwill and intangible asset impairments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(11,939 |
) |
Other corporate expenses (3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(6,187 |
) |
Loss from continuing operations before taxes and income from equity method investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
(20,810 |
) |
(1)The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. (2)Other income (expense), net is comprised of interest expense, interest income, foreign exchange (loss) gain, other income (expense). (3)Other corporate expenses are comprised of expenses related to centralized corporate functions such as accounting, treasury, information technology, legal, human services, and internal audit expenses.
|
| Summary of Interest Income, Interest Expense, Depreciation and Amortization, Other Significant Non-Cash Items and Expenditures for Capital Assets by Reportable Segment |
The following tables summarize our interest income, interest expense, depreciation and amortization, other significant noncash items, and expenditures for capital assets by reportable segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended June 30, 2025 |
|
|
Produce |
|
Cannabis Canada |
|
Cannabis U.S. |
|
Clean
Energy |
|
Cannabis Netherlands |
|
Segment Totals |
|
Corporate |
|
Consolidated Totals |
|
Interest income |
|
1 |
|
|
134 |
|
|
— |
|
|
— |
|
|
— |
|
|
135 |
|
|
49 |
|
|
184 |
|
Interest expense |
|
924 |
|
|
592 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,516 |
|
|
— |
|
|
1,516 |
|
Depreciation and amortization |
|
2,273 |
|
|
5,303 |
|
|
98 |
|
|
— |
|
|
654 |
|
|
8,328 |
|
|
82 |
|
|
8,410 |
|
Share based compensation |
|
19 |
|
|
73 |
|
|
12 |
|
|
— |
|
|
— |
|
|
104 |
|
|
164 |
|
|
268 |
|
Other significant noncash items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash lease expense |
|
85 |
|
|
42 |
|
|
493 |
|
|
— |
|
|
— |
|
|
619 |
|
|
— |
|
|
619 |
|
Expenditures for segment assets |
|
708 |
|
|
1,230 |
|
|
7 |
|
|
— |
|
|
3,344 |
|
|
5,289 |
|
|
— |
|
|
5,289 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended June 30, 2024 |
|
|
Produce |
|
Cannabis Canada |
|
Cannabis U.S. |
|
Clean
Energy |
|
Cannabis Netherlands |
|
Segment Totals |
|
Corporate |
|
Consolidated Totals |
|
Interest income |
|
3 |
|
|
188 |
|
|
— |
|
|
— |
|
|
— |
|
|
191 |
|
|
337 |
|
|
528 |
|
Interest expense |
|
1,145 |
|
|
670 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,815 |
|
|
— |
|
|
1,815 |
|
Depreciation and amortization |
|
1,639 |
|
|
5,880 |
|
|
104 |
|
|
— |
|
|
627 |
|
|
8,250 |
|
|
106 |
|
|
8,356 |
|
Share based compensation |
|
— |
|
|
97 |
|
|
83 |
|
|
— |
|
|
— |
|
|
180 |
|
|
2,421 |
|
|
2,601 |
|
Other significant noncash items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash lease expense |
|
62 |
|
|
43 |
|
|
283 |
|
|
— |
|
|
— |
|
|
388 |
|
|
— |
|
|
388 |
|
Expenditures for segment assets |
|
738 |
|
|
127 |
|
|
26 |
|
|
— |
|
|
1,842 |
|
|
2,733 |
|
|
— |
|
|
2,733 |
|
|
| Summary of Total Assets by Reportable Segment |
The following tables summarize our total assets by reportable segment:
|
|
|
|
|
|
|
|
|
|
|
June 30, 2025 |
|
|
December 31, 2024 |
|
Assets |
|
|
|
|
|
|
Produce |
|
$ |
64,327 |
|
|
$ |
51,983 |
|
Cannabis - Canada |
|
|
280,945 |
|
|
|
266,433 |
|
Cannabis - United States |
|
|
5,734 |
|
|
|
6,728 |
|
Clean Energy |
|
|
577 |
|
|
|
360 |
|
Cannabis - Netherlands |
|
|
17,024 |
|
|
|
11,093 |
|
Total assets for reportable segments |
|
$ |
368,607 |
|
|
$ |
336,597 |
|
Corporate |
|
|
34,629 |
|
|
|
7,360 |
|
Consolidated total assets from continuing operations |
|
$ |
403,236 |
|
|
$ |
343,957 |
|
|
| Summary of Assets by Geographic Location |
The Company’s primary operations are in the United States, Canada, and the Netherlands. The following tables summarizes our assets by geographic location:
|
|
|
|
|
|
|
|
|
Total assets from continuing operations |
|
June 30, 2025 |
|
|
December 31, 2024 |
|
United States |
|
$ |
55,684 |
|
|
$ |
46,922 |
|
Canada |
|
|
330,528 |
|
|
|
285,942 |
|
Netherlands |
|
|
17,024 |
|
|
|
11,093 |
|
|
|
$ |
403,236 |
|
|
$ |
343,957 |
|
|
|
|
|
|
|
|
Long-lived assets from continuing operations |
|
June 30, 2025 |
|
|
December 31, 2024 |
|
United States |
|
$ |
30,400 |
|
|
$ |
26,930 |
|
Canada |
|
|
222,104 |
|
|
|
216,061 |
|
Netherlands |
|
|
13,666 |
|
|
|
9,866 |
|
|
|
$ |
266,171 |
|
|
$ |
252,857 |
|
|