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Highlights
- Goodfood reported FY2025 net sales of CAD 121 million and gross profit of CAD 50 million.
- Fourth-quarter adjusted EBITDA was CAD 0.4 million, with operating activities generating CAD 0.3 million in cash.
- Product expansion, including Heat & Eat meals and Genuine Tea, continued to support changes in customer purchasing patterns.
Goodfood Market Corp. (TSX:FOOD) has released its financial results for the fourth quarter and full fiscal year ended September 6, 2025. The company reported annual net sales of CAD 121 million and gross profit of CAD 50 million, alongside ongoing initiatives aimed at refining its product mix and customer experience.
Fourth-Quarter Performance
In the fourth quarter, Goodfood recorded net sales of CAD 25 million. Gross profit reached CAD 10 million, resulting in a gross margin of 40.3%. The quarter closed with a net loss of CAD 4 million. Adjusted EBITDA came in at CAD 0.4 million, translating to an adjusted EBITDA margin of 2%.
The company generated CAD 0.3 million in cash from operating activities during the quarter, while adjusted free cash flow totaled CAD 2 million. Cash and marketable securities reached CAD 16 million at quarter-end, including CAD 3.4 million invested in a Bitcoin Exchange-Traded Fund, compared with an initial investment of CAD 3.0 million.
Annual Financial Overview
For fiscal 2025, Goodfood reported net sales of CAD 121 million and gross profit of CAD 50 million. Adjusted EBITDA amounted to CAD 6 million for the full year. The company noted that lower active customer levels, reduced order rates, and a more pronounced seasonal pattern contributed to a year-over-year decline in net sales. These factors were partially offset by higher average order values and the contribution from Genuine Tea, acquired in late 2024.
Gross profit decreased because of lower net sales and higher shipping and packaging costs. Gross margin increased by 0.5 percentage points due to higher average order values and reduced labour costs. Selling, general and administrative expenses declined, although they represented a larger percentage of net sales because of lower revenue.
The company recorded higher net losses compared with the prior year, largely due to restructuring costs and reduced profitability.
Product Mix Evolution and Customer Offering
Goodfood reported progress in broadening its product categories. The company highlighted the launch of its Heat & Eat meal solutions and the performance of Genuine Tea, which continued to exceed expectations. Additional initiatives include expanded recipe variety, increased customization options for meal kits, and the rollout of a Value plan starting at CAD 9.99 per portion.
Recent product enhancements also contributed to larger average customer basket values during the fiscal year.
Operational Review and Sustainability Initiatives
Goodfood noted that a leadership transition is underway, accompanied by an operational review focused on product development and customer experience. The company said this review is nearing completion.
Sustainability projects remain a priority, including carbon-emission offsets on deliveries, reduced food waste through pre-portioned ingredients, and new packaging improvements. The company also achieved B Corp certification during the period.
