Vext Reports Q2 2026 Financial Results; Opens Sixth Ohio Dispensary, Completes Arizona Cultivation Wind-Down; Adjusted EBITDA Grows for Second Consecutive Quarter

Revenue of $12.1 million, level with Q1 2026, as Ohio growth offset the planned Arizona cultivation wind-down. Adjusted EBITDA* of $3.4 million, up 22% from Q1 2026; net loss narrowed 79% year-over-year to $(0.3) million. Operating cash flow of $1.2 million after a deliberate Ohio inventory build expected to support growth in the second half of the year. Opened Fairfield, the sixth Ohio dispensary; completed the Arizona cultivation wind-down; Eloy property now held for sale, with proceeds to reduce secured debt. Vext Science, Inc. ("Vext" or the "Company") (CSE: VEXT) (OTCQX: VEXTF), a U.S.-based specialty retailer operating in the regulated cannabis markets of Ohio and Arizona, today reported its financial results for the period ended June 30, 2026.

Year-over-year comparisons reflect the wind-down of Arizona cultivation and wholesale activity: wholesale revenue was $1.4 million in Q2 2026 versus $2.6 million in Q2 2025, while retail revenue was essentially unchanged at $10.7 million versus $10.8 million.

Retail footprint grew to six Ohio dispensaries. Fairfield opened in June, Vext's seventh Ohio dispensary is expected to open in Columbus by Q1 2027, and the Company remains on track to reach the state cap of eight in 2027. Customer traffic responded to sharper pricing. Cannabis consumers buy on price and value. As disciplined merchandisers, we drive volume and conversion through aggressive everyday pricing, leveraging our low cost structure to expand market share while protecting operating margins. After pricing was sharpened in May, Central Phoenix posted its highest monthly customer count since October 2023 in June and the Company's operating dispensary in Columbus, Ohio weekly volumes hit first-half highs. Ohio yields improved to approximately 101 grams per plant. Vext stocks its own Ohio shelves, so higher yields lower the cost of goods and help fund its retail price position.

Completed the Arizona cultivation wind-down during Q2. With wholesale flower selling below the cost of growing it, the Phoenix dispensaries now buy from third-party producers, protecting margin while pricing competitively. Eloy property is being marketed for sale, with proceeds expected to retire the associated secured debt. Secured debt represents approximately 50% of the appraised value of the Company's owned real estate, and the planned repayment is consistent with the Company's capital allocation priorities.

Eric Offenberger, CEO of Vext, commented: "Q2 kept us on the course we set out in March. The last Eloy harvest came off in May, Fairfield opened in June, and the bottom line moved to essentially breakeven. We took capital out of Arizona cultivation because the returns no longer cleared our hurdle, and we are redeploying it to Ohio retail, where incremental invested capital earns the highest return available to us." Mr. Offenberger continued: "Retail comes down to earning the customer's loyalty, controlling the cost of what goes on the shelf, and turning inventory into cash. When we sharpened prices in May, traffic followed, and Central Phoenix had its best month for cu...