Revenue has contracted significantly from $106.2 million in 2023Q1 to $65.0 million in 2025Q2, while gross margins remain volatile, having recovered from a near-zero 0.3% in late 2024 to 30.9% in 2025Q2.
| Metric | TTM | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Sales/Revenue | 243.12M | 238.84M | 355.55M | 388.68M | 219.68M | 65.03M | 8.93M | 0 | 0 | 0 | 1.4M | 5.65M | 8.25M | 8.47M | 12.07M |
| Revenue Growth % | -10.84% | -32.82% | -8.52% | 76.93% | 237.78% | 628.6% | - | - | - | -100% | -75.2% | -31.52% | -2.59% | -29.83% | - |
| Cost of Goods Sold | 202.51M | 208.61M | 250.46M | 233.6M | 128.55M | 33.06M | 7.45M | 0 | 0 | 0 | 538.71K | 1.87M | 1.84M | 2M | 2.89M |
| COGS % of Revenue | - | 87.34% | 70.44% | 60.1% | 58.52% | 50.83% | 83.43% | - | - | - | 38.45% | 33.15% | 22.33% | 23.56% | 23.97% |
| Gross Profit | 40.61M | 30.23M | 105.09M | 155.08M | 91.13M | 31.98M | 1.48M | 0 | 0 | 0 | 862.71K | 3.78M | 6.41M | 6.47M | 9.18M |
| Gross Margin % | 16.71% | 12.66% | 29.56% | 39.9% | 41.48% | 49.17% | 16.57% | - | - | - | 61.58% | 66.85% | 77.67% | 76.44% | 76.03% |
| Gross Profit Growth % | - | -71.23% | -32.23% | 70.18% | 185.01% | 2061.93% | - | - | - | -100% | -77.16% | -41.06% | -1.02% | -29.45% | - |
| Operating Expenses | 112.62M | 97.44M | 146.66M | 104.46M | 62.95M | 70.38M | 4.89M | 9.81M | 1.12M | 1.4M | 3.37M | 6.45M | 8.34M | 8.65M | 10.98M |
| OpEx % of Revenue | - | 40.8% | 41.25% | 26.87% | 28.65% | 108.21% | 54.83% | - | - | - | 240.76% | 114.12% | 101.14% | 102.13% | 90.98% |
| Selling, General & Admin | 104.96M | 84.63M | 86.24M | 97.32M | 53.46M | 26.35M | 81.96M | 9.81M | 1.12M | 1.4M | 2.19M | 5.71M | 8.1M | 8.14M | 9.63M |
| SG&A % of Revenue | - | 35.43% | 24.25% | 25.04% | 24.34% | 40.52% | 918.19% | - | - | - | 156.31% | 101.1% | 98.14% | 96.12% | 79.75% |
| Research & Development | 386K | 414K | 388K | 632K | 1.24M | 1.58M | 1.71M | 0 | 0 | 0 | 0 | 50.62K | 104.47K | 351.18K | 844.93K |
| R&D % of Revenue | - | 0.17% | 0.11% | 0.16% | 0.56% | 2.42% | 19.16% | - | - | - | - | 0.9% | 1.27% | 4.15% | 7% |
| Other Operating Expenses | 0 | 12.4M | 60.04M | 6.51M | 8.25M | 42.45M | -78.77M | 0 | 24.33K | 369.27K | 985.81K | 140.18K | 142.78K | 156.91K | 510K |
| Operating Income | -72M | -67.21M | -41.57M | 50.63M | 28.19M | -38.4M | -3.42M | -10.62M | -3.98M | 1.2M | -2.51M | -2.67M | -1.94M | -2.17M | -1.8M |
| Operating Margin % | -29.62% | -28.14% | -11.69% | 13.03% | 12.83% | -59.05% | -38.26% | - | - | - | -179.16% | -47.31% | -23.47% | -25.67% | -14.95% |
| Operating Income Growth % | - | -61.69% | -182.1% | 79.6% | 173.41% | -1024.45% | 67.85% | -166.68% | -430.81% | 147.97% | 6.1% | -38.07% | 10.95% | -20.51% | - |
| EBITDA | -59.09M | -51.84M | -28.4M | 62.33M | 35.58M | -35.15M | -2.59M | -10.61M | -3.98M | 2.18M | -2.51M | -2.65M | -1.79M | -2.06M | -1.58M |
| EBITDA Margin % | -24.3% | -21.7% | -7.99% | 16.04% | 16.2% | -54.04% | -28.98% | - | - | - | -178.88% | -46.9% | -21.74% | -24.35% | -13.09% |
| EBITDA Growth % | -69.74% | -82.52% | -145.57% | 75.17% | 201.23% | -1258.6% | 75.62% | -166.7% | -282.27% | 187.11% | 5.42% | -47.76% | 13.03% | -30.55% | - |
| D&A (Non-Cash Add-back) | 12.91M | 15.37M | 13.17M | 11.7M | 7.39M | 3.25M | 828K | 10K | 4K | 979K | 3.9K | 23.36K | 142.78K | 112.08K | 224.55K |
| EBIT | -92.4M | -66.68M | -37.07M | 58.53M | 23.78M | -37.78M | -4.59M | -10.13M | -1.15M | -979K | -1.88M | -3.79M | -6.52M | 45.27M | 319.7K |
| Net Interest Income | -16.92M | -17.95M | -19.67M | -13.85M | -4.92M | -507K | -1.83M | 0 | 0 | 0 | -207K | -109K | -86.69K | -1.89M | -7.15M |
| Interest Income | 0 | 2.7M | 4.55M | 844K | 130K | 21K | 141K | 0 | 0 | 0 | 19.52K | 0 | 0 | 3.73K | 0 |
| Interest Expense | 8.91M | 20.64M | 24.22M | 14.69M | 5.04M | 528K | 1.97M | 1.03M | 639.51K | 411.59K | 0 | 109K | 86.69K | 1.83M | 7.08M |
| Other Income/Expense | -11.08M | -20.11M | -19.72M | -6.79M | -9.45M | 92K | -3.15M | -2.18M | -1.28M | -891K | 627.79K | -1.12M | -4.67M | 45.62M | -4.96M |
| Pretax Income | -91.09M | -87.32M | -61.28M | 43.84M | 18.74M | -38.31M | -6.57M | -12.8M | -5.26M | 265.42K | -1.88M | -3.79M | -6.61M | 43.44M | -6.76M |
| Pretax Margin % | -37.47% | -36.56% | -17.24% | 11.28% | 8.53% | -58.9% | -73.56% | - | - | - | -134.05% | -67.13% | -80.07% | 512.95% | -56% |
| Income Tax | -15.53M | -14.53M | 2.25M | 93K | 11.44M | -2.27M | -673K | 0 | 663.84K | 3.05M | 0 | 0 | 0 | 0 | 41.87K |
| Effective Tax Rate % | 17.04% | 16.64% | -3.67% | 0.21% | 61.06% | 5.92% | 10.25% | 0% | -12.62% | 1150.65% | 0% | 0% | 0% | 0% | -0.62% |
| Net Income | -70.93M | -67.8M | -61.96M | 44.82M | 4.69M | -37.23M | -5.89M | -12.8M | -5.26M | 265.42K | -1.88M | -3.79M | -6.61M | 43.44M | -6.8M |
| Net Margin % | -29.18% | -28.38% | -17.43% | 11.53% | 2.14% | -57.25% | -66.02% | - | - | - | -134.05% | -67.13% | -80.07% | 512.95% | -56.35% |
| Net Income Growth % | -8.09% | -9.42% | -238.24% | 855.63% | 112.6% | -531.78% | 53.95% | -143.35% | -2081.43% | 114.13% | 50.49% | 42.58% | -115.21% | 738.76% | - |
| Net Income (Continuing) | -74.6M | -72.79M | -63.53M | 43.75M | 7.29M | -36.04M | -5.89M | -12.8M | -5.52M | 251K | -1.88M | -3.79M | -6.61M | 43.44M | -6.8M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 1.1M | 702K | 1.95M | 20.17M | 11.16M | 17.6M | 229K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.25 | -1.42 | -1.36 | 0.99 | 0.11 | -1.47 | -0.13 | -0.62 | -0.31 | 0.02 | -0.21 | -2.34 | -4.36 | 585.98 | -23.15 |
| EPS Growth % | -9.52% | -4.41% | -237.37% | 800% | 107.48% | -1030.77% | 79.03% | -100% | -1604.85% | 109.81% | 91.03% | 46.33% | -100.74% | 2631.23% | - |
| EPS (Basic) | - | -1.42 | -1.36 | 0.99 | 0.12 | -1.47 | -0.13 | -0.62 | -0.31 | 0.02 | -0.21 | -2.34 | -4.36 | 711.66 | -23.15 |
| Diluted Shares Outstanding | 56.8M | 47.77M | 45.57M | 45.35M | 40.84M | 25.4M | 23.3M | 20.6M | 17.11M | 12.9M | 8.85M | 1.62M | 1.51M | 436.85K | 293.74K |
| Basic Shares Outstanding | 56.8M | 47.77M | 45.56M | 45.35M | 38.49M | 25.4M | 23.3M | 20.6M | 16.78M | 12.58M | 8.85M | 1.62M | 1.51M | 380.97K | 293.74K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Geopolitical and Regulatory Volatility
Based on reported financial statements, InterCure's revenue has experienced a significant downturn, with year-over-year figures showing a contraction from $106.2 million in 2023Q1 to $65.0 million by 2025Q2, indicating that the company is struggling to maintain its previous growth trajectory within the Israeli medical cannabis market.
The sharp decline in top-line performance suggests that the company's reliance on the domestic Israeli market may be hitting a ceiling, potentially exacerbated by increased competition or a plateau in patient acquisition. Investors should monitor whether the recent stabilization at $65 million represents a new floor or if further erosion is likely as the market matures.
As reported in recent filings, InterCure's gross margin profile has demonstrated extreme instability, plummeting to a near-zero 0.3% in late 2024 before recovering to 30.9% in 2025Q2, which highlights the significant operational risks inherent in their vertically integrated cultivation and retail business model.
The dramatic swings in gross margin suggest that the company is highly susceptible to inventory write-downs and fluctuations in the cost of imported genetics. This volatility implies that the company lacks consistent pricing power, making it difficult to forecast sustainable profitability in the face of shifting regulatory and supply chain conditions.
According to historical income statement data, InterCure's operating income has frequently swung into deep negative territory, reaching a low of -$38.9 million in 2024Q4, which demonstrates that the company's fixed-cost pharmacy and cultivation infrastructure currently lacks the necessary scale to achieve consistent operating leverage.
The decoupling of SG&A expenses from revenue growth suggests that the company's expansion efforts have not yet translated into operational efficiencies. Until the company can demonstrate a sustained ability to scale revenue without proportional increases in overhead, the path to consistent operating profitability remains highly uncertain.
Based on an analysis of the provided figures, skeptics would likely focus on the company's inability to maintain consistent profitability, as evidenced by the net losses reported in multiple quarters, which suggests that the retail-heavy strategy may be a capital-intensive burden rather than a sustainable competitive advantage.
The persistent net losses, despite the company's vertical integration, raise questions about whether the pharmacy network is truly a moat or merely a high-cost distribution channel. Investors should be wary of the potential for further margin compression if the company is forced to sacrifice pricing to maintain its market share against lower-cost competitors.
Quick answers to the most common questions about buying INCR stock.
For fiscal year 2024, InterCure Ltd. (INCR) reported total revenue of $238.8M. This represents a 1879.0% increase compared to $12.1M in 2011.
InterCure Ltd. (INCR) reported a net loss of $67.8M for the fiscal year ending 2024.
InterCure Ltd. (INCR) reported an operating income of $-67.2M, resulting in an operating profit margin of -28.1%. This margin reflects the operational efficiency of the business before interest and taxes.
InterCure Ltd. (INCR) generated $30.2M in gross profit for the year, representing a gross profit margin of 12.7%. This demonstrates the company's core pricing power and production efficiency.