Revenue rose to $105.8M in 2026Q3 with gross margin recovering to 39.2%, yet operating margin remained thin at 5.0% and volatile, having been -16.4% just one quarter earlier, suggesting the cost base has not scaled reliably.
Organigram Global Inc. (OGI) annual income statement — 14-year revenue, gross profit & net income history
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Aug'22 | Aug'21 | Aug'20 | Aug'19 | Aug'18 | Aug'17 | Aug'16 | Aug'15 | Apr'14 | Apr'13 | Apr'12 |
|---|
| Sales/Revenue | 309.12M | 186.09M | 159.84M | 149.21M | 145.81M | 79.16M | 86.8M | 80.41M | 12.43M | 5.39M | 6.13M | 986.68K | 0 | 0 | 0 |
| Revenue Growth % | 38.11% | 16.42% | 7.13% | 2.33% | 84.19% | -8.79% | 7.94% | 546.98% | 130.64% | -12.06% | 521.08% | - | - | - | - |
| Cost of Goods Sold | 196.19M | 179.26M | 112.32M | 114.13M | 114.24M | 107.56M | 143.28M | 31.94M | -39.2M | 8.69M | 813.38K | -340K | 274.9K | 0 | 0 |
| COGS % of Revenue | - | 96.33% | 70.27% | 76.49% | 78.35% | 135.87% | 165.08% | 39.72% | -315.42% | 161.18% | 13.27% | -34.46% | - | - | - |
| Gross Profit | 112.98M | 6.83M | 47.52M | 35.07M | 31.57M | -28.4M | -56.49M | 48.47M | -26.77M | -3.3M | 5.31M | 647.16K | -275K | 0 | 0 |
| Gross Margin % | 36.55% | 3.67% | 29.73% | 23.51% | 21.65% | -35.87% | -65.08% | 60.28% | -215.42% | -61.18% | 86.72% | 65.59% | - | - | - |
| Gross Profit Growth % | - | -85.63% | 35.5% | 11.1% | 211.16% | 49.73% | -216.55% | 281.02% | -712.1% | -162.04% | 721.12% | 335.33% | - | - | - |
| Operating Expenses | 119.67M | 70.24M | 82.28M | 277.81M | 70.32M | 44.44M | 89.02M | 42.37M | 15.22M | 7.8M | 4.07M | 2.48M | 66.77K | 375.25K | 140.16K |
| OpEx % of Revenue | - | 37.74% | 51.48% | 186.19% | 48.23% | 56.14% | 102.56% | 52.69% | 122.43% | 144.81% | 66.4% | 251.86% | - | - | - |
| Selling, General & Admin | 103.61M | 86.88M | 67.23M | 71.68M | 59.21M | 46.47M | 46.47M | 41.3M | 15.22M | 7.39M | 4.07M | 2.48M | 66.77K | 318.91K | 140.16K |
| SG&A % of Revenue | - | 46.68% | 42.06% | 48.04% | 40.61% | 58.7% | 53.54% | 51.35% | 122.43% | 137.21% | 66.4% | 251.86% | - | - | - |
| Research & Development | 9.47M | 10.95M | 11.2M | 12.19M | 5.96M | 3.65M | 1.27M | 409K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 5.88% | 7.01% | 8.17% | 4.09% | 4.6% | 1.46% | 0.51% | - | - | - | - | - | - | - |
| Other Operating Expenses | 3M | -27.59M | 3.85M | 193.95M | 5.14M | -5.68M | 41.28M | 664K | 0 | 410K | 0 | 0 | 0 | 56.33K | 0 |
| Operating Income | -6.69M | -63.41M | -34.76M | -242.74M | -38.75M | -72.84M | -145.51M | 5.49M | 36.42M | -11.1M | 1.25M | -1.16M | -1.62M | -375K | -140K |
| Operating Margin % | -2.16% | -34.07% | -21.74% | -162.69% | -26.58% | -92.01% | -167.65% | 6.82% | 292.99% | -205.99% | 20.33% | -117.47% | - | - | - |
| Operating Income Growth % | - | -82.43% | 85.68% | -526.39% | 46.8% | 49.94% | -2751.9% | -84.93% | 428.04% | -990.93% | 207.51% | 28.54% | -332.53% | -167.86% | - |
| EBITDA | 18.41M | -45.43M | -22.68M | -218.67M | -13.85M | -41.81M | -127.55M | 14.39M | 39.94M | -9.54M | 2.03M | -744.2K | -1.45M | -375K | -140K |
| EBITDA Margin % | 5.95% | -24.41% | -14.19% | -146.56% | -9.5% | -52.81% | -146.96% | 17.89% | 321.38% | -177.12% | 33.15% | -75.42% | - | - | - |
| EBITDA Growth % | 15697.46% | -100.34% | 89.63% | -1479.43% | 66.88% | 67.22% | -986.45% | -63.98% | 518.48% | -569.83% | 372.99% | 48.62% | -286.26% | -167.86% | - |
| D&A (Non-Cash Add-back) | 25.1M | 17.98M | 12.08M | 24.07M | 24.91M | 31.03M | 17.96M | 8.9M | 3.53M | 1.56M | 785.59K | 414.8K | 173.53K | 0 | 0 |
| EBIT | -6.69M | -27.66M | -34.76M | -48.79M | -13.94M | -127.74M | -140.62M | 3.79M | 37.87M | -10.55M | 1.28M | -1.16M | -1.79M | 0 | 0 |
| Net Interest Income | -83.09K | 825.7K | 0 | 3.41M | -429K | -2.96M | -6.01M | -9.67M | -10.09M | -264K | -436K | -115K | 0 | 0 | 0 |
| Interest Income | 405.73K | 825.7K | 0 | 3.41M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 996 | 0 | 0 |
| Interest Expense | 488.82K | 0 | 0 | 0 | 429K | 2.96M | 6.01M | 9.67M | 10.09M | 264K | 436.37K | 115.41K | 996 | 0 | -140K |
| Other Income/Expense | 87.96M | 35.74M | -10.68M | 9.74M | 24.38M | -57.87M | -1.12M | -11.36M | -8.64M | 288K | -399K | -118K | 1.38M | 0 | 0 |
| Pretax Income | 81.25M | -27.66M | -45.44M | -233M | -14.37M | -130.7M | -146.63M | -5.88M | 27.78M | -10.81M | 846.66K | -1.28M | -239K | -375K | 0 |
| Pretax Margin % | 26.29% | -14.87% | -28.43% | -156.16% | -9.86% | -165.11% | -168.94% | -7.31% | 223.49% | -200.65% | 13.82% | -129.42% | - | - | - |
| Income Tax | -5.35M | -9.89M | 0 | -3.52M | -88K | 0 | -10.47M | 3.63M | 5.65M | 0 | 0 | 2.49K | 0 | 0 | 140.16K |
| Effective Tax Rate % | -6.59% | 35.74% | 0% | 1.51% | 0.61% | 0% | 7.14% | -61.77% | 20.35% | 0% | 0% | -0.19% | 0% | 0% | - |
| Net Income | 86.61M | -17.78M | -45.44M | -229.48M | -14.28M | -130.7M | -136.16M | -9.54M | 20.51M | -10.89M | 846.66K | -1.28M | -239K | -375K | -140K |
| Net Margin % | 28.02% | -9.55% | -28.43% | -153.8% | -9.8% | -165.11% | -156.87% | -11.87% | 165.04% | -202.08% | 13.82% | -129.42% | - | - | - |
| Net Income Growth % | 1014.33% | 60.88% | 80.2% | -1506.65% | 89.07% | 4% | -1326.92% | -146.52% | 288.37% | -1386.23% | 166.3% | -434.31% | 36.27% | -167.86% | - |
| Net Income (Continuing) | 86.61M | -17.78M | -45.44M | -229.48M | -14.28M | -130.7M | -136.16M | -9.5M | 22.12M | -10.81M | 846.66K | -1.28M | -239K | -375K | -140K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.63 | -0.14 | -0.48 | -2.82 | -0.18 | -2.04 | -3.16 | -0.27 | 0.65 | -0.45 | 0.06 | -0.10 | -0.12 | -0.18 | -0.08 |
| EPS Growth % | 12273.08% | 70.83% | 82.98% | -1466.67% | 91.18% | 35.44% | -1070.37% | -141.54% | 244.44% | -879.9% | 159.18% | 18.75% | 33.33% | -124.44% | - |
| EPS (Basic) | - | -0.14 | -0.48 | -2.82 | -0.18 | -2.04 | -3.16 | -0.27 | 0.68 | -0.45 | 0.06 | -0.10 | -0.12 | -0.18 | -0.08 |
| Diluted Shares Outstanding | 136.53M | 127.67M | 95.29M | 81.29M | 77.23M | 64.03M | 48.63M | 35.23M | 31.71M | 24.3M | 14.67M | 13.1M | 2.07M | 2.07M | 1.75M |
| Basic Shares Outstanding | 136.53M | 127.67M | 95.29M | 81.29M | 77.23M | 64.03M | 48.63M | 35.23M | 30.14M | 24.3M | 14.67M | 13.1M | 2.07M | 2.07M | 1.75M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying OGI stock.
For fiscal year 2025, Organigram Global Inc. (OGI) reported total revenue of $186.1M.
Organigram Global Inc. (OGI) reported a net loss of $17.8M for the fiscal year ending 2025.
Organigram Global Inc. (OGI) reported an operating income of $-63.4M, resulting in an operating profit margin of -34.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Organigram Global Inc. (OGI) generated $6.8M in gross profit for the year, representing a gross profit margin of 3.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Volatile Quarterly Profitability Persistence
Revenue Rebound Masks Volatile Trajectory
Based on reported figures, OGI's revenue rose to $105.8M in 2026Q3 from $59.8M in 2026Q2, a 49.4% sequential-year growth reading that followed several quarters of erratic top-line movement.
The jump to $105.8M suggests a recovery in demand or a one-time contribution, but the 10-quarter series shows repeated reversals, including a 53.7% year-over-year decline in 2025Q1, so the trajectory appears unstable rather than durable. Investors should monitor whether the 2026Q3 level holds in subsequent periods before treating it as a new run rate. The data does not disclose the volume-versus-pricing or organic-versus-acquired split, which limits confidence in the growth quality.
Gross Margin Recovery Remains Fragile
According to the reported income statement, OGI's gross margin climbed to 39.2% in 2026Q3 from 27.4% in 2026Q2, though it had been negative at -2.4% in 2024Q2, signaling wide cyclical swings.
The improvement to 39.2% suggests better absorption of fixed production costs or improved pricing, yet the range across the period indicates limited structural pricing power. Comparing against peers such as CRON at 41.4% and ACB at 42.6%, OGI's recent level sits within the sector band but has not yet demonstrated consistent durability. Whether 2026Q3 represents a sustainable plateau or a peak remains a question the reported figures cannot resolve.
Operating Leverage Inconsistent Across Cycles
Based on OGI's reported figures, operating income turned positive at $5.3M in 2026Q3 against SG&A of $33.9M, yet operating margin was -16.4% in 2026Q2, indicating the cost base has not scaled reliably with revenue.
SG&A expanded from $17.2M in 2025Q1 to $33.9M in 2026Q3, growing faster than the relative share of gross profit in several quarters, which suggests overhead has been absorbing incremental gains. The single positive operating quarter does not yet establish operating leverage as a repeatable feature. Analysts should monitor whether SG&A stabilizes as revenue scales.
Net Income Swings Disconnected From Operations
As reported in the income statement, OGI posted net income of $105.5M in 2026Q3 despite operating income of only $5.3M, a gap that suggests substantial non-operating or one-time items drove the bottom line.
The net margin of 99.8% against a 5.0% operating margin is not explained by operations, and similar divergences appear in 2025Q4 (net loss of $38.0M on a $1.2M operating profit) and 2025Q2 (net income of $42.5M on an operating loss of $7.6M). Such disconnects warrant further investigation into tax, fair-value, or other non-operating items. The EPS trend of 0.77 in 2026Q3 should be treated cautiously until the drivers are identified.
Profit Spike Lacks Operational Support
Based on reported figures, the 2026Q3 earnings spike rests on a single quarter with a 5.0% operating margin, and OGI's ten-quarter record includes six loss-making operating quarters, which argues against extrapolating the recent result.
Short-side analysis would emphasize that the headline net income of $105.5M is not reflected in operating performance and may reverse as non-recurring gains fade. The repeated pattern of profitable quarters followed by losses points to an earnings base that remains thin relative to the SG&A load. Investors should treat the 2026Q3 result as a potential outlier pending evidence of recurring operating profit.