Revenue momentum has decelerated sharply to a negative 34.5% growth rate in 2026Q2, while gross margins plummeted to negative 15.1% due to inventory write-downs and excise tax pressures.
| 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 | 257.33M | 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 % | 32.58% | 16.42% | 7.13% | 2.33% | 84.19% | -8.79% | 7.94% | 546.98% | 130.64% | -12.06% | 521.08% | - | - | - | - |
| Cost of Goods Sold | 182.55M | 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 | 74.82M | 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 % | 29.08% | 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 | 102.91M | 70.24M | 83.19M | 271.48M | 74.72M | 63.42M | 89.02M | 42.37M | 15.22M | 7.8M | 4.07M | 2.48M | 66.77K | 375.25K | 140.16K |
| OpEx % of Revenue | - | 37.74% | 52.05% | 181.95% | 51.25% | 80.11% | 102.56% | 52.69% | 122.43% | 144.81% | 66.4% | 251.86% | - | - | - |
| Selling, General & Admin | 86.79M | 86.88M | 68.14M | 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% | 42.63% | 48.04% | 40.61% | 58.7% | 53.54% | 51.35% | 122.43% | 137.21% | 66.4% | 251.86% | - | - | - |
| Research & Development | 9.45M | 10.95M | 11.2M | 12.19M | 5.96M | 3.45M | 1.27M | 409K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 5.88% | 7.01% | 8.17% | 4.09% | 4.36% | 1.46% | 0.51% | - | - | - | - | - | - | - |
| Other Operating Expenses | 3M | -27.59M | 3.85M | 193.95M | 5.14M | -5.53M | -6.37M | 664K | 0 | 410K | 0 | 0 | 0 | 56.33K | 0 |
| Operating Income | -28.09M | -63.41M | -35.67M | -242.74M | -43.15M | -91.82M | -145.51M | 5.49M | 36.42M | -11.1M | 1.25M | -1.16M | -1.62M | -375K | -140K |
| Operating Margin % | -10.91% | -34.07% | -22.32% | -162.69% | -29.59% | -115.99% | -167.65% | 6.82% | 292.99% | -205.99% | 20.33% | -117.47% | - | - | - |
| Operating Income Growth % | - | -77.75% | 85.3% | -462.53% | 53% | 36.9% | -2751.9% | -84.93% | 428.04% | -990.93% | 207.51% | 28.54% | -332.53% | -167.86% | - |
| EBITDA | -9.74M | -50.5M | -23.59M | -219.31M | -18.24M | -60.79M | -127.55M | 14.39M | 39.94M | -9.54M | 2.03M | -744.2K | -1.45M | -375K | -140K |
| EBITDA Margin % | -3.79% | -27.14% | -14.76% | -146.99% | -12.51% | -76.79% | -146.96% | 17.89% | 321.38% | -177.12% | 33.15% | -75.42% | - | - | - |
| EBITDA Growth % | -102.53% | -114.05% | 89.24% | -1102.12% | 69.99% | 52.34% | -986.45% | -63.98% | 518.48% | -569.83% | 372.99% | 48.62% | -286.26% | -167.86% | - |
| D&A (Non-Cash Add-back) | 18.34M | 12.91M | 12.08M | 23.43M | 24.91M | 31.03M | 17.96M | 8.9M | 3.53M | 1.56M | 785.59K | 414.8K | 173.53K | 0 | 0 |
| EBIT | -28.09M | -27.66M | -35.67M | -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 | 370.84K | 825.7K | 0 | 3.41M | -429K | -2.96M | -6.01M | -9.67M | -10.09M | -264K | -436K | -115K | 0 | 0 | 0 |
| Interest Income | 370.84K | 825.7K | 0 | 3.69M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 996 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 277.85K | 429K | 2.96M | 6.01M | 9.67M | 10.09M | 264K | 436.37K | 115.41K | 996 | 0 | -140K |
| Other Income/Expense | -10.53M | 35.74M | -9.77M | -184.21M | 28.78M | -38.88M | -1.12M | -11.36M | -8.64M | 288K | -399K | -118K | 1.38M | 0 | 0 |
| Pretax Income | -38.63M | -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 % | -15.01% | -14.87% | -28.43% | -156.16% | -9.86% | -165.11% | -168.94% | -7.31% | 223.49% | -200.65% | 13.82% | -129.42% | - | - | - |
| Income Tax | -13.66M | -9.89M | 0 | -3.52M | -88K | 0 | -10.47M | 3.63M | 5.65M | 0 | 0 | 2.49K | 0 | 0 | 140.16K |
| Effective Tax Rate % | 35.37% | 35.74% | 0% | 1.51% | 0.61% | 0% | 7.14% | -61.77% | 20.35% | 0% | 0% | -0.19% | 0% | 0% | - |
| Net Income | -24.97M | -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 % | -9.7% | -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 % | -247.88% | 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) | -24.97M | -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) | -0.19 | -0.14 | -0.48 | -2.82 | -0.18 | -2.04 | -3.15 | -0.27 | 0.65 | -0.45 | 0.06 | -0.10 | -0.12 | -0.18 | -0.08 |
| EPS Growth % | -291.87% | 70.83% | 82.98% | -1466.67% | 91.18% | 35.24% | -1066.67% | -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 | -3.15 | -0.27 | 0.68 | -0.45 | 0.06 | -0.10 | -0.12 | -0.18 | -0.08 |
| Diluted Shares Outstanding | 131.57M | 127.67M | 95.29M | 81.29M | 85.3M | 64.03M | 43.17M | 35.23M | 31.71M | 24.3M | 14.67M | 13.1M | 2.07M | 2.07M | 1.75M |
| Basic Shares Outstanding | 131.57M | 127.67M | 95.29M | 81.29M | 80.01M | 64.03M | 43.17M | 35.23M | 30.14M | 24.3M | 14.67M | 13.1M | 2.07M | 2.07M | 1.75M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Excise tax margin compression
As reported in recent financial filings, Organigram's revenue growth experienced a significant contraction, falling to a negative 34.5% in 2026Q2 from a peak of 79.1% in 2025Q4, suggesting that the company's reliance on the Canadian recreational market is hitting a saturation point that limits future top-line expansion.
The rapid reversal in revenue growth indicates that the initial success of the SHRED brand may be losing its ability to drive incremental volume in a highly competitive, price-sensitive environment. Investors should monitor whether international export channels can offset this domestic stagnation or if the company remains tethered to a shrinking Canadian recreational footprint.
Based on the company's reported figures, gross margins plummeted to negative 15.1% in 2026Q2, a stark departure from the 39.8% peak observed in 2025Q4, highlighting the extreme sensitivity of the firm's indoor cultivation cost structure to inventory write-downs and the ongoing burden of the Canadian excise tax regime.
The wide variance in gross margins suggests that Organigram struggles to maintain consistent profitability when faced with inventory obsolescence or shifts in product mix. This volatility implies that the company's high-precision indoor cultivation model, while effective for quality, may lack the necessary cost flexibility to navigate periods of declining market pricing.
According to the income statement data, operating income reached a negative $23.8M in 2026Q2, demonstrating that the company has failed to achieve meaningful operating leverage as SG&A expenses continue to weigh heavily against a declining gross profit base, preventing the realization of sustainable bottom-line profitability for shareholders.
The inability to scale operating income alongside revenue suggests that the company's fixed cost base, particularly regarding facility maintenance and administrative overhead, is disproportionately high relative to its current revenue generation. This lack of efficiency warrants further investigation into whether management can rationalize the cost structure without compromising the quality of their cultivation output.
Based on the provided financial statements, the recurring reliance on non-operating items to mask core operational losses suggests that Organigram's path to profitability is fragile, with short-sellers likely focusing on the persistent negative operating margins and the potential for further inventory impairments in future reporting periods.
While the company maintains a relatively clean balance sheet, the underlying income statement reveals a business that struggles to generate consistent cash from its primary operations. Investors should be cautious of the assumption that the British American Tobacco partnership will immediately translate into operational efficiency, as the core cannabis business continues to face significant structural headwinds.
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.