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InterCure Ltd.

INCR

InterCure Ltd. • NASDAQ
$1.34 ▼ -0.91% (-0.01)
Market Cap $73.15 M
52w High $1.79
52w Low $1.22
Dividend Yield 0%
P/E -2.85
Volume 1.31K
Outstanding Shares 54.68M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2024 $56.556M $39.056M $-34.614M -61.203% $-0.79 $-46.683M ▲
Q3-2024 $56.556M ▼ $39.056M ▲ $-34.614M ▼ -61.203% ▼ $-0.79 ▼ $-47.054M ▼
Q2-2024 $62.867M $15.574M $716.5K 1.14% $0.015 $7.202M
Q1-2024 $62.867M ▼ $15.574M ▼ $716.5K ▲ 1.14% ▲ $0.015 ▲ $7.202M ▲
Q4-2023 $73.47M $44.825M $-33.528M -45.635% $-0.75 $-4.595M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2024 $78.651M $762.574M $364.903M $396.969M
Q3-2024 $78.651M ▲ $762.574M ▲ $364.903M ▲ $396.969M ▼
Q2-2024 $20.298M $740.887M $278.772M $460.444M
Q1-2024 $20.298M ▼ $740.887M ▼ $278.772M ▼ $460.444M ▲
Q4-2023 $101.326M $786.614M $329.552M $455.112M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q4-2024 $-34.614M $0 $0 $0 $0 $0
Q3-2024 $-34.614M ▼ $0 $0 $0 $0 $0
Q2-2024 $716.5K $0 $0 $0 $0 $0
Q1-2024 $716.5K ▲ $0 $0 $0 $0 $0
Q4-2023 $-33.528M $0 $0 $0 $0 $0

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown strongly from the early years but appears to have stalled and then slipped after peaking around 2022. Profitability followed a similar pattern: the company managed to turn a profit briefly, then returned to losses in the last two years. Gross margins have narrowed from earlier highs, suggesting more pressure from costs, pricing, or mix of products. Overall, the income statement shows a company that successfully scaled but is struggling to translate that scale into stable, sustainable profits in a tougher operating environment.

Balance Sheet

Balance Sheet The balance sheet shows a business that has grown its asset base over time but is not in a particularly cash-rich position today. Cash levels are meaningfully lower than at their peak, while debt has crept up compared with earlier years, though it is not extreme relative to total assets. Shareholders’ equity remains positive but has edged down recently, reflecting accumulated losses. In simple terms, the company still has a solid base to operate from, but its financial cushion has thinned and leaves less room for prolonged setbacks.

Cash Flow

Cash Flow Cash flows tell a story of stress: operating cash turned positive during the growth and profitability peak, then moved back into negative territory as performance weakened. Free cash flow has similarly slipped into the red, even though capital spending has been modest. This means the business is currently consuming cash rather than generating it, and is likely relying on existing cash, working-capital movements, or external funding. Until operations return to consistent cash generation, liquidity and funding risk remain important issues to watch.

Competitive Edge

Competitive Edge InterCure sits in a niche of the healthcare and cannabis space, positioned as a pharmaceutical-grade, medically focused producer rather than a pure recreational player. Its vertically integrated, “seed-to-sale” structure, its own pharmacy chain, and its focus on quality standards create a real competitive edge in product consistency, cost control, and brand experience. Partnerships with well-known international brands and expansion into Europe further strengthen its positioning. The main challenge is that cannabis markets remain highly competitive, regulated, and volatile, which can quickly erode advantages if execution or regulation falters.

Innovation and R&D

Innovation and R&D The company leans heavily on innovation as a differentiator. It uses advanced cultivation technology, including AI-driven optimization and automated production, and emphasizes pesticide-free methods and proprietary strains. Collaborations with leading cannabis science groups and a strong scientific advisory presence point to a serious effort to develop evidence-based, next-generation cannabis therapies rather than just raw flower or basic products. This creates meaningful long-term potential, but it is also uncertain: research timelines, regulatory approvals, and market adoption can be slow and unpredictable, and the payoffs may be lumpy.

Summary

InterCure combines a credible operating platform, recognized brands, and genuine scientific and technological ambition, particularly in medical-grade cannabis. Its earlier growth phase proved it can scale, and its vertical integration and partnerships provide a solid strategic foundation. At the same time, recent results show a clear step back: revenue has softened, profits have turned into losses, and cash flow has become negative, all while the balance sheet cushion has shrunk. The company’s future hinges on whether it can convert its innovation pipeline and international strategy into renewed, durable profitability and positive cash generation in a complex, regulated, and competitive global cannabis landscape.

NEWS

November 3, 2025 · 8:30 AM UTC

InterCure and Cannasoul Sign Strategic Investment and Collaboration Agreements to Advance Cannabis Science and Pharmaceutical Innovation

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October 8, 2025 · 9:40 AM UTC

InterCure Reports First Half 2025 Results with NIS 130 Million in Revenue and Positive Operating Cash Flow

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October 8, 2025 · 9:02 AM UTC

InterCure Reports First Half 2025 Results with NIS 130 Million in Revenue and Positive Operating Cash Flow

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September 19, 2025 · 8:48 AM UTC

InterCure Announces Strategic Acquisition of ISHI, Unlocking Access to Premium U.S. Cannabis Technology and Brands

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