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VFF

Village Farms International, Inc.

VFF

Village Farms International, Inc. • NASDAQ
$3.94 ▼ -1.38% (-0.06)
Market Cap $443.91 M
52w High $4.08
52w Low $0.45
Dividend Yield 0%
P/E 78.9
Volume 1.01M
Outstanding Shares 112.53M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $66.741M ▲ $15.599M ▲ $10.217M ▼ 15.308% ▼ $0.09 ▼ $20.341M ▲
Q2-2025 $59.899M ▼ $15.411M ▼ $26.497M ▲ 44.236% ▲ $0.24 ▲ $16.699M ▲
Q1-2025 $77.074M ▼ $16.779M ▼ $-6.703M ▲ -8.697% ▲ $-0.062 ▲ $-453K ▲
Q4-2024 $82.554M ▼ $18.455M ▲ $-8.629M ▼ -10.453% ▼ $-0.08 ▼ $-5.902M ▼
Q3-2024 $83.368M $16.54M $-820K -0.984% $-0.01 $6.279M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $87.561M ▲ $418.384M ▲ $113.019M ▲ $295.368M ▲
Q2-2025 $59.988M ▲ $403.744M ▲ $109.552M ▼ $284.337M ▲
Q1-2025 $15.125M ▼ $377.104M ▼ $119.151M ▼ $248.337M ▼
Q4-2024 $24.631M ▼ $389.306M ▼ $125.348M ▼ $254.005M ▼
Q3-2024 $28.696M $417.848M $132.89M $274.35M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $10.493M ▲ $25.738M ▲ $-1.957M ▼ $1.423M ▲ $22.573M ▼ $23.898M ▲
Q2-2025 $10.203M ▲ $22.105M ▲ $36.87M ▲ $-8.766M ▼ $49.863M ▲ $19.258M ▲
Q1-2025 $-7.115M ▲ $-6.376M ▼ $-2.839M ▼ $-384K ▲ $-9.506M ▼ $-8.915M ▼
Q4-2024 $-8.422M ▼ $412K ▼ $-2.014M ▲ $-1.408M ▲ $-4.065M ▼ $-1.602M ▼
Q3-2024 $-911K $4.304M $-4.094M $-1.44M $-961K $1.505M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Cannabis Canada Segment
Cannabis Canada Segment
 $70.00M ▲$30.00M ▼$40.00M ▲$50.00M ▲
Cannabis United States Segment
Cannabis United States Segment
 $10.00M ▲$0 ▼$0 ▲$0 ▲
Energy Business
Energy Business
 $0 ▲$0 ▲$0 ▲$0 ▲
Produce Business
Produce Business
 $90.00M ▲$40.00M ▼$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been growing gradually over the past few years, but profitability remains the main weakness. Gross profit has improved from very thin levels to something more stable, showing that the core operations are becoming more efficient. However, operating income and net income have stayed negative most years, with only a brief period of profit earlier in the period. That pattern suggests a business still in transition: it is gaining scale and improving margins but has not yet consistently covered its overhead and growth investments. Earnings per share have also been volatile and mostly in loss-making territory, which underlines the ongoing pressure on shareholder returns.

Balance Sheet

Balance Sheet The balance sheet shows a company that still has a solid asset base and positive equity, but with less cushion than a few years ago. Total assets have drifted down from their peak, and cash on hand is modest, leaving less room for error if conditions worsen. Debt levels are meaningful but not extreme relative to the size of the business, and they have edged down slowly rather than rising, which is a positive sign for financial discipline. Equity is still clearly positive, indicating that assets continue to exceed liabilities, though the decline from earlier, stronger levels reflects the cumulative impact of recent losses.

Cash Flow

Cash Flow Cash generation has quietly improved. Operating cash flow has turned slightly positive in the most recent years after being negative in the middle of the period, showing better conversion of the business model into real cash. Free cash flow has hovered around breakeven recently, helped by tighter control of capital spending. Earlier in the period, heavier investment pushed free cash flow into more clearly negative territory. Overall, the company appears to be managing its spending more cautiously and relying less on external funding, but the margin for error remains slim given how small the cash buffer is.

Competitive Edge

Competitive Edge Village Farms benefits from a rare combination of long-standing greenhouse expertise and a foothold in both traditional produce and cannabis. Its ability to run highly efficient, large-scale greenhouses gives it a structural cost advantage versus many smaller or less experienced growers. The company’s produce history also brings established relationships with major retailers and distributors, which newer cannabis-only players often lack. In cannabis, the conversion of existing greenhouses has allowed it to compete as a low-cost producer, a key edge in a price-sensitive, often oversupplied market. However, the company still operates in industries that can be highly competitive, cyclical, and tightly regulated, so its operational strengths do not fully shield it from pricing and regulatory risks.

Innovation and R&D

Innovation and R&D Innovation is one of Village Farms’ clearest strengths. Over decades, it has developed its own greenhouse systems rather than relying solely on off-the-shelf technology, tailoring climate control, lighting, and growing methods to different environments. The company emphasizes resource efficiency, using much less land and water than traditional farming while recycling water and exploring low-carbon or renewable energy sources to power its operations. It is also experimenting with artificial intelligence to fine-tune cultivation and reduce waste. On the growth side, Village Farms is pushing aggressively into international medical and recreational cannabis markets and expanding capacity in Europe, particularly in the Netherlands. These efforts show a clear focus on technology-driven efficiency and global expansion, though they also introduce execution and regulatory uncertainty.

Summary

Village Farms is a greenhouse specialist straddling the stable but low-margin produce world and the faster-growing but volatile cannabis sector. Financially, it has grown revenue and improved gross margins, but it has not yet translated that into consistent profits, and its balance sheet—while still sound—has less room for setbacks than it once did. Cash flow trends are moving in the right direction, with more disciplined investment and slightly positive operating cash generation. Strategically, the company appears well positioned as a low-cost, sustainability-focused grower with strong operational know-how and a credible innovation pipeline. The main tension is between these structural advantages and the reality of thin margins, regulatory complexity, and the capital intensity of its markets. Long-term outcomes will depend heavily on whether Village Farms can turn its technological and cost edge into durable, reliable profitability across both produce and cannabis, especially as it scales internationally.

NEWS

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October 29, 2025 · 4:30 PM UTC

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October 26, 2025 · 7:00 AM UTC

Village Farms International to Report Q3 2025 Results on November 10, 2025

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October 22, 2025 · 7:00 AM UTC

Village Farms Introduces Industry-First, One-Way Aroma Valve in Cannabis Packaging

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