Quick Verdict
Nextleaf Solutions reported Q3 FY2026 net revenue of CAD 2.53 million and a net loss of CAD 502,207, equal to a basic and diluted loss per share of approximately CAD 0.01. No analyst consensus was reported. Shares showed a positive 14.29% move in subsequently quoted CSE market data, although the release did not specify an after-hours reaction.
About Nextleaf Solutions
Nextleaf Solutions Ltd. is a Canadian cannabis-processing and life-sciences company listed as OILS on the Canadian Securities Exchange, OILFF on OTCQB in the United States, and L0MA on the Frankfurt Stock Exchange. Founded in 2015, the company is headquartered in Vancouver, British Columbia, and develops, extracts, refines, formulates, manufactures, and commercializes cannabinoid-derived products, including vapes, oils, softgels, bulk ingredients, and toll-processing services. Its branded portfolio includes Glacial Gold, High Plains Cannabis, and Yard Cannabis.
The company’s asset-light operating model is based on patented extraction and distillation technology, with more than 75 global patents and more than 35 active SKUs across five consumption categories. Its products are sold through regulated Canadian medical and recreational channels, as well as through B2B and bulk-ingredient partnerships.
As of the most recently available market quote, OILS traded at CAD 0.035 per share, implying a market capitalization of approximately CAD 5.96 million based on 170.21 million shares outstanding. The company had a negative trailing P/E ratio of approximately -3.04x, no dividend, and a reported 52-week trading range of CAD 0.035–CAD 0.075. These valuation statistics should be treated as market-data snapshots rather than figures reported in the quarter’s financial statements.
Top Financial Highlights
- Net revenue was approximately CAD 2.53 million, up 5% sequentially from CAD 2.41 million in Q2 FY2026.
- Gross revenue was approximately CAD 3.16 million, down from CAD 3.34 million in the preceding quarter and down from CAD 3.77 million in Q3 FY2025.
- Gross profit totaled approximately CAD 887,000, compared with CAD 915,000 in Q2 FY2026.
- Gross margin was 35.1%, down from 38.0% in Q2 FY2026 and from about 38.0% in Q3 FY2025.
- Net loss narrowed sequentially to approximately CAD 502,000, improving 22% from a CAD 646,000 loss in Q2 FY2026.
- On a year-over-year basis, however, the company’s loss widened from CAD 11,869 in Q3 FY2025 to CAD 502,207 in Q3 FY2026.
- Basic and diluted loss per share was CAD 0.01 for the nine-month period, compared with basic and diluted EPS of CAD 0.01 in the prior-year nine-month period; the earnings source does not provide a separate quarterly EPS number.
- Excise taxes fell 32% quarter over quarter to approximately CAD 630,000, versus CAD 932,000 in Q2 FY2026, reflecting a higher mix of non-excisable bulk sales, tolling services, and lower-THC cannabinoid products.
- For the first nine months of FY2026, gross revenue totaled CAD 10.49 million and net revenue totaled CAD 7.95 million.
- Nine-month adjusted EBITDA was negative CAD 179,690. Adjusted EBITDA is a non-IFRS measure and should not be viewed as a substitute for net income or cash flow under IFRS.
- Glacial Gold held nearly 20% of Canada’s capsule market, retained a 63% capsule-market share in British Columbia, and ranked third nationally in ingestible extracts with about 13% share.
- Glacial Gold products were available through more than 1,700 retail stores across six Canadian provinces as of June 2026.
- Nextleaf also announced plans to issue 285,714 common shares at CAD 0.035 per share, totaling CAD 10,000, to board members as part of its director compensation and retention program.
Beat or Miss?
No published analyst revenue or EPS consensus was identified in the earnings release or the available market-data pages. Accordingly, the report cannot be characterized as a formal analyst-estimate beat or miss. Operationally, the quarter showed a sequential improvement in net revenue and a narrower loss, but year-over-year revenue declined, and the company moved from a near-break-even Q3 FY2025 loss to a materially larger Q3 FY2026 loss.
| Metric | Reported | Difference/Analysis |
| Net revenue | CAD 2.53 million | No consensus estimate disclosed; up 5% versus Q2 FY2026 but down 13.1% from CAD 2.91 million in Q3 FY2025 |
| Gross revenue/sales | CAD 3.16 million | No consensus estimate disclosed; down 5.4% sequentially and 16.2% year over year |
| Net income (loss) | CAD (502,207) | No consensus estimate disclosed; loss narrowed 22% sequentially but widened sharply from a CAD (11,869) loss a year earlier |
| EPS | Approximately CAD (0.01) | No quarterly consensus or separately stated quarterly EPS was located; nine-month basic and diluted EPS were CAD (0.01) |
| Gross margin | 35.10% | Down from 38.0% in both Q2 FY2026 and Q3 FY2025 |
| Adjusted EBITDA | CAD (179,690), nine months | No quarterly adjusted EBITDA or consensus provided |
Year-over-year percentage changes are calculated from the reported values; no analyst consensus was available in the review (sources: marketscreener)
What Leadership Is Saying
The September 3 release was issued on behalf of Emma Andrews, CEO, but it did not contain attributed, verbatim management commentary from either the CEO or a CFO. To preserve factual accuracy, the following are direct company statements describing management’s stated strategy rather than fabricated executive quotes.
“Nextleaf enters the fourth quarter (July to September 2026) focused on continued implementation of the Company’s FY2026 Strategic Objectives.”
“Key initiatives include: Portfolio Expansion: National launch of Yard Cannabis pre-rolls… Product Innovation: First-to-market in Canada with THC-V softgels under Glacial Gold… National Trade Marketing Programs… [and] Brand Evolution.”
Historical Performance
| Category | Q3 FY2026 | Q3 FY2025 | Change (%) |
| Gross revenue/sales | CAD 3.16 million | CAD 3.77 million | -16.20% |
| Net revenue | CAD 2.53 million | CAD 2.91 million | -13.10% |
| Net income (loss) | CAD (502,207) | CAD (11,869) | Loss increased by approximately 4,131% |
| Gross margin | 35.10% | Approximately 38.0% | -2.9 percentage points |
The central year-over-year weakness was the combination of lower revenue and a shift from a nearly break-even loss to a CAD 502,207 quarterly loss. Still, the comparison should be balanced against the quarter-over-quarter trend: excise taxes declined materially, and the net loss improved from CAD 646,000 in Q2 FY2026.
How the Market Reacted?
The earnings release itself did not report a same-day or after-hours stock reaction. However, the most recent available CSE market page showed OILS at CAD 0.040, up 14.29%, as of the September 8, 2026 market display; another market-data page listed OILS at CAD 0.035, indicating very low-priced and potentially volatile trading conditions.
Fundamentally, the report reads as mixed. Investors received evidence of sequential progress—5% revenue growth, 32% lower excise taxes, and a 22% narrower net loss—but the decline in year-over-year net revenue, gross-margin compression, and substantially wider annual loss remain significant constraints. The lack of quantitative Q4 guidance, cash-balance disclosure, and quarterly cash-flow information also limits visibility into the pace of the company’s path toward sustained profitability.
