---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-23-021267"
form_type: "8-K"
ticker: "TSNDF"
cik: "0001778129"
company_name: "TerrAscend Corp."
filed_at: "2023-05-11T23:59:59+00:00"
generated_at: "2026-06-15T04:28:50.742766+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# TerrAscend Q1 revenue $69.4M (+42.8% YoY), gross margin 48.8%, positive FCF $5.9M

## Summary
- Net revenue $69.4M, up 42.8% YoY; gross margin 48.8%, up 420 bps sequentially.
- GAAP net loss from continuing ops $19.2M vs $2.0M in Q4 2022 due to prior impairment reversal.
- Adjusted EBITDA $12.2M (17.6% margin), flat sequentially, up from $4.9M in Q1 2022.
- Positive free cash flow $5.9M, first since Q1 2021; cash $32.9M, up from $26.2M.
- Closed AMMD dispensary acquisition in Maryland for $9.6M cash; applied for TSX listing.

## SEC filing metadata
- accession: 0000950170-23-021267
- form_type: 8-K
- ticker: TSNDF
- cik: 0001778129
- company_name: TerrAscend Corp.
- filed_at: 2023-05-11T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1778129/000095017023021267/0000950170-23-021267-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1778129/000095017023021267/trssf-20230511.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-23-021267
- JSON: https://secwatch.observer/filing/0000950170-23-021267.json
- Plain text: https://secwatch.observer/filing/0000950170-23-021267.txt

## Key facts
- Earnings Releases
  TerrAscend Corp. reported the first quarter ended March 31, 2023 results: revenue $69.4 million, net income $19.2 million.
  - Period: the first quarter ended March 31, 2023
  - Revenue: $69.4 million
  - Net income: $19.2 million
  - Result: reported results
  source text: First Quarter 2023 Financial Highlights ● Net Revenue was $69.4 million, an increase of 0.6% sequentially and 42.8% year-over-year. ● Gross Profit Margin was 48.8%, compared to 44.6% in Q4 2022 and 32.1% in Q1 2022. ● Adjusted Gross Profit Margin 1 was 49.0%, compared to 45.3% in Q4 2022 and 40.3% in Q1 2022. ● GAAP Net loss from continuing operations was $19.2 million, compared to $2.0 million in Q4 2022 and $13.8 million in Q1 2022. ● EBITDA from continuing operations 1 was $6.1 million, compared to $30.0 million in Q4 2022 and $1.1 million in Q1 2022. ● Adjusted EBITDA from continuing operations 1 was $12.2 million, compared to $12.2 million in Q4 2022 and $4.9 million in Q1 2022. ● Adjusted EBITDA Margin from continuing operations 1 was 17.6%, compared to 17.7% in Q4 2022 and 10.1% in Q1 2022. ● Cashflow provided by (used in) continuing operations was $8.4 million compared to $7.3 million in Q4 2022 and ($18.8) million in Q1 2022. ● Free cash flow was a positive $5.9 million compar
  evidence_url: https://www.sec.gov/Archives/edgar/data/1778129/000095017023021267/0000950170-23-021267-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.