GreenFirst Forest Products Inc.
Financial Statements (IFRS) · Amounts in CAD
Income Statement
Balance Sheet
Cash Flow
| Line Item | Q3 2025Sep 30, 2025 | Q2 2025Jun 30, 2025 | Q1 2025Mar 31, 2025 | Q4 2024Dec 31, 2024 | Q3 2024Sep 30, 2024 |
|---|---|---|---|---|---|
| Total Revenue | 27.5M | 84.5M | 66.1M | 63.8M | 85.8M |
| Operating Revenue | 70.2M | 84.5M | 71.8M | 69.9M | 70.8M |
| Cost Of Revenue | 75.6M | 80.1M | 62.1M | 68.5M | 69.8M |
| Gross Profit | -48.1M | 4.4M | 4.0M | -4.7M | 16.0M |
| Selling General And Administration | 3.0M | 4.6M | 2.6M | 2.8M | 3.5M |
| General And Administrative Expense | 3.0M | 4.6M | 2.6M | 2.8M | 3.5M |
| Other Operating Expenses | -124,000 | 409,000 | 26,000 | -2.1M | 423,000 |
| Operating Expense | 2.8M | 13.3M | 2.6M | 687,000 | 4.0M |
| Operating Income | -50.9M | -8.8M | 1.4M | -5.4M | 12.1M |
| EBIT | -50.9M | -9.0M | 1.5M | -21.6M | 14.9M |
| Interest Expense | 6.5M | 591,000 | 514,000 | 977,000 | 950,000 |
| Interest Expense Non Operating | 6.5M | 591,000 | 514,000 | 977,000 | 950,000 |
| Interest Income | 49,000 | 62,000 | 186,000 | 553,000 | 3.3M |
| Interest Income Non Operating | 49,000 | 62,000 | 186,000 | 553,000 | 3.3M |
| Net Interest Income | -6.5M | -797,000 | -440,000 | -1.1M | 1.9M |
| Other Income Expense | 75,000 | -- | -- | -16.1M | -- |
| Special Income Charges | 75,000 | 0.00 | 0.00 | -16.1M | 0.00 |
| Pretax Income | -57.4M | -9.6M | 971,000 | -22.6M | 14.0M |
| Tax Provision | 10,000 | -32,000 | 51,000 | 4.1M | -836,000 |
| Tax Effect Of Unusual Items | 11,250 | 0.00 | 0.00 | -2.4M | 0.00 |
| Net Income From Continuing And Discontinued Operation | -57.4M | -9.6M | 920,000 | -28.0M | 8.8M |
| Net Income From Continuing Operation Net Minority Interest | -57.4M | -9.6M | 920,000 | -26.6M | 14.8M |
| Net Income Including Noncontrolling Interests | -57.4M | -9.6M | 920,000 | -28.0M | 8.8M |
| Net Income Common Stockholders | -57.4M | -9.6M | 920,000 | -28.0M | 8.8M |
| Net Income | -57.4M | -9.6M | 920,000 | -28.0M | 8.8M |
| EBITDA | -47.1M | -5.4M | 5.1M | -16.9M | 19.2M |
| Normalized EBITDA | -47.2M | -5.4M | 5.1M | -781,000 | 19.2M |
| Reconciled Depreciation | 3.7M | 3.7M | 3.6M | 4.7M | 4.3M |
| Basic EPS | -2.54 | -0.42 | 0.04 | -- | 0.50 |
| Diluted EPS | -2.54 | -0.42 | 0.04 | -- | 0.48 |
| Basic Average Shares | 22.6M | 22.6M | 22.6M | -- | 17.8M |
| Diluted Average Shares | 22.6M | 22.6M | 23.4M | -- | 18.4M |
| Total Unusual Items | 75,000 | 0.00 | 0.00 | -16.1M | 0.00 |
| Total Unusual Items Excluding Goodwill | 75,000 | 0.00 | 0.00 | -16.1M | 0.00 |
| Tax Rate For Calcs | 0.15 | 0.00 | 0.05 | 0.15 | 0.15 |
| Normalized Income | -57.4M | -9.6M | 920,000 | -13.0M | 14.8M |
| Diluted NI Availto Com Stockholders | -57.4M | -9.6M | 920,000 | -28.0M | 8.8M |
| Excise Taxes | 42.7M | -- | 5.7M | 6.2M | -15.0M |
| Gain On Sale Of Ppe | 75,000 | 0.00 | 0.00 | -16.1M | 0.00 |
| Net Income Continuous Operations | -57.4M | -9.6M | 920,000 | -26.6M | 14.8M |
| Net Income Discontinuous Operations | 0.00 | 0.00 | 0.00 | -1.4M | -6.0M |
| Net Non Operating Interest Income Expense | -6.5M | -797,000 | -440,000 | -1.1M | 1.9M |
| Other Gand A | 2.1M | 2.8M | 1.9M | 1.8M | 1.8M |
| Other Taxes | -- | 8.3M | -- | -- | -- |
| Reconciled Cost Of Revenue | 75.6M | 80.1M | 62.1M | 68.5M | 69.8M |
| Salaries And Wages | 838,000 | 1.8M | 722,000 | 972,000 | 1.8M |
| Total Expenses | 78.4M | 93.4M | 64.7M | 69.2M | 73.7M |
| Total Operating Income As Reported | -50.9M | -8.8M | 1.4M | -5.4M | 12.1M |
| Total Other Finance Cost | 78,000 | 268,000 | 112,000 | 658,000 | 465,000 |
| Line Item | Q3 2025Sep 30, 2025 | Q2 2025Jun 30, 2025 | Q1 2025Mar 31, 2025 | Q4 2024Dec 31, 2024 | Q3 2024Sep 30, 2024 |
|---|---|---|---|---|---|
| Cash And Cash Equivalents | 3.5M | 4.4M | 2.5M | 27.8M | 407,000 |
| Cash Cash Equivalents And Short Term Investments | 3.5M | 4.4M | 2.5M | 27.8M | 407,000 |
| Accounts Receivable | 11.7M | 14.0M | 18.1M | 7.3M | 17.3M |
| Receivables | 19.6M | 19.8M | 29.2M | 16.2M | 17.3M |
| Inventory | 74.3M | 83.3M | 103.5M | 70.4M | 71.6M |
| Other Current Assets | 1.0M | 1.8M | 2.5M | 2.6M | 432,000 |
| Current Assets | 98.4M | 109.4M | 137.7M | 116.9M | 147.3M |
| Gross PPE | 96.9M | 92.2M | 90.7M | 130.2M | 93.1M |
| Accumulated Depreciation | -- | -- | -- | -42.6M | -- |
| Net PPE | 96.9M | 92.2M | 90.7M | 87.6M | 93.1M |
| Goodwill And Other Intangible Assets | 10.6M | 10.7M | 10.8M | 10.8M | 10.9M |
| Other Intangible Assets | 10.6M | 10.7M | 10.8M | 10.8M | 10.9M |
| Investments And Advances | 1.4M | 1.4M | 1.4M | 1.4M | 1.4M |
| Total Non Current Assets | 110.6M | 106.7M | 105.8M | 103.5M | 160.0M |
| Total Assets | 209.0M | 216.1M | 243.5M | 220.5M | 307.3M |
| Current Debt | 3.0M | 2.9M | 2.9M | 4.4M | 28.2M |
| Current Debt And Capital Lease Obligation | 4.5M | 4.3M | 2.9M | 5.7M | 28.2M |
| Accounts Payable | 32.0M | 27.1M | 39.9M | 34.5M | 29.3M |
| Payables | 32.0M | 27.1M | 39.9M | 34.5M | 29.3M |
| Payables And Accrued Expenses | 32.0M | 27.1M | 39.9M | 41.6M | 29.3M |
| Current Accrued Expenses | -- | -- | -- | 7.1M | -- |
| Current Deferred Revenue | -- | -- | -- | 1.2M | -- |
| Other Current Liabilities | 13.6M | 13.0M | 20.1M | 4.0M | 61.9M |
| Current Liabilities | 50.1M | 44.4M | 62.9M | 52.6M | 119.4M |
| Long Term Debt | 27.6M | 21.9M | 22.1M | 12.2M | 11.6M |
| Long Term Debt And Capital Lease Obligation | 32.7M | 26.5M | 26.9M | 17.4M | 12.8M |
| Long Term Capital Lease Obligation | 5.2M | 4.7M | 4.8M | 5.2M | 1.2M |
| Other Non Current Liabilities | 107,000 | 1.6M | 1.6M | 19,000 | 1.5M |
| Total Non Current Liabilities Net Minority Interest | 77.3M | 32.9M | 33.2M | 22.3M | 22.1M |
| Total Liabilities Net Minority Interest | 127.3M | 77.3M | 96.1M | 74.8M | 141.4M |
| Common Stock | 274.0M | 274.0M | 274.0M | 274.0M | 254.7M |
| Capital Stock | 274.0M | 274.0M | 274.0M | 274.0M | 254.7M |
| Retained Earnings | -196.0M | -138.6M | -129.0M | -129.9M | -101.7M |
| Gains Losses Not Affecting Retained Earnings | 3.7M | 3.4M | 2.4M | 1.6M | 12.8M |
| Other Equity Adjustments | 3.7M | 3.4M | 2.4M | 1.6M | 12.8M |
| Common Stock Equity | 81.7M | 138.8M | 147.4M | 145.6M | 165.9M |
| Stockholders Equity | 81.7M | 138.8M | 147.4M | 145.6M | 165.9M |
| Total Equity Gross Minority Interest | 81.7M | 138.8M | 147.4M | 145.6M | 165.9M |
| Total Capitalization | 109.2M | 160.6M | 169.5M | 157.8M | 177.5M |
| Net Tangible Assets | 71.1M | 128.1M | 136.6M | 134.8M | 155.0M |
| Tangible Book Value | 71.1M | 128.1M | 136.6M | 134.8M | 155.0M |
| Working Capital | 48.3M | 65.0M | 74.8M | 64.4M | 27.9M |
| Invested Capital | 112.2M | 163.6M | 172.4M | 162.2M | 205.7M |
| Total Debt | 37.2M | 30.9M | 29.8M | 23.0M | 41.0M |
| Net Debt | 27.1M | 20.4M | 22.5M | -- | 39.5M |
| Share Issued | 22.6M | 22.6M | 22.6M | 22.6M | 18.2M |
| Ordinary Shares Number | 22.6M | 22.6M | 22.6M | 22.6M | 18.2M |
| Assets Held For Sale Current | -- | -- | -- | -- | 57.5M |
| Capital Lease Obligations | 6.6M | 6.1M | 4.8M | 6.4M | 1.2M |
| Construction In Progress | -- | -- | -- | 3.2M | -- |
| Current Capital Lease Obligation | 1.5M | 1.4M | -- | 1.3M | -- |
| Current Deferred Liabilities | -- | -- | -- | 1.2M | -- |
| Defined Pension Benefit | 780,000 | 1.2M | 1.5M | 2.3M | 21.6M |
| Employee Benefits | 4.7M | 4.7M | 4.7M | 4.7M | 7.7M |
| Finished Goods | 29.5M | 28.2M | 33.9M | 26.9M | 23.1M |
| Interest Payable | -- | -- | -- | 30,000 | -- |
| Long Term Provisions | -- | -- | -- | 200,000 | -- |
| Machinery Furniture Equipment | -- | -- | -- | 94.4M | -- |
| Non Current Accounts Receivable | 867,000 | 1.1M | 1.4M | 1.4M | -- |
| Non Current Deferred Liabilities | -- | -- | -- | -- | -- |
| Non Current Deferred Taxes Liabilities | -- | -- | -- | -- | -- |
| Non Current Pension And Other Postretirement Benefit Plans | 4.7M | 4.7M | 4.7M | 4.7M | 7.7M |
| Non Current Prepaid Assets | -- | -- | -- | 0.00 | 33.0M |
| Other Current Borrowings | 3.0M | 2.9M | 2.9M | 4.4M | 28.2M |
| Other Properties | 96.9M | 92.2M | 90.7M | 20.3M | 93.1M |
| Other Receivables | 6.5M | 4.2M | 5.1M | 6.5M | -- |
| Properties | -- | -- | -- | 12.2M | -- |
| Raw Materials | 25.8M | 32.7M | 49.7M | 26.9M | 34.1M |
| Receivables Adjustments Allowances | -158,000 | -158,000 | -158,000 | -158,000 | -- |
| Taxes Receivable | 1.6M | 1.8M | 6.2M | 2.5M | -- |
| Tradeand Other Payables Non Current | 39.7M | -- | -- | -- | -- |
| Work In Process | 19.0M | 22.4M | 19.9M | 16.6M | 14.4M |
| Line Item | Q3 2025Sep 30, 2025 | Q2 2025Jun 30, 2025 | Q1 2025Mar 31, 2025 | Q4 2024Dec 31, 2024 | Q3 2024Sep 30, 2024 |
|---|---|---|---|---|---|
| Operating Cash Flow | 1.1M | 7.6M | -29.7M | 2.4M | -736,000 |
| Cash Flow From Continuing Operating Activities | 1.1M | 7.6M | -29.7M | 2.4M | -736,000 |
| Depreciation And Amortization | 3.7M | 3.7M | 3.6M | 4.7M | 4.3M |
| Depreciation Amortization Depletion | 3.7M | 3.7M | 3.6M | 4.7M | 4.3M |
| Stock Based Compensation | 223,000 | 200,000 | 998,000 | 40,000 | 320,000 |
| Deferred Tax | 10,000 | -32,000 | 51,000 | 3.7M | -2.2M |
| Deferred Income Tax | 10,000 | -32,000 | 51,000 | 3.7M | -2.2M |
| Change In Working Capital | 6.7M | 12.1M | -35.5M | 11.8M | 8.8M |
| Change In Receivables | 243,000 | 9.4M | -13.0M | 1.1M | 1.1M |
| Change In Inventory | 853,000 | 19.8M | -33.1M | 8.5M | 233,000 |
| Change In Payables And Accrued Expense | 5.6M | -17.0M | 10.6M | 2.1M | 7.5M |
| Change In Payable | 5.6M | -17.0M | -- | 2.1M | 7.5M |
| Other Non Cash Items | 40.3M | 797,000 | 418,000 | 1.3M | -21.2M |
| Capital Expenditure | -7.4M | -5.0M | -6.5M | -2.5M | -3.3M |
| Purchase Of PPE | -7.4M | -5.0M | -6.5M | -2.5M | -3.3M |
| Net PPE Purchase And Sale | -7.4M | -5.0M | -6.5M | -2.5M | -3.3M |
| Investing Cash Flow | -7.3M | -5.0M | -6.5M | 25.0M | -3.3M |
| Cash Flow From Continuing Investing Activities | -7.3M | -5.0M | -6.5M | 22.3M | -3.3M |
| Issuance Of Debt | 6.5M | 500,000 | 12.0M | -12.7M | 15.0M |
| Repayment Of Debt | -1.2M | -1.2M | -1.1M | -14.6M | -5.1M |
| Net Issuance Payments Of Debt | 5.3M | -704,000 | 10.9M | -27.3M | 9.9M |
| Financing Cash Flow | 5.3M | -704,000 | 10.9M | -10.7M | 9.9M |
| Cash Flow From Continuing Financing Activities | 5.3M | -704,000 | 10.9M | -10.7M | 9.9M |
| Changes In Cash | -885,000 | 1.9M | -25.3M | 16.7M | 5.8M |
| Beginning Cash Position | 4.4M | 2.5M | 27.8M | 11.0M | 5.2M |
| End Cash Position | 3.5M | 4.4M | 2.5M | 27.8M | 11.0M |
| Free Cash Flow | -6.2M | 2.6M | -36.2M | -162,000 | -4.1M |
| Income Tax Paid Supplemental Data | -- | -- | -- | -- | 0.00 |
| Interest Paid Supplemental Data | -- | -- | -- | -- | 848,000 |
| Asset Impairment Charge | 8.2M | 431,000 | -- | -4.7M | 1.5M |
| Cash From Discontinued Investing Activities | -- | -- | -- | 2.7M | 0.00 |
| Change In Account Payable | 5.6M | -17.0M | -- | 2.1M | 7.5M |
| Interest Paid Cfo | -420,000 | -409,000 | -260,000 | 51,000 | -848,000 |
| Long Term Debt Issuance | 6.5M | 500,000 | 12.0M | -12.7M | 15.0M |
| Long Term Debt Payments | -1.2M | -1.2M | -1.1M | -14.6M | -5.1M |
| Net Foreign Currency Exchange Gain Loss | -124,000 | 390,000 | 28,000 | -2.5M | 540,000 |
| Net Income From Continuing Operations | -57.4M | -9.6M | 920,000 | -28.0M | 8.8M |
| Net Long Term Debt Issuance | 5.3M | -704,000 | 10.9M | -27.3M | 9.9M |
| Net Other Investing Changes | 75,000 | -- | -- | -- | -- |
| Operating Gains Losses | -199,000 | 390,000 | 28,000 | 13.6M | -284,000 |
| Pension And Employee Benefit Expense | 0.00 | -- | -- | 0.00 | -824,000 |
| Taxes Refund Paid | -- | -- | -- | 0.00 | 0.00 |
| Unrealized Gain Loss On Investment Securities | -- | -- | -- | 0.00 | 0.00 |