Goodfood Market Corp.

For Q2 2026, Goodfood reported net sales of $22.5 million and active customers of 59,000, both down year over year. Gross profit was $7 million, gross margin was 30.6%, and adjusted EBITDA was negative $1 million. Management said the year-over-year decline was driven by a temporary license-related disruption, lower order frequency, and an intentional reduction in marketing and coupon intensity. Looking ahead, the company did not provide specific numeric guidance, but said it is aligning costs to current demand, focusing on margin stabilization, disciplined capital deployment, and preserving liquidity while evaluating financial alternatives for its $44 million of convertible debt.

Selim Bassoul framed the quarter as an operational reset rather than a cosmetic update, saying the mandate is to stabilize the business, protect cash, and rebuild discipline. He highlighted that he and Najib Maalouf voluntarily forwent base salaries for fiscal 2026 and said the company is focused on execution, cost structure, and product relevance rather than relying on outside improvements. He also noted that the $44 million of convertible debt and related interest burden are constraining the company, and management is reviewing financial alternatives to address it.

Vanessa Hadida said the quarter’s weaker results were largely the result of temporary and transitional pressures: the license disruption, higher shipping and labor costs, and reduced fixed-cost absorption from lower volume. She cited gross profit of $7 million, gross margin of 30.6%, and negative adjusted EBITDA of $1 million, while noting that Ontario orders were temporarily shipped from the more expensive Calgary facility and have now resumed from Montreal. She stressed that capex remains tightly controlled, cash management is disciplined, and the company is focused on better margins, controlled investments, and working capital discipline to improve cash generation and liquidity over time.

There were no analyst questions on the call, so there was no Q&A discussion of additional concerns. The most notable management commentary came from the prepared remarks, where leaders addressed the temporary license disruption, margin pressure from logistics and labor, and the company’s debt burden. Management repeatedly said the steps taken are deliberate and structural, and that they are not assuming a market recovery to fix performance.