Toronto, Ontario — March 3, 2026 — Leads & Copy — Red Light Holland Corp. (CSE: TRIP) (FSE: 4YX) (OTCQB: TRUFF) has released its financial and operational results for the three and nine months ended December 31, 2025 (“Q3 2026”). The Ontario-based organization is focused on a strategy within the legal psychedelic sector, centered on consensual data collection and research and development. The company also operates commercial activities across Europe and North America, including psilocybin truffle sales in the Netherlands’ legal market and mushroom home grow kits offered through business-to-business and direct-to-consumer channels. All figures are reported in Canadian dollars.
The company’s unaudited condensed interim consolidated financial statements and accompanying management’s discussion and analysis are available on the company’s website and its profile page on SEDAR+.
Key Financial Highlights for Q3 2026 vs Q3 2025:
The company had a total cash balance of $9.238M, down from $10.226M as of September 30, 2025.
Total net use of cash for the three months ended December 31, 2025, was $0.989M, up $1.493M compared to a total net cash increase of $0.504M in Q3 2025.
Revenue for the three months ended December 31, 2025, was $1.265M, up 8.3% from $1.168M in Q3 2025.
Gross Profit for the three months ended December 31, 2025, was $0.358M, down 13.7% from $0.415M in Q3 2025.
G&A expenses for the three months ended December 31, 2025, were $1.199M, down 15.8% from $1.423M in Q3 2025, primarily from decreases in consulting and management fees, and legal and other professional fees.
Adjusted EBITDA1 Loss for the three months ended December 31, 2025, was $0.711M, up 4.5% from $0.681M from Q3 2025.
Total Assets were $18.200M, down from $19.018M as of September 30, 2025.
The company invested excess cash in additional Bitcoin ETFs and parked excess funds in high-interest savings vehicles.
Use of cash in Q3 2026 relates to the Company’s purchase of new investments for $0.313M and incurrence of overheads from both the Netherlands’ and Canadian operations.
Todd Shapiro, CEO and Director of Red Light Holland, said that the financial performance in Q3 2026 reflects their commitment to sustainable growth, while maintaining disciplined cash management and operational responsibility. Shapiro added that the company was encouraged to see sales return to normalized levels following the downturn experienced in the prior quarter, as revenue was up $0.511M, or 67.7%, as compared to their second quarter. He also noted that they have elected to cease shiitake mushroom production operations at AEM, in partnership with their minority partners in New Brunswick, as part of their ongoing efforts to streamline the business and prioritize near-profitable or profitable operations.
Shapiro added that the company continues to actively evaluate strategic M&A opportunities from a position of strength, as the Company remains in a solid financial and operational position, supported by disciplined cash spending and reduced G&A expenses. He noted that emerging global opportunities in psilocybin research and regulatory advancement are becoming increasingly compelling, and that they are prioritizing targeted R&D initiatives that they believe can drive long-term value creation and position the Company for its next phase of responsible and impactful growth.
Key Updates:
Irvine Labs, Red Light Holland’s FDA-Compliant, DEA-Registered Partner, received a second larger shipment of 5kg of natural Psilocybin products in November 2025, following the initial shipment in July. The shipment will support expanded R&D activities, including further validation of proprietary dehydration and packaging processes designed to extend shelf life while maintaining product integrity. Shipment and customs delays, together with possible packaging-related factors, impacted product condition upon arrival, resulting in test results below internal quality benchmarks.
Red Light Holland and Irvine Labs continue to have discussions towards developing processes for the commercial manufacture of microdosing capsules derived from naturally occurring psilocybin truffles, aimed at emerging therapeutic markets, government-funded pilot programs, and clinical trials.
The company is collaborating with Arizona State University on the Psychedelic Genome Project led by Dr. Candace Lewis to better understand the genetic factors influencing psilocybin response.
The Company is reviewing its portfolio and evaluating the potential sale or suspension of certain operations in order to reallocate capital toward R&D initiatives in psilocybin distribution and drug development, and discovery.
SR Wholesale, the Company’s wholly-owned Netherlands subsidiary, continues to see steady growth and cash flow generation by focusing on sales of the Company’s farm grown psilocybin Truffles to over 125 retail stores with expansion of product lines and well-established distribution channels.
The company has expanded its partnership with Albertsons following entry into the U.S. retail market under the Safeway banner with Happy Caps Mushroom Home Grow Kits. Further discussions are continuing with Albertsons.
Health Canada-approved Functional Mushroom Gummies (NPN #80137179) launched and were available on Amazon but were removed during the period. Management is actively working toward having the product relisted and continues to explore alternative online sales channels.
The Functional mushroom gummies have also successfully passed six months of accelerated and regular stability lab tests conducted and accredited by Canadian Lab partner, CCrest Laboratories.
Programs were launched in London’s Real Canadian Superstore for the company’s Functional mushroom gummies, but RCSS did not expand the product into additional store locations during the period. The Company continues to pursue additional retail partnerships to support distribution, alongside our DTC channel.
Mini-Champ sales also rebounded significantly in Q3 2026 in the Netherlands due to an anticipated boom in sales from the holiday season.
Management is actively engaged in discussions and evaluations of potential M&A opportunities as part of a strategic pivot toward research-driven businesses and assets that can strengthen their R&D initiatives. There can be no assurance that these discussions will result in a completed transaction.
Sales of Happy Caps rebounded during Q3 2026, as anticipated, from sales recorded from the holiday season following increased Amazon and HappyCaps.ca sales plus the expanded partnership with Albertsons.
Sales at AEM New Brunswick remained stagnant in Q3 2026 due to continued challenges facing the overall fresh mushroom industry. In December 2025, the Company and its farming minority partners decided to suspend the Shiitake mushroom production and sales at the AEM Farm. The Company and its minority partners have now agreed to start selling off assets to generate cash to help pay off creditor debt. The AEM board has also initiated the process to find a realtor with the aim of listing the commercial property for sale in New Brunswick in the near future.
The Company remains in advanced discussions with a group that has formally confirmed its interest to purchase 100 percent of the rights to the farmland, plans, and permits, for AEM Ontario (Peterborough) for an estimated price of $2.5m to $2.6m. However, no definitive agreement has been entered into, and any potential transaction would be subject to due diligence, negotiation of definitive documentation and customary closing conditions. There can be no assurance that any transaction will be completed on terms currently contemplated or at all.
Management continues to evaluate strategic opportunities within a disciplined capital allocation framework. The Company’s cash and asset position provides flexibility as it considers these options. The Company receives inquiries from third parties regarding potential growth capital or operational support arrangements.
Red Light Holland is focused on consensual data collection and R&D initiatives designed to expand naturally occurring drug development, understanding of psilocybin use and consumer experiences. In parallel, the Company operates commercial activities across Europe and North America, including psilocybin truffle sales in the Netherlands’ legal market and mushroom home grow kits offered through B2B and DTC channels, in compliance with applicable laws.
Source: Red Light Holland
