Time to sell the warrants of you have them. The hearing for adult-use rescheduling won’t even start before the expiration. I’m still holding the stock.
From the earnings call:
Segment notes: Wholesale biomass was the largest piece (~59% of revenue). Retail performed relatively well (stable revenue, improving margins), outperforming broader California trends.
Guidance excludes potential upside from hemp, interstate commerce, international exports, or the California retail JV.
Results:
LONG BEACH, Calif. and TORONTO, May 13, 2026 (GLOBE NEWSWIRE) — Glass House Brands Inc. (“Glass House” or the “Company”) (CBOE CA: GLAS.A.U) (CBOE CA: GLAS.WT.U) (OTCQX: GLASF) (OTCQX: GHBWF), one of the fastest-growing, vertically integrated cannabis companies in the U.S., today reported financial results for the first quarter ended March 31, 2026.
First Quarter 2026 Highlights
(Unaudited results, unless otherwise stated, all results and dollar references are in U.S. dollars)
Management Commentary
“The recent rescheduling of medical cannabis represents a landmark event within our industry,” said Kyle Kazan, Co-Founder, Chairman and CEO of Glass House. “The implications for Glass House are vast, including potential 280E tax relief and opening up interstate commerce or export to Europe, which would meaningfully increase our addressable market size and unlock greater profit and cash flow generation driven by more favorable pricing dynamics.”
“Preparing for rescheduling has been a top priority for us this year and we have already made significant progress. We accelerated and completed the build-out of Greenhouse 2, and expect that this added capacity will contribute to sales in the second half of 2026. More recently, we registered with the DEA, permitting us to immediately operate medical operations under a Schedule III designation.”
“Our quarterly results were in-line with previously announced preliminary results, reflecting a build-up of cultivation scale and transitory inflated cost of production. We have, and will continue to, make changes to ensure our future performance returns to the standards that we demand of ourselves.”
“Importantly, we remain confident in our outlook for 2026 and have reiterated our guidance to produce approximately one million pounds of cannabis biomass this year, a record number for the Company, and anticipate an average selling price in the mid $180 per pound range. We expect quarterly cost of production to decline as the year progresses and believe our $95 cost of production target remains achievable on a quarterly basis within the second half of this year. We also continue to anticipate strong revenue growth in 2026, with revenue increasing progressively during the course of the year.”
“Longer term, we retain the competitive advantages that have defined us, such as never having to pay the exorbitant energy bills of indoor peers nor having to rely on third-party water supply. It is these and other benefits of our operating model that have sustained us despite challenging California cannabis market conditions. The advantages will further separate the Company from our peers as we enter new markets and expand into new product categories with hemp.”
First Quarter 2026 Operational Highlights and Subsequent Events
Q1 2026 Financial Results Discussion
Revenues for first quarter 2025 were $40.5 million, ahead of guidance of $39 million and compared to $38.9 million in fourth quarter 2025 and $44.8 million in first quarter 2025. The decline is attributed to reduced wholesale prices and lower production volume.
The wholesale biomass segment revenue was $24.0 million, accounting for 59% of total revenue. Biomass production reached 151,531 pounds during Q1 2026, ahead of guidance of 138,000 pounds and compared to 152,568 in the prior year period.
First quarter 2025 retail segment revenue was $11.9 million, compared to $11.8 million the first quarter of last year and $11.9 million in fourth quarter 2025. Retail gross margin was 50% in the first quarter, compared to 47% in the fourth quarter.
Wholesale CPG segment revenues were $4.6 million, representing a 7% sequential increase and (2)% year-over-year decrease.
Consolidated gross profit for the first quarter was $10.0 million, compared to $20.1 million for Q1 last year and $13.2 million in fourth quarter 2025. Gross margin was 25%, compared to guidance of 29%, 45% in the prior year period and 34% in the fourth quarter of 2025. The declines stem from the lower average selling prices and higher production costs in the wholesale business.
Average selling price was $171 per pound, versus guidance of $167 and compared to $193 in the first quarter of 2025 as we are still operating amidst challenged California pricing conditions.
General and administrative expenses were $17.0 million for the first quarter of 2026, compared to $15.1 million last year and down 8% from $18.5 million in the fourth quarter.
Sales and marketing expenses were $0.5 million, compared to $0.7 million during the same period last year and $0.5 million in the prior quarter.
Professional fees were $2.9 million in Q1, compared to $2.9 million in Q4 2025 and $1.7 million in Q1 2025.
Depreciation and amortization in Q1 2026 were $4.0 million, compared to $4.0 million in Q4 2025 and $3.8 million in Q1 2025.
Adjusted EBITDA was negative $(4.2) million in Q1 2026, compared to positive $4.4 million in the first quarter 2025 and negative $(3.3) million in Q4 2025.
Operating cash flow was negative $(11.8) million, compared to positive $2.5 million in the year-ago period and negative $(3.7) million in Q4 2025.
As of March 31, 2026, the Company had $27.9 million of cash and restricted cash, compared to $23.4 million at the start of the first quarter. The Company spent $3.5 million in capex in the first quarter, which was mostly for Phase III expansion at Camarillo. The Company also paid $2.9 million in preferred stock dividend payments.
Warrant Redemption Notice
Subsequent to quarter end, the Company delivered a notice of redemption, dated April 28, 2026, with respect to the warrants (the “Warrants”) outstanding under the warrant agency agreement, dated May 13, 2019, between the Company and Odyssey Trust Company, as amended (the “Warrant Agency Agreement”).
There are currently 30,664,500 Warrants outstanding, each exercisable for one equity share (each, a “Share”) of the Company at an exercise price of US$11.50 per Share. The outstanding Warrants will be redeemed on May 28, 2026 in accordance with Section 3.4 (1) of the Warrant Agency Agreement at a redemption price of .011826 Shares per Warrant (the “Redemption Shares”). If the Company had not taken any action, the outstanding Warrants would have expired on June 29, 2026.
For further information, please refer to the Company’s news release dated April 28, 2026.
At-The-Market Program
The Company has entered into an equity distribution agreement (the “Equity Distribution Agreement”) with ATB Cormark Capital Markets, pursuant to which, the Company may from time to time sell up to US$50 million of its subordinate voting shares, restricted voting shares and limited voting shares (collectively, the “Equity Shares”) in an at-the-market distribution program (the “ATM Program”). The Company currently intends to use net proceeds of the ATM Program, if any, for cultivation expansion and/or general corporate purposes as well as potential acquisitions that may be identified in the future. The Company views its ATM programs as long term sources of potential capital to be accessed on an opportunistic basis, rather than servicing an immediate need.
Launch of the ATM Program is subject to the approval of CBOE Canada, the delivery of customary closing deliverables and the filing of a prospectus supplement to the Company’s base shelf prospectus dated May 16, 2024.
Since the Equity Shares will be distributed at trading prices prevailing at the time of the sale, prices may vary between purchasers and during the period of distribution. The volume and timing of sales, if any, will be determined at the sole discretion of the Company’s management and in accordance with the terms of the Equity Distribution Agreement.
Sales of Equity Shares, if any, under the ATM Program are anticipated to be made in transactions that are deemed to be “at-the-market distributions” as defined in National Instrument 44-102 Shelf Distributions, as sales made directly on CBOE Canada or any other recognized Canadian “marketplace” within the meaning of National Instrument 21-101 Marketplace Operation.
Financial results and analyses will be available on the Company’s website on the ‘Investors’ and ‘News & Events’ drop-down menus (www.glasshousebrands.com) and SEDAR+ (www.sedarplus.ca).
Unaudited results, unless otherwise stated, all results are in U.S. dollars.
| Net Income / Loss | |||||||||||
| (in thousands) | Q1 2025 | Q4 2025 | Q1 2026 | ||||||||
| Revenues, Net | $ | 44,818 | $ | 38,855 | $ | 40,515 | |||||
| Cost of Goods Sold | 24,753 | 25,649 | 30,499 | ||||||||
| Gross Profit | 20,065 | 13,206 | 10,016 | ||||||||
| % of Net Revenue | 45 | % | 34 | % | 25 | % | |||||
| Operating Expenses: | |||||||||||
| General and Administrative | 15,083 | 18,474 | 16,950 | ||||||||
| Sales and Marketing | 687 | 476 | 529 | ||||||||
| Professional Fees | 1,668 | 2,912 | 2,865 | ||||||||
| Depreciation and Amortization | 3,837 | 4,028 | 4,022 | ||||||||
| Impairment | 1,900 | — | — | ||||||||
| Total Operating Expenses | 23,175 | 25,890 | 24,366 | ||||||||
| Loss from Operations | (3,110 | ) | (12,684 | ) | (14,350 | ) | |||||
| Interest Expense | 2,276 | 1,044 | 1,295 | ||||||||
| (Gain) Loss on Change in Fair Value of Contingent Liabilities and Shares Payable | (95 | ) | — | — | |||||||
| Other (Income) Expense, Net | 1,789 | (1,194 | ) | (1,697 | ) | ||||||
| Total Other (Income) Expense, Net | 3,970 | (150 | ) | (402 | ) | ||||||
| Income Taxes | 2,928 | 2,966 | 3,058 | ||||||||
| Net Loss | $ | (10,008 | ) | $ | (15,500 | ) | $ | (17,006 | ) | ||
| Adjusted EBITDA | |||||||||||
| (in thousands) | Q1 2025 | Q4 2025 | Q1 2026 | ||||||||
| Net Loss (GAAP) | $ | (10,008 | ) | $ | (15,500 | ) | $ | (17,006 | ) | ||
| Depreciation and Amortization | 3,837 | 4,028 | 4,022 | ||||||||
| Interest, Net | 1,988 | 1,044 | 1,295 | ||||||||
| Income Tax Expense | 2,928 | 2,966 | 3,058 | ||||||||
| EBITDA (Non-GAAP) | (1,255 | ) | (7,462 | ) | (8,631 | ) | |||||
| Adjustments: | |||||||||||
| Share-Based Compensation | 2,105 | 4,274 | 4,523 | ||||||||
| Stock Appreciation Rights Expense | (37 | ) | (22 | ) | (5 | ) | |||||
| (Gain) Loss on Equity Method Investments | (40 | ) | — | — | |||||||
| Change in Fair Value of Derivative Asset and Liability | 1,733 | (27 | ) | (409 | ) | ||||||
| Impairment Expense for Intangible Assets | 1,900 | — | — | ||||||||
| Change in Fair Value of Contingent Liabilities and Shares Payable | (95 | ) | — | — | |||||||
| Loss on Extinguishment of Debt | 292 | — | — | ||||||||
| Employee Retention Tax Credits | (210 | ) | (2,365 | ) | — | ||||||
| Non-Recurring Asset Casualty Loss | — | 939 | — | ||||||||
| Non-Recurring Legal and Professional Fees | — | 1,357 | 349 | ||||||||
| Adjusted EBITDA (Non-GAAP) | $ | 4,393 | $ | (3,306 | ) | $ | (4,173 | ) | |||
| Select Cash Flow Information | |||||||||||
| (in thousands) | Q1 2025 | Q4 2025 | Q1 2026 | ||||||||
| Net Loss | $ | (10,008 | ) | $ | (15,500 | ) | $ | (17,006 | ) | ||
| Depreciation and Amortization | 3,837 | 4,028 | 4,022 | ||||||||
| Share-Based Compensation | 2,105 | 4,274 | 4,523 | ||||||||
| Impairment Expense for Intangibles | 1,900 | — | — | ||||||||
| (Gain) Loss on Change in Fair Value of Contingent Liabilities and Shares Payable | (95 | ) | — | — | |||||||
| Other | 2,573 | 1,963 | (1,911 | ) | |||||||
| Cash From Net Loss | 312 | (5,235 | ) | (10,372 | ) | ||||||
| Accounts Receivable | (1,424 | ) | 410 | (2,096 | ) | ||||||
| Income Taxes Receivable | — | 1,081 | 25 | ||||||||
| Prepaid Expenses and Other Current Assets | 1,086 | (412 | ) | 1,455 | |||||||
| Inventory | (1,430 | ) | (6,851 | ) | (5,310 | ) | |||||
| Other Assets | 2,062 | 134 | (14 | ) | |||||||
| Accounts Payable and Accrued Liabilities | (587 | ) | 7,918 | 1,855 | |||||||
| Income Taxes Payable | 27 | (2,408 | ) | — | |||||||
| Other | 2,425 | 1,662 | 2,702 | ||||||||
| Working Capital Impact | 2,159 | 1,534 | (1,383 | ) | |||||||
| Operating Activities Cash Flow | 2,471 | (3,701 | ) | (11,755 | ) | ||||||
| Purchases of Property and Equipment | (6,695 | ) | (2,400 | ) | (3,546 | ) | |||||
| Other | — | 222 | 800 | ||||||||
| Investing Activities Cash Flow | (6,695 | ) | (2,178 | ) | (2,746 | ) | |||||
| Proceeds from the Issuance of At-the-Money Shares | — | 2,182 | 22,302 | ||||||||
| Proceeds from the Issuance of Notes Payable and Preferred Shares, Net of Redemption of Preferred Shares | 49,140 | — | (250 | ) | |||||||
| Payments on Notes Payable, Third Parties and Related Parties | (42,068 | ) | (238 | ) | (10 | ) | |||||
| Distributions to Preferred Shareholders | (1,938 | ) | (2,493 | ) | (2,888 | ) | |||||
| Other | (218 | ) | 7 | (76 | ) | ||||||
| Financing Activities Cash Flow | 4,916 | (542 | ) | 19,078 | |||||||
| Net Increase (Decrease) in Cash, Restricted Cash and Cash Equivalents | 692 | (6,421 | ) | 4,577 | |||||||
| Cash, Restricted Cash and Cash Equivalents, Beginning of Period | 36,923 | 29,771 | 23,350 | ||||||||
| Cash, Restricted Cash and Cash Equivalents, End of Period | $ | 37,615 | $ | 23,350 | $ | 27,927 | |||||
| Select Balance Sheet Information | ||||||||
| (in thousands) | Q1 2025 | Q4 2025 | Q1 2026 | |||||
| Cash and Restricted Cash | $ | 34,615 | $ | 19,850 | $ | 24,427 | ||
| Accounts Receivable, Net | 6,712 | 4,417 | 6,441 | |||||
| Income Taxes Receivable | 1,929 | 791 | 766 | |||||
| Prepaid Expenses and Other Current Assets | 9,608 | 15,664 | 11,181 | |||||
| Inventory | 15,682 | 26,227 | 31,537 | |||||
| Notes Receivable | — | 800 | — | |||||
| Total Current Assets | 68,546 | 67,749 | 74,352 | |||||
| Operating and Finance Lease Right-of-Use Assets, Net | 10,188 | 5,911 | 5,961 | |||||
| Long Term Investments | 2,381 | — | — | |||||
| Property, Plant and Equipment, Net | 212,789 | 228,760 | 229,479 | |||||
| Intangible Assets, Net | 12,120 | 11,577 | 11,626 | |||||
| Restricted Cash, Net of Current Portion | 3,000 | 3,500 | 3,500 | |||||
| Other Assets | 2,566 | 1,060 | 435 | |||||
| TOTAL ASSETS | $ | 311,590 | $ | 318,557 | $ | 325,353 | ||
| Accounts Payable and Accrued Liabilities | $ | 30,708 | $ | 35,970 | $ | 38,067 | ||
| Income Taxes Payable | 2,435 | — | — | |||||
| Shares Payable | 2,485 | — | — | |||||
| Current Portion of Operating and Finance Lease Liabilities | 2,344 | 1,952 | 2,102 | |||||
| Current Portion of Notes Payable | — | 37 | 38 | |||||
| Total Current Liabilities | 37,972 | 37,959 | 40,207 | |||||
| Operating and Finance Lease Liabilities, Net of Current Portion | 8,001 | 3,954 | 3,842 | |||||
| Other Non-Current Liabilities | 25,259 | 33,413 | 36,037 | |||||
| Notes Payable, Net of Current Portion | 65,797 | 68,629 | 67,819 | |||||
| TOTAL LIABILITIES | 137,029 | 143,955 | 147,905 | |||||
| Preferred Equity Series B, C, D and E | 89,002 | 92,500 | 92,500 | |||||
| Additional Paid-In Capital, Accumulated Deficit and Non-Controlling Interest | 85,559 | 82,102 | 84,948 | |||||
| TOTAL MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY | 174,561 | 174,602 | 177,448 | |||||
| TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY | $ | 311,590 | $ | 318,557 | $ | 325,353 | ||
| Notes Payable and Preferred Equity | |||||||||||||
| (in thousands) | Q3 2025 | Q4 2025 | Q1 2026 | Comments | |||||||||
| Notes Payable | |||||||||||||
| Secured Credit Facility | $ | 50,000 | $ | 50,000 | $ | 50,000 | Maturity is 2/28/30 | ||||||
| 2025 Lompoc Term Loan | 2,997 | 2,990 | 2,980 | Maturity is 8/4/35 | |||||||||
| Greenhouse 2 Equipment Supplier Financing | — | — | 1,120 | ||||||||||
| Series A | 11,895 | 11,895 | 10,950 | 8% semi annual interest, cash or shares, higher of 10 day VWAP 5 trading days prior to pay date or $4.08, Maturity 4/15/27 | |||||||||
| Series B | 4,111 | 4,111 | 3,785 | 8% semi annual interest, cash or shares, lower of 10 day VWAP 5 trading days prior to pay date or $10.00, Maturity 4/15/27 | |||||||||
| Plus Convertible Debt | 16,006 | 16,006 | 14,735 | ||||||||||
| Other | (153 | ) | (330 | ) | (978 | ) | Mostly original issue discount | ||||||
| Notes Payable Total | $ | 68,850 | $ | 68,666 | $ | 67,857 | |||||||
| Preferred Equity | |||||||||||||
| Series D | 15,000 | 15,000 | 15,000 | Currently at 15% dividend with 15% cash payment until 8/24/28 when it increases to 20% dividend with 20% cash payment | |||||||||
| Series E | 77,500 | 77,500 | 77,500 | 12% dividend with 12% cash payment | |||||||||
| Preferred Equity Total | $ | 92,500 | $ | 92,500 | $ | 92,500 | |||||||
| Cash Payments | |||||||||||||
| Debt Amortization | $ | 597 | $ | 239 | $ | 10 | |||||||
| Cash Interest | 1,222 | 1,226 | (1,314 | ) | 8.58% interest rate on the Senior Secured Credit Facility, entered into on 2/28/25 and 8.5% interest rate on the 2025 Lompoc Term Loan, entered into on 8/4/25 | ||||||||
| Debt Service | 1,819 | 1,465 | (1,304 | ) | |||||||||
| Series D | 563 | 563 | 563 | 15% annual rate until 8/24/28 when it increases to 20% | |||||||||
| Series E | 1,898 | 2,358 | 2,325 | 12% annual rate | |||||||||
| Preferred Equity Dividends | 2,461 | 2,921 | 2,888 | ||||||||||
| Total Debt Service and Dividends | $ | 4,280 | $ | 4,386 | $ | 1,584 | |||||||
| Equity Table | |||||||||||
| (in thousands, except share price) | Q1 2026 | Q4 2025 | Change | Comments | |||||||
| Total Equity and Exchangeable Shares | 84,663 | 81,729 | 2,934 | Shares issued in connection with At-the-Market program and exercise of RSUs, ISOs, and warrants | |||||||
| Warrants | |||||||||||
| Series D | 2,770 | 2,770 | — | Exercise price of $6.00 with an expiration date of August 2028 | |||||||
| Series C | 1,000 | 1,000 | — | Exercise price of $5.00 with an expiration date of August 2027 | |||||||
| Series B | 8,407 | 8,787 | (380 | ) | Exercise price of $5.00 with an expiration date of August 2027 | ||||||
| SPAC | 30,665 | 30,665 | — | Exercise price of $11.50 with an expiration date of June 2026 | |||||||
| Total Warrants | 42,842 | 43,222 | (380 | ) | |||||||
| Stock Options | 22 | 179 | (157 | ) | Weighted average exercise price of $3.08 which expire in June 2026 | ||||||
| RSUs | 4,756 | 5,327 | (571 | ) | Up to 3-year vesting through 2028 | ||||||
| Total | 4,778 | 5,506 | (728 | ) | |||||||
| Share Price at Quarter End | $ | 8.15 | $ | 8.75 | $ | (0.60 | ) | ||||
| Convertible Debentures | |||||||||||
| Series A | $ | 10,950 | $ | 11,895 | $ | (945 | ) | 8% semi annual interest, cash or shares, higher of 10 day VWAP 5 trading days prior to pay date or $4.08, Maturity 4/15/27 | |||
| Series B | 3,785 | 4,111 | (326 | ) | 8% semi annual interest, cash or shares, lower of 10 day VWAP 5 trading days prior to pay date or $10.00, Maturity 4/15/27 | ||||||
| Total Convertible Debentures | $ | 14,735 | $ | 16,006 | $ | (1,271 | ) | ||||
| Number of Shares if Converted Assuming Share Price at Quarter End | 1,981 | 1,829 | 152 | ||||||||
| Revenue | |||||||||||||||||||||||||||||||||||
| (in thousands) | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | FY 2024 | FY 2025 | ||||||||||||||||||||||||||
| Retail (B2C) | $ | 11,214 | $ | 11,796 | $ | 11,788 | $ | 12,262 | $ | 12,255 | $ | 11,938 | $ | 11,905 | $ | 43,816 | $ | 48,243 | |||||||||||||||||
| Wholesale CPG (B2B) | 4,777 | 4,987 | 4,747 | 5,483 | 4,958 | 4,320 | 4,637 | 17,996 | 19,508 | ||||||||||||||||||||||||||
| Wholesale Biomass (B2B) | 47,830 | 36,256 | 28,283 | 42,122 | 21,231 | 22,597 | 23,973 | 139,086 | 114,233 | ||||||||||||||||||||||||||
| Total | $ | 63,821 | $ | 53,039 | $ | 44,818 | $ | 59,867 | $ | 38,444 | $ | 38,855 | $ | 40,515 | $ | 200,898 | $ | 181,984 | |||||||||||||||||
| Sequential % Change | |||||||||||||||||||||||||||||||||||
| Retail (B2C) | 3 | % | 5 | % | — | % | 4 | % | — | % | (3 | )% | — | % | |||||||||||||||||||||
| Wholesale CPG (B2B) | 20 | % | 4 | % | (5 | )% | 16 | % | (10 | )% | (13 | )% | 7 | % | |||||||||||||||||||||
| Wholesale Biomass (B2B) | 22 | % | (24 | )% | (22 | )% | 49 | % | (50 | )% | 6 | % | 6 | % | |||||||||||||||||||||
| Total | 18 | % | (17 | )% | (15 | )% | 34 | % | (36 | )% | 1 | % | 4 | % | |||||||||||||||||||||
| % Change to Prior Year | |||||||||||||||||||||||||||||||||||
| Retail (B2C) | 11 | % | 23 | % | 19 | % | 13 | % | 9 | % | 1 | % | 1 | % | 12 | % | 10 | % | |||||||||||||||||
| Wholesale CPG (B2B) | 11 | % | 22 | % | 12 | % | 38 | % | 4 | % | (13 | )% | (2 | )% | 12 | % | 8 | % | |||||||||||||||||
| Wholesale Biomass (B2B) | 41 | % | 36 | % | 78 | % | 8 | % | (56 | )% | (38 | )% | (15 | )% | 32 | % | (18 | )% | |||||||||||||||||
| Total | 32 | % | 31 | % | 49 | % | 11 | % | (40 | )% | (27 | )% | (10 | )% | 25 | % | (9 | )% | |||||||||||||||||
| Gross Profit | |||||||||||||||||||||||||||||||||||
| (in thousands) | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | FY 2024 | FY 2025 | ||||||||||||||||||||||||||
| Retail (B2C) | $ | 4,952 | $ | 5,396 | $ | 5,653 | $ | 5,861 | $ | 6,166 | $ | 5,621 | $ | 5,965 | $ | 20,763 | $ | 23,301 | |||||||||||||||||
| Wholesale CPG (B2B) | 1,398 | 1,168 | 1,221 | 1,949 | 1,477 | 818 | 1,449 | 4,517 | 5,465 | ||||||||||||||||||||||||||
| Wholesale Biomass (B2B) | 27,092 | 16,187 | 13,191 | 24,121 | 4,115 | 6,767 | 2,602 | 72,113 | 48,194 | ||||||||||||||||||||||||||
| Total | $ | 33,442 | $ | 22,751 | $ | 20,065 | $ | 31,931 | $ | 11,758 | $ | 13,206 | $ | 10,016 | $ | 97,393 | $ | 76,960 | |||||||||||||||||
| % of Revenue | |||||||||||||||||||||||||||||||||||
| Retail (B2C) | 44 | % | 46 | % | 48 | % | 48 | % | 50 | % | 47 | % | 50 | % | 47 | % | 48 | % | |||||||||||||||||
| Wholesale CPG (B2B) | 29 | % | 23 | % | 26 | % | 36 | % | 30 | % | 19 | % | 31 | % | 25 | % | 28 | % | |||||||||||||||||
| Wholesale Biomass (B2B) | 57 | % | 45 | % | 47 | % | 57 | % | 19 | % | 30 | % | 11 | % | 52 | % | 42 | % | |||||||||||||||||
| Total | 52 | % | 43 | % | 45 | % | 53 | % | 31 | % | 34 | % | 25 | % | 48 | % | 42 | % | |||||||||||||||||
| Wholesale Biomass Production and Cost per Pound | |||||||||||||||||||||||||||||||||||
| Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | FY 2024 | FY 2025 | |||||||||||||||||||||||||||
| Equivalent Dry Pounds of Production | 232,295 | 165,074 | 152,568 | 230,748 | 123,986 | 159,131 | 151,531 | 608,478 | 666,433 | ||||||||||||||||||||||||||
| % Change to Prior Year | 128 | % | 60 | % | 149 | % | 54 | % | (47 | )% | (4 | )% | (1 | )% | 71 | % | 10 | % | |||||||||||||||||
| Cost per Equivalent Dry Pounds of Production | $ | 103 | $ | 110 | $ | 108 | $ | 91 | $ | 128 | $ | 129 | $ | 175 | $ | 123 | $ | 111 | |||||||||||||||||
| % Change to Prior Year | (13 | )% | (9 | )% | (41 | )% | (39 | )% | 24 | % | 17 | % | 62 | % | (10 | )% | (10 | )% | |||||||||||||||||
| Ending Operational Canopy Licensed (000 sq. ft) | 1,525 | 1,525 | 1,525 | 1,525 | 1,525 | 1,708 | 1,708 | 1,525 | 1,708 | ||||||||||||||||||||||||||
| Wholesale Biomass Sold and Average Selling Price per Pound | |||||||||||||||||||||||||||||||||||
| Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | FY 2024 | FY 2025 | |||||||||||||||||||||||||||
| Equivalent Dry Pounds Sold | 209,175 | 164,660 | 146,555 | 204,015 | 137,026 | 154,972 | 140,421 | 568,133 | 642,568 | ||||||||||||||||||||||||||
| % Change to Prior Year | 108 | % | 68 | % | 160 | % | 48 | % | (34 | )% | (6 | )% | (4 | )% | 68 | % | 13 | % | |||||||||||||||||
| Equivalent Dry Pounds Sold Average Selling Price | $ | 229 | $ | 220 | $ | 193 | $ | 206 | $ | 155 | $ | 146 | $ | 171 | $ | 245 | $ | 177 | |||||||||||||||||
| % Change to Prior Year | (32 | )% | (19 | )% | (32 | )% | (27 | )% | (32 | )% | (34 | )% | (11 | )% | (21 | )% | (28 | )% | |||||||||||||||||
Equivalent Dry Pounds Average Selling Price excludes the impact of cultivation tax.
Conference Call
The Company will host a conference call to discuss the results today, May 13, 2026, at 5:00 p.m. Eastern Time.
Solid Q for TPL. As always, it trades down after earnings. Do NOT discount the AI data center potential here. It is huge
| Metric | Q1 2026 | Q1 2025 | YoY Change | Notes |
|---|---|---|---|---|
| Total Revenue | $236.8M | $196.0M | +$40.8M (+20.8%) | Record quarterly revenue |
| Net Income | $142.9M | $120.7M | +$22.2M (+18.4%) | Record quarterly net income |
| EPS (diluted) | $2.07 | — | Strong growth | — |
| Oil & Gas Royalty Revenue | — | — | +$6.9M | Driven by volume surge |
| Royalty Production | 37.1k Boe/d | 31.1k Boe/d | +6.0k Boe/d (+19.3%) | Strong operator activity |
| Water Sales | — | — | +$8.1M | Higher volumes + pricing |
| Produced Water Royalties | — | — | +$5.8M | Volume-driven |
| Land Sales | — | — | +$20.9M | One-time data center deal |
| Adjusted EBITDA | $181.4M | — | Strong | — |
| Free Cash Flow | $136.4M | — | Robust | — |
| Operating Expenses | $54.5M | $45.9M | +$8.6M (+18.7%) | Higher G&A + water costs |
Key YoY Positives:
Positive Catalysts:
Valuation / Risk Context:
Bottom Line: TPL delivered excellent ~19–21% YoY top- and bottom-line growth in Q1, driven by core royalty volume strength and a large one-time land win. The emerging data center + desalination narrative adds a secular growth layer on top of the traditional royalty business. Outlook remains constructive for continued upside if oil/gas activity stays healthy and new commercial agreements materialize.
The release:
DALLAS–(BUSINESS WIRE)– Texas Pacific Land Corporation (NYSE: TPL) (the “Company,” “TPL,” “we,” “our,” or “us”), one of the largest landowners in the State of Texas with surface and royalty ownership that provides revenue opportunities through the support of energy production, today announced its financial and operating results for the first quarter of 2026.
First Quarter 2026 Highlights
| (1) Total may not foot due to rounding. |
| (2) Reconciliations of non-GAAP performance measures are provided in the tables below. |
“For the first quarter of 2026, TPL’s core business performance remained strong, and we are closing in on significant milestones in our emerging opportunities in produced water desalination and land opportunities involving data centers and power generation,” said Tyler Glover, Chief Executive Officer of the Company. “TPL generated record quarterly revenue and net income this quarter, supported by robust volumes across oil and gas royalties, water sales, and produced water royalties. With our unhedged commodity position, we will fully capture the upside from elevated commodity prices. During the quarter, we completed a land sale related to a large-scale data center and power generation project. As part of that transaction, TPL secured a water supply agreement for the gas-powered generation and an option to provide additional water to the data center facility. The urgency amongst hyperscalers, AI labs, and developers to advance projects in West Texas has noticeably increased compared to a year ago, and our ongoing commercial conversations in this area are progressing well. In addition, our 10,000 barrel per day produced water desalination R&D test facility in Orla, Texas is nearing completion and is on track to receive its first inlet barrels in the coming weeks.”
Financial Results for the First Quarter of 2026 – Sequential
The Company reported net income of $142.9 million for the first quarter of 2026 compared to net income of $123.3 million for the fourth quarter of 2025.
Total revenues for the first quarter of 2026 were $236.8 million compared to $211.6 million for the fourth quarter of 2025. The increase in total revenues was primarily due to a $21.4 million increase in oil and gas royalty revenue and a $20.9 million increase in land sale revenue, partially offset by a $13.9 million decrease in water sales compared to the fourth quarter of 2025. The Company’s average realized price was $37.06 per Boe in the first quarter of 2026 compared to $29.33 per Boe in the fourth quarter of 2025, and the Company’s share of production was 37.1 thousand Boe per day for the first quarter of 2026 compared to 37.5 thousand Boe per day for the fourth quarter of 2025. Water sales decreased due to a decrease in both water sales volumes and pricing. TPL’s revenue streams are directly impacted by commodity prices and development and operating decisions made by its customers.
Total operating expenses were $54.5 million for the first quarter of 2026 compared to $62.3 million for the fourth quarter of 2025. The decrease in operating expenses was principally related to a $7.9 million decrease in depreciation, depletion and amortization expense and a $3.2 million decrease in water service-related expenses, partially offset by a $2.2 million increase in general and administrative expenses during the first quarter of 2026 compared to the fourth quarter of 2025.
Financial Results for the First Quarter of 2026 – Year Over Year
The Company reported net income of $142.9 million for the first quarter of 2026 compared to net income of $120.7 million for the first quarter of 2025.
Total revenues for the first quarter of 2026 were $236.8 million compared to $196.0 million for the first quarter of 2025. The increase in total revenues was primarily due to a $20.9 million increase in land sales, an $8.1 million increase in water sales, a $6.9 million increase in oil and gas royalty revenue, and a $5.8 million increase in produced water royalties during the first quarter of 2026 compared to the same period of 2025. The Company’s share of production was 37.1 thousand Boe per day for the first quarter of 2026 compared to 31.1 thousand Boe per day for the same period of 2025, and the Company’s average realized price was $37.06 per Boe for the first quarter of 2026 compared to $41.58 per Boe for the same period of 2025. Produced water royalties increased due to increased produced water volumes, and water sales increased due to both increased volumes and pricing. TPL’s revenue streams are directly impacted by commodity prices and development and operating decisions made by its customers.
Total operating expenses were $54.5 million for the first quarter of 2026 compared to $45.9 million for the same period of 2025. The increase in operating expenses was principally related to an increase of $3.2 million in water service-related expenses, an increase of $2.6 million in general and administrative expenses, and a $2.1 million increase in depreciation, depletion and amortization.
Quarterly Dividend Declared
On May 5, 2026, the Company’s Board of Directors declared a quarterly cash dividend of $0.60 per share, payable on June 15, 2026 to stockholders of record at the close of business on June 1, 2026.
Appointment of Director
On May 5, 2026, TPL’s Board appointed Peter Doyle to the Board. Mr. Doyle will stand for re-election at the 2026 Annual Meeting. Mr. Doyle was also appointed to serve on the strategic acquisitions committee of the Board. Mr. Doyle is a co-founder and the Co-Chief Executive Officer of Horizon Kinetics (OTCQX: HKHC).
2026 and 2027 Annual Meetings of Stockholders
The Company intends to hold its 2026 Annual Meeting of Stockholders on November 5, 2026 in Dallas, Texas. The Company also intends to hold its 2027 Annual Meeting of Stockholders on May 6, 2027. Additional details, including the deadlines for stockholder proposals, will be provided in the applicable proxy statements to be filed by the Company with the Securities and Exchange Commission (“SEC”) and in other filings the Company makes with the SEC.
Conference Call and Webcast Information
The Company will hold a conference call on Thursday, May 7, 2026 at 9:30 a.m. Central Time to discuss first quarter results. A live webcast of the conference call will be available on the Investors section o
NGS is up 81% in the past year since our purchase and I do think this small cap has plenty of room to run given it operates in the Permian and producers there are scrambling to pump everything they can.
The release:
Announces Increase in Dividend and Provides Updated 2026 Guidance
SOUTHLAKE, Texas, May 11, 2026 — Natural Gas Services Group, Inc. (“NGS” or the “Company”) (NYSE:NGS), a leading provider of natural gas compression equipment, technology, and services to the energy industry, today announced financial results for the three months ended March 31, 2026.
First Quarter 2026 Highlights
Rental revenue of $47.1 million for the first quarter of 2026 represents a 21.1% year-over-year increase and a 6.3% sequential increase compared to the fourth quarter of 2025.
Net income of $6.8 million, or $0.53 per diluted share, for the first quarter of 2026 compared to $4.9 million or $0.38 per diluted share for the first quarter of 2025 and $4.1 million, or $0.32 per diluted share for the fourth quarter of 2025.
Adjusted EBITDA of $24.3 million for the first quarter of 2026, represents a 25.8% year-over-year increase and a 14.6% increase sequentially.
Commencing with the dividend payable in the second quarter 2026, the Company is increasing its quarterly dividend from $0.11 to $0.15 per share, representing a 36% increase, in the second quarter 2026 reflecting confidence in the Company’s cash generation and long-term outlook.
Management Commentary and Outlook
“NGS delivered an exceptional start to 2026, highlighted by record quarterly rental revenue, adjusted gross margin, adjusted EBITDA, and horsepower utilization,” said Justin Jacobs, Chief Executive Officer. “These results reflect disciplined execution in field service and growing demand for large horsepower compression. The increase in our 2026 Adjusted EBITDA guidance and the material increase in the Company’s quarterly dividend underscore the strong start to the year as well as our favorable outlook for the balance of 2026.
“During the first quarter, we added approximately 17,000 horsepower to the fleet, all of which was large horsepower equipment and a majority of which was electric motor drive. These additions reinforce our continued focus on high-return, longer contract duration large horsepower applications, and we remain committed to deploying at least 50,000 horsepower during 2026.”
“Looking ahead, market fundamentals remain constructive. Recent customer commentary indicating improving oil production sentiment combined with midstream infrastructure build out to support increased natural gas production should drive material incremental demand for compression.”
“NGS remains well positioned to capture a disproportionate share of this growth given our advanced technology, the quality of our fleet, and the strength of our service team. We remain disciplined in our capital allocation framework as we continue to invest in organic fleet expansion, evaluate accretive M&A opportunities, and look to increase return of capital to shareholders. Our leverage at quarter end is the lowest of the public comparable set—we maintain great flexibility to invest in growth and drive value for our shareholders.”
Corporate Guidance — 2026 Outlook
The Company now expects 2026 Adjusted EBITDA of $92.5 million to $97.5 million, compared to prior guidance of $90.5 to $95.5 million. The updated guidance reflects strong first quarter performance, high utilization, and contracted fleet expansion balanced with expectations for inflationary pressures in the remainder of 2026.
|
|
Outlook |
|
FY 2026 Adjusted EBITDA |
$92.5 million – $97.5 million |
|
FY 2026 Growth Capital Expenditures |
$55.0 million – $70.0 million |
|
FY 2026 Maintenance Capital Expenditures |
$15.0 million – $18.0 million |
|
|
|
The outlook for capital expenditures remains unchanged from last quarter. Growth capital expenditures for 2026 are expected in the range of $55 million to $70 million, reflecting continued investment in large horsepower compression units supported by multi-year customer contracts. Maintenance capital expenditures for 2026 are expected in the range of $15 million to $18 million consistent with the size, age, and operating profile of the Company’s fleet.
Consistent with prior periods, the Company remains committed to disciplined capital allocation and investing in assets that generate attractive long-term returns for shareholders. The company’s balance sheet and liquidity position provide flexibility to fund organic fleet expansion, evaluate strategic and accretive M&A opportunities, and continue returning capital to shareholders.
2026 First Quarter Financial Results
Revenue: Total revenue for the three months ended March 31, 2026, increased 17.1% to $48.5 million from $41.4 million for the three months ended March 31, 2025. This increase was primarily attributable to higher rental revenues for the comparable periods. Rental revenue increased 6.3% to $47.1 million from $44.3 million in the fourth quarter of 2025 driven by contracted fleet expansion and continued pricing strength across the company’s fleet. As of March 31, 2026, we had 574,969 rented horsepower (1,243 utilized units) compared to 492,679 horsepower (1,202 utilized units) as of March 31, 2025, reflecting a 16.7% increase in total utilized horsepower.
Gross Margins and Adjusted Gross Margins: Total gross margins, including depreciation expense increased to $20.1 million for the three months ended March 31, 2026, compared to $15.7 million for the same period in 2025. Total adjusted gross margin, exclusive of depreciation expense, increased to $30.2 million for the three months ended March 31, 2026, compared to $24.3 million for the same period in 2025. For a reconciliation of Gross Margin, see Non-GAAP Financial Measures – Adjusted Gross Margin, below.
Operating Income: Operating income for the three months ended March 31, 2026, was $13.1 million compared to operating income of $9.5 million for the comparable 2025 period.
Net Income: Net income for the three months ended March 31, 2026, was $6.8 million, or $0.53 per diluted share, compared to net income of $4.9 million, or $0.38 per diluted share, for the comparable 2025 period and $4.1 million, or $0.32 per diluted share for the three months ended December 31, 2025. The year-over-year and sequential increases in net income were driven by the increases in rental revenue and the associated gross margin impact, partially offset by higher selling, general and administrative expenses, rental equipment depreciation and interest expense.
Cash Flows: For the three months ended March 31, 2026, cash flows provided by operating activities were $23.0 million, while cash flows used in investing activities were $15.2 million. This compares to cash flows from operating activities of $21.3 million and cash flows used in investing activities of $19.3 million for the comparable three-month period in 2025.
Adjusted EBITDA: Adjusted EBITDA increased 25.8% to $24.3 million for the three months ended March 31, 2026, from $19.3 million for the same period in 2025. The increase was primarily attributable to higher rental revenue and rental adjusted gross margin. Sequentially, Adjusted EBITDA increased 14.6% when compared to $21.2 million for the three months ended December 31, 2025.
Debt: Outstanding debt on our revolving credit facility as of December 31, 2025, was $226.0 million. Our leverage ratio as of March 31, 2026, was 2.33x and our fixed charge coverage ratio was 3.32x. The Company is in compliance with all terms, conditions and covenants of the credit agreement.
PRIM is on sale now after the quarterly miss. I have no concerns there is something bigger at play here as investment and backlog keep growing.
Results:
]]>Primoris Services Corporation (NYSE:PRIM) reported its first-quarter 2026 financial results on May 5, 2026, significantly missing analyst expectations on both the top and bottom lines. The disappointing results, driven primarily by weakness in the Energy segment, led to a sharp stock price decline of approximately 29% to 31% following the announcement.Q1 2026 Financial Highlights
- Revenue: $1.56 billion, a 5.4% decrease year-over-year, missing analyst estimates of $1.73 billion.
- Adjusted EPS: $0.59 per share, falling well short of the consensus estimate of $0.84 to $0.87.
- Net Income: Dropped to $17.4 million ($0.32 per diluted share) from $44.2 million ($0.81 per share) in the prior-year period.
- Adjusted EBITDA: $60.5 million, down nearly 40% from $99.4 million in Q1 2025.
- Gross Margin: Compressed to 8.6% from 10.4% last year.
Segment Performance
- Utilities Segment: Remained a bright spot, with revenue growing 12.3% to $632.9 million, driven by strong demand in power delivery and gas operations.
Strategic Developments & Outlook
- Major Acquisition: On May 1, 2026, Primoris completed the $399.5 million all-cash acquisition of PayneCrest Electric, Inc., aimed at expanding its capabilities in data center and industrial markets.
- Backlog: Total backlog remained healthy at $11.64 billion, providing some future visibility despite the quarterly miss.
- Full-Year 2026 Guidance: The company updated its full-year guidance to reflect the PayneCrest acquisition, now expecting adjusted EPS in the range of $4.80 to $5.00.
- Dividend: The board declared a quarterly cash dividend of $0.08 per share, payable on July 15, 2026.
The tailwinds for both KMI and WMB keep mounting and this is very good and will be for some time.
Results:
]]>Williams Companies Inc (NYSE:WMB) reported record first-quarter 2026 earnings on May 4, 2026, delivering a significant beat on adjusted earnings per share (EPS) despite missing revenue estimates.Q1 2026 Financial Highlights
- Adjusted EPS: $0.73, comfortably beating the analyst consensus estimate of $0.63.
- GAAP Net Income: $864 million ($0.70 per diluted share), a 25% increase from $691 million in Q1 2025.
- Adjusted EBITDA: A record $2.254 billion, up 13% year-over-year.
- Revenue: $3.03 billion, slightly missing expectations of roughly $3.2 billion to $3.3 billion.
- Dividend: The company continues to pay an annualized dividend of $2.10 per share ($0.525 per quarter), supported by a robust dividend coverage ratio of 2.76x.
Strategic Moves: Data Center Focus
Williams unveiled an ambitious expansion into the data center power market, highlighting its “Power Innovation” strategy.
- Project NEO: A major new project involving a 682-megawatt “behind-the-meter” power solution with a 12.5-year contract, representing an estimated $2.3 billion investment.
- Other Projects: The company also announced the Atlas (data center backup gas supply) and Silver Spur (pipeline expansion) projects.
- Expansion Milestones: Management noted the commissioning of the Aristotle pipeline in Ohio and progress on the Southeast Supply Enhancement (SESE) project on the Transco system.
2026 Full-Year Guidance
Following the strong Q1 results, management adjusted its outlook for the remainder of the year:
- Adjusted EBITDA: Now tracking toward the upper half of the original guidance range of $8.05 billion to $8.35 billion.
- Growth CapEx: Raised to a midpoint of $7.3 billion (up from previous lower estimates) to support the new power innovation projects.
- Leverage: Expected to move modestly to 4.1x temporarily due to high investment, before returning to a target range of 3.5x to 4.0x.
A current yield of 12% has to be reconciled. The cannabis fear around this to k is depressing the value despite results consistently holding up. The diversification into Life Sciences is a good one as it will give the market something else to look at that isbns cannabis. I do not see any large dividend cut which is what bears have been predicting for a year now.
When we do not get one, the stock ought to reprice so that the REIT’s yields approached others in the industry. that means significantly higher prices…
Results:
]]>Innovative Industrial Properties (NYSE:IIPR) reported its first-quarter 2026 earnings on May 4, 2026, delivering a mixed performance that featured a revenue beat but a miss on GAAP earnings per share (EPS).Following the report, the stock surged over 14% as investors focused on stabilizing tenant occupancy and a significant revenue outperformance relative to analyst expectations.Q1 2026 Financial Highlights
- Revenue: $69.0 million, exceeding consensus estimates of $65.34 million. While down 3.8% year-over-year due to past tenant defaults, revenue grew 3.5% sequentially from Q4 2025.
- AFFO (Adjusted Funds From Operations): $1.88 per share, which was flat compared to the previous quarter but slightly above the consensus estimate of $1.87.
- Net Income: $30.2 million, or $1.02 per diluted share, missing the analyst estimate of $1.07.
- Dividend: The board declared a quarterly dividend of $1.90 per share ($7.60 annualized).
Operational and Strategic Updates
- Portfolio Health: The operating portfolio was 97.8% leased as of March 31, 2026. The company has been active in backfilling properties, executing leases for approximately 389,000 square feet year-to-date with operators such as Curaleaf and Grown Rogue.
- Litigation & Settlements: IIP resolved pending litigation with PharmaCann, collecting settlement payments and arranging for the turnover of properties in New York, Pennsylvania, and Ohio by late May 2026.
- Strategic Investments: The company has funded $150 million of its strategic investment in IQHQ, a life sciences real estate firm, as it seeks to diversify its portfolio beyond cannabis.
- Capital Position: Total liquidity stands at $176.6 million against a conservative 13% debt-to-total-gross-assets rati0. Management is currently exploring refinancing options for $291.2 million in notes maturing in May 2026.
The warrants were set to expire naturally on June 29, 2026 (just one month later). Since they are out-of-the-money (exercise price > current stock price), they would likely have expired worthless. The company is using a contractual redemption provision (Section 3.4(1) of the Warrant Agency Agreement) to clean up the “overhang” of these warrants early. This is common when warrants are deep out-of-the-money and close to expiry.
Bottom line: This is essentially the company forcing a small consolation payout instead of letting the warrants expire worthless in June. Most holders will simply receive a tiny number of shares (or cash equivalent if their broker handles it that way) and the warrants will be cancelled. Check the full Warrant Agency Agreement on SEDAR+ for exact mechanics if you hold a large number.
THE RELEASE:
LONG BEACH, Calif. and TORONTO, April 28, 2026 (GLOBE NEWSWIRE) — Glass House Brands Inc. (“Glass House”) (CBOE CA: GLAS.A.U) (CBOE CA: GLAS.WT.U) (OTCQX: GLASF) (OTCQX: GHBWF) today announced that it has delivered a notice of redemption, dated April 28, 2026, with respect to the warrants (the “Warrants”) outstanding under the warrant agency agreement, dated May 13, 2019, between the Company and Odyssey Trust Company, as amended (the “Warrant Agency Agreement”).
There are currently 30,664,500 Warrants outstanding, each exercisable for one equity share (each, a “Share”) of the Company at an exercise price of US$11.50 per Share. The outstanding Warrants will be redeemed on May 28, 2026 in accordance with Section 3.4 (1) of the Warrant Agency Agreement at a redemption price of .011826 Shares per Warrant (the “Redemption Shares”). If the Company had not taken any action, the outstanding Warrants would have expired on June 29, 2026.
The last reported sales price of the Shares on the trading day immediately preceding the notice of redemption was $10.46.
No fractional Shares will be issued upon redemption of the Warrants and the number of Shares delivered to each holder of Warrants on the Redemption Date will be rounded down to the nearest whole number.
If a holder of Warrants wishes to exercise its warrants, it must do so in accordance with the terms thereof prior to 5:00 PM (Toronto time) on the business day immediately preceding the Redemption Date.
On and after the Redemption Date, holders of Warrants shall have no further rights except to receive Redemption Shares in accordance with the Warrant Agency Agreement.
A Copy of the Warrant Agency Agreement, including the redemption terms, is available under the Company’s Profile on SEDAR+ at www.sedarplus.ca.
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