BIG ROCK BREWERY INC. ANNOUNCES 2026 THIRD QUARTER RESULTS
Igår, 23:00
BIG ROCK BREWERY INC. ANNOUNCES 2026 THIRD QUARTER RESULTS
Canada NewsWire
CALGARY, AB, Nov. 6, 2026
Third quarter volumes impacted by lower industry demand, management realigns costs
CALGARY, AB , Nov. 6, 2026 /CNW/ -- Big Rock Brewery Inc. (TSX: BR) (" Big Rock " or the " Corporation ") today announces its financial results for the three and nine months ended September 30, 2026.
Financial Summary
For the three months ended September 30, 2026, compared to the three months ended September 30, 2025, the Corporation reported:
- total sales volumes decreased 17,262 hl (20.7%) to 66,251 hl, compared to 83,513 hl. The decrease is due to a decline in contract volumes of 14,877 hl (36.6%) and in wholesale volumes of 2,385 hl (5.6%);
- net revenue was $12.5 million, down $1.4 million (10.4%); and,
- Adjusted EBITDA decreased from $0.7 million to $(0.5) million. Adjusted EBITDA is a non-GAAP financial measure, see "Non-GAAP Measures".
For the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025, the Corporation reported:
- total sales volumes decreased 27,901 hl (12.1%) to 203,434 hl compared to 231,335 hl. The decrease is due to a decline in contract volumes of 20,416 hl (18.1%) and in wholesale volumes of 7,485 hl (6.3%);
- net revenue was $36.5 million, down $1.5 million (4.0%); and,
- Adjusted EBITDA decreased from $2.4 million to $(0.1) million.
$000, except hl and per share amounts | Three months ended September 30 | Nine months ended September 30 | ||
2026 | 2025 | 2026 | 2025 | |
Sales volumes - wholesale (hl) | 40,501 | 42,886 | 111,354 | 118,839 |
Sales volumes – contract (hl) | 25,750 | 40,627 | 92,080 | 112,496 |
Total sales volumes (hl) | 66,251 | 83,513 | 203,434 | 231,335 |
Gross product revenue | $ 16,245 | $ 18,101 | $ 46,471 | $ 49,123 |
Net revenue | 12,474 | 13,923 | 36,500 | 38,039 |
Cost of sales | 9,718 | 9,117 | 26,286 | 24,359 |
Adjusted EBITDA (1) | (473) | 744 | (66) | 2,399 |
Operating (loss)/income | (1,120) | 122 | (2,027) | 594 |
Net (loss)/income | (1,420) | (98) | (3,825) | 134 |
Net (loss)/income per share (basic and diluted) | $ (0.06) | $ (0.00) | $ (0.16) | $ 0.01 |
(1) | Non-GAAP financial measure. See "Non-GAAP Measures". |
In the third quarter of 2026 net revenues were approximately $12.5 million compared to $13.9 million in the third quarter of 2025. Sales volumes for the quarter were 66,251 hl compared to 83,513 hl in the same period in 2025. The co-pack sales volumes also decreased by 36.6%. In response to the decreased sales volumes, management made the strategic decision to reduce the Corporation's workforce by 23% to align its cost structure with current market conditions. Together with continued discipline in managing expenditures and initiatives to streamline processes, management expects these actions to improve operating efficiency and position the Corporation for improved financial performance.
"Although the quarterly results are lower, reflecting the current trends in the industry, we have an opportunity to build on the operational improvements implemented during the third quarter, while increasing focus on our new warehousing and distribution revenue stream. We have reduced our overhead and other costs in line with the lower revenues and expect these actions to deliver benefits in the future." noted David Kinder, Big Rock's President and Chief Executive Officer.
As at September 30, 2026, the Corporation was not in compliance with its EBITDA targets and under the terms of the agreement with ATB Financial ("ATB") the Corporation was required to reclassify the $3.5 million long term portion of its debt as current.
On September 28, 2026 Big Rock signed an amendment to the Second Lien Financing. The amendment interest rate is ATB bank rate plus 700 basis points, and the maturity date was extended to the earlier of March 31, 2027 and the date the Corporation obtains third party financing by way of mortgage or operating line of credit.
VN Capital is a principal shareholder and "insider" of the Corporation and James Vanasek, a director of Big Rock, is a co-founder, principal and managing partner of VN Capital Management, LLC, the manager of VN Capital.
Additional Information
The unaudited condensed interim consolidated financial statements of the Corporation and the Corporation's Management's Discussion and Analysis for the three and nine months ended September 30, 2026 dated November 4, 2026, can be viewed on Big Rock's website at www.bigrockbeer.com and on SEDAR+ at www.sedarplus.ca under Big Rock Brewery Inc.
NON-GAAP MEASURES
The Corporation uses certain financial measures referred to in this press release to quantify its results that are not prescribed by Generally Accepted Accounting Principles (" GAAP "). Such financial measures do not have a standardized meaning under GAAP and therefore may not be comparable to similar measures presented by other issuers. The non-GAAP financial measures should not be considered in isolation, as an alternative to or more meaningful than the most directly comparable GAAP measures which are prepared in accordance with IFRS Accounting Standards.
" Adjusted EBITDA " is a non-GAAP financial measure that the Corporation uses to measure operating performance and borrowing capacity. The most directly comparable GAAP measure to adjusted EBITDA is net income, or net loss, as applicable.
The following table details the composition of adjusted EBITDA and its reconciliation to net income/(loss):
($000, except where indicated) | Three months ended September 30 | Nine months ended September 30 | ||||
2026 | 2025 | Change | 2026 | 2025 | Change | |
Net (loss)/income | $ (1,420) | $ (98) | $ (1,322) | $ (3,825) | $ 134 | $ (3,959) |
Addback: | ||||||
Interest | 261 | 252 | 9 | 788 | 629 | 159 |
Depreciation and amortization | 673 | 622 | 51 | 2,042 | 1,691 | 351 |
Share based payments | 126 | (32) | 158 | 719 | (55) | 774 |
Accretion/(gain) on debt modification | 2 | - | 2 | (100) | - | (100) |
Non-recurring items | (115) | (115) | 310 | - | 310 | |
Adjusted EBITDA (1) | $ (473) | $ 744 | $ (1,217) | $ (66) | $ 2,399 | $ (2,465) |
(1) | Non-GAAP financial measure. See "Non-GAAP Measures". |
Forward-Looking Information
Certain statements contained in this press release constitute forward-looking statements or forward-looking information (collectively, "forward-looking statements") within the meaning of applicable securities legislation. These statements relate to expectations regarding future events or Big Rock's future performance based on certain assumptions made by Big Rock. All statements, other than statements of historical fact, may be forward-looking statements. Forward-looking statements are not facts, but only predictions based on information presently available and generally can be identified by the use of statements that include words or phrases such as, "anticipate", "believe", "continue", "could", "estimate", "expect", "intend", "likely", "may", "project", "predict", "propose", "potential", "might", "plan", "seek", "should", "targeting", "will", and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Big Rock believes that the expectations reflected in the forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon by readers, as actual results may vary materially from such forward-looking statements. These statements speak only as of the date of this press release and are expressly qualified, in their entirety, by this cautionary statement.
This press release contains forward-looking statements pertaining to: Big Rock's expectation that the canning line and seamer rebuild will strengthen production reliability and increase efficiency and will position the company's operations well going forward; that the Corporation will build on the operational improvements, while increasing the Corporation's focus on its new warehousing and distribution revenue stream; and other similar statements.
With respect to the forward-looking statements listed above and contained in this press release, management has made assumptions regarding, among other things:
- the duration and impact of tariffs currently in effect and that such tariffs will remain in effect unchanged;
- markup rates applied by the Alberta Gaming, Liquor and Cannabis Commission ("AGLC");
- Big Rock's ability to obtain a waiver from ATB with respect to its non-compliance with its EBITDA target and restore compliance with the financial covenants under its credit facility with ATB;
- the anticipated benefits of the canning line and seamer rebuild;
- that the Corporation will remain in compliance with its obligations under the Second Lien Financing and that the Second Lien Financing will provide sufficient liquidity to support the Corporation's near-term capital projects, optimization opportunities and ongoing operations;
- anticipated cost increases in Big Rock's production and supply chain;
- the expectation that the warehouse management system implementation will improve inventory control, logistics operations and operating efficiencies;
- the expectation that leveraging the warehouse to provide storage and logistics to third-party customers will generate incremental revenue while enhancing overall asset utilization;
- that volumes in the next fiscal year will remain constant or continue to increase;
- that there will be no material change to the regulatory environment in which Big Rock operates;
- that there will be no material supply issues with Big Rock's vendors;
- seasonal fluctuations in demand; and
- that Big Rock can and will execute its business plans and strategies.
Some of the risks which could affect future results and could cause results to differ materially from those expressed in the forward-looking statements contained herein include the risk factors set out in the Corporation's annual information form for the year ended December 30, 2025 which is available on SEDAR+ at www.sedarplus.ca and also include, but are not limited to:
- risks related to Big Rock's credit facility with ATB including that Big Rock may not be able to obtain a waiver from ATB with respect to its non-compliance with its EBITDA targets;
- risks relating to the Second Lien Financing, including Big Rock's ability to remain in compliance with its obligations thereunder and to repay amounts owing at maturity;
- the inability to grow demand for Big Rock's products;
- the inability to execute its product innovation strategy and to introduce such products in the volumes necessary to fulfil its expectations;
- changes to the duration and/or impact of tariffs currently in place, including any impacts on general market demand;
- risks related to unanticipated changes to AGLC's markup rates;
- the risk that Big Rock may not have an increase in market demand or market share;
- the risk that Big Rock may lose co-packing contract volumes or the anticipated benefits of co-packing production;
- the risk that continued attention to streamlining production and maximizing return on sales and marketing initiatives for Big Rock's branded and co-packing businesses will not result in the anticipated benefits;
- the risk that Big Rock may not realize operational efficiencies or margin growth;
- the risk that Big Rock may not have sufficient cash flows to cover forecasted expenses or return to profitability; and
- the risk that Big Rock may not be in compliance with its financial covenants for the next 12 months.
Readers are cautioned that the foregoing list of assumptions and risk factors is not exhaustive. The forward-looking statements contained herein speak only as of the date of this press release and are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this press release are made as of the date hereof and Big Rock does not undertake any obligation to publicly update such forward-looking information and statements to reflect new information, subsequent events or otherwise unless so required by applicable securities laws.
About Big Rock Brewery Inc.
In 1985, Ed McNally founded Big Rock to contest the time's beer trends. Three bold, European-inspired offerings – Bitter, Porter and Traditional Ale – forged an industry at a time heavy on easy drinking lagers and light on flavour. Today, our permanent ales and lagers, the Rock Creek series of craft ciders, the White Peaks family of hard tea beverages, a continually changing selection of seasonal and limited-edition beers and other licensed alcoholic beverages keep us at the forefront of the craft beer revolution and still proudly contesting the beer and alcoholic beverage trends of today. Big Rock has brewing operations in Calgary, Alberta. Big Rock trades on the TSX under the symbol "BR". For more information on Big Rock, visit www.bigrockbeer.com .
SOURCE Big Rock Brewery Inc.
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BIG ROCK BREWERY INC. ANNOUNCES 2026 THIRD QUARTER RESULTS
Igår, 23:00
BIG ROCK BREWERY INC. ANNOUNCES 2026 THIRD QUARTER RESULTS
Canada NewsWire
CALGARY, AB, Nov. 6, 2026
Third quarter volumes impacted by lower industry demand, management realigns costs
CALGARY, AB , Nov. 6, 2026 /CNW/ -- Big Rock Brewery Inc. (TSX: BR) (" Big Rock " or the " Corporation ") today announces its financial results for the three and nine months ended September 30, 2026.
Financial Summary
For the three months ended September 30, 2026, compared to the three months ended September 30, 2025, the Corporation reported:
- total sales volumes decreased 17,262 hl (20.7%) to 66,251 hl, compared to 83,513 hl. The decrease is due to a decline in contract volumes of 14,877 hl (36.6%) and in wholesale volumes of 2,385 hl (5.6%);
- net revenue was $12.5 million, down $1.4 million (10.4%); and,
- Adjusted EBITDA decreased from $0.7 million to $(0.5) million. Adjusted EBITDA is a non-GAAP financial measure, see "Non-GAAP Measures".
For the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025, the Corporation reported:
- total sales volumes decreased 27,901 hl (12.1%) to 203,434 hl compared to 231,335 hl. The decrease is due to a decline in contract volumes of 20,416 hl (18.1%) and in wholesale volumes of 7,485 hl (6.3%);
- net revenue was $36.5 million, down $1.5 million (4.0%); and,
- Adjusted EBITDA decreased from $2.4 million to $(0.1) million.
$000, except hl and per share amounts | Three months ended September 30 | Nine months ended September 30 | ||
2026 | 2025 | 2026 | 2025 | |
Sales volumes - wholesale (hl) | 40,501 | 42,886 | 111,354 | 118,839 |
Sales volumes – contract (hl) | 25,750 | 40,627 | 92,080 | 112,496 |
Total sales volumes (hl) | 66,251 | 83,513 | 203,434 | 231,335 |
Gross product revenue | $ 16,245 | $ 18,101 | $ 46,471 | $ 49,123 |
Net revenue | 12,474 | 13,923 | 36,500 | 38,039 |
Cost of sales | 9,718 | 9,117 | 26,286 | 24,359 |
Adjusted EBITDA (1) | (473) | 744 | (66) | 2,399 |
Operating (loss)/income | (1,120) | 122 | (2,027) | 594 |
Net (loss)/income | (1,420) | (98) | (3,825) | 134 |
Net (loss)/income per share (basic and diluted) | $ (0.06) | $ (0.00) | $ (0.16) | $ 0.01 |
(1) | Non-GAAP financial measure. See "Non-GAAP Measures". |
In the third quarter of 2026 net revenues were approximately $12.5 million compared to $13.9 million in the third quarter of 2025. Sales volumes for the quarter were 66,251 hl compared to 83,513 hl in the same period in 2025. The co-pack sales volumes also decreased by 36.6%. In response to the decreased sales volumes, management made the strategic decision to reduce the Corporation's workforce by 23% to align its cost structure with current market conditions. Together with continued discipline in managing expenditures and initiatives to streamline processes, management expects these actions to improve operating efficiency and position the Corporation for improved financial performance.
"Although the quarterly results are lower, reflecting the current trends in the industry, we have an opportunity to build on the operational improvements implemented during the third quarter, while increasing focus on our new warehousing and distribution revenue stream. We have reduced our overhead and other costs in line with the lower revenues and expect these actions to deliver benefits in the future." noted David Kinder, Big Rock's President and Chief Executive Officer.
As at September 30, 2026, the Corporation was not in compliance with its EBITDA targets and under the terms of the agreement with ATB Financial ("ATB") the Corporation was required to reclassify the $3.5 million long term portion of its debt as current.
On September 28, 2026 Big Rock signed an amendment to the Second Lien Financing. The amendment interest rate is ATB bank rate plus 700 basis points, and the maturity date was extended to the earlier of March 31, 2027 and the date the Corporation obtains third party financing by way of mortgage or operating line of credit.
VN Capital is a principal shareholder and "insider" of the Corporation and James Vanasek, a director of Big Rock, is a co-founder, principal and managing partner of VN Capital Management, LLC, the manager of VN Capital.
Additional Information
The unaudited condensed interim consolidated financial statements of the Corporation and the Corporation's Management's Discussion and Analysis for the three and nine months ended September 30, 2026 dated November 4, 2026, can be viewed on Big Rock's website at www.bigrockbeer.com and on SEDAR+ at www.sedarplus.ca under Big Rock Brewery Inc.
NON-GAAP MEASURES
The Corporation uses certain financial measures referred to in this press release to quantify its results that are not prescribed by Generally Accepted Accounting Principles (" GAAP "). Such financial measures do not have a standardized meaning under GAAP and therefore may not be comparable to similar measures presented by other issuers. The non-GAAP financial measures should not be considered in isolation, as an alternative to or more meaningful than the most directly comparable GAAP measures which are prepared in accordance with IFRS Accounting Standards.
" Adjusted EBITDA " is a non-GAAP financial measure that the Corporation uses to measure operating performance and borrowing capacity. The most directly comparable GAAP measure to adjusted EBITDA is net income, or net loss, as applicable.
The following table details the composition of adjusted EBITDA and its reconciliation to net income/(loss):
($000, except where indicated) | Three months ended September 30 | Nine months ended September 30 | ||||
2026 | 2025 | Change | 2026 | 2025 | Change | |
Net (loss)/income | $ (1,420) | $ (98) | $ (1,322) | $ (3,825) | $ 134 | $ (3,959) |
Addback: | ||||||
Interest | 261 | 252 | 9 | 788 | 629 | 159 |
Depreciation and amortization | 673 | 622 | 51 | 2,042 | 1,691 | 351 |
Share based payments | 126 | (32) | 158 | 719 | (55) | 774 |
Accretion/(gain) on debt modification | 2 | - | 2 | (100) | - | (100) |
Non-recurring items | (115) | (115) | 310 | - | 310 | |
Adjusted EBITDA (1) | $ (473) | $ 744 | $ (1,217) | $ (66) | $ 2,399 | $ (2,465) |
(1) | Non-GAAP financial measure. See "Non-GAAP Measures". |
Forward-Looking Information
Certain statements contained in this press release constitute forward-looking statements or forward-looking information (collectively, "forward-looking statements") within the meaning of applicable securities legislation. These statements relate to expectations regarding future events or Big Rock's future performance based on certain assumptions made by Big Rock. All statements, other than statements of historical fact, may be forward-looking statements. Forward-looking statements are not facts, but only predictions based on information presently available and generally can be identified by the use of statements that include words or phrases such as, "anticipate", "believe", "continue", "could", "estimate", "expect", "intend", "likely", "may", "project", "predict", "propose", "potential", "might", "plan", "seek", "should", "targeting", "will", and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Big Rock believes that the expectations reflected in the forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon by readers, as actual results may vary materially from such forward-looking statements. These statements speak only as of the date of this press release and are expressly qualified, in their entirety, by this cautionary statement.
This press release contains forward-looking statements pertaining to: Big Rock's expectation that the canning line and seamer rebuild will strengthen production reliability and increase efficiency and will position the company's operations well going forward; that the Corporation will build on the operational improvements, while increasing the Corporation's focus on its new warehousing and distribution revenue stream; and other similar statements.
With respect to the forward-looking statements listed above and contained in this press release, management has made assumptions regarding, among other things:
- the duration and impact of tariffs currently in effect and that such tariffs will remain in effect unchanged;
- markup rates applied by the Alberta Gaming, Liquor and Cannabis Commission ("AGLC");
- Big Rock's ability to obtain a waiver from ATB with respect to its non-compliance with its EBITDA target and restore compliance with the financial covenants under its credit facility with ATB;
- the anticipated benefits of the canning line and seamer rebuild;
- that the Corporation will remain in compliance with its obligations under the Second Lien Financing and that the Second Lien Financing will provide sufficient liquidity to support the Corporation's near-term capital projects, optimization opportunities and ongoing operations;
- anticipated cost increases in Big Rock's production and supply chain;
- the expectation that the warehouse management system implementation will improve inventory control, logistics operations and operating efficiencies;
- the expectation that leveraging the warehouse to provide storage and logistics to third-party customers will generate incremental revenue while enhancing overall asset utilization;
- that volumes in the next fiscal year will remain constant or continue to increase;
- that there will be no material change to the regulatory environment in which Big Rock operates;
- that there will be no material supply issues with Big Rock's vendors;
- seasonal fluctuations in demand; and
- that Big Rock can and will execute its business plans and strategies.
Some of the risks which could affect future results and could cause results to differ materially from those expressed in the forward-looking statements contained herein include the risk factors set out in the Corporation's annual information form for the year ended December 30, 2025 which is available on SEDAR+ at www.sedarplus.ca and also include, but are not limited to:
- risks related to Big Rock's credit facility with ATB including that Big Rock may not be able to obtain a waiver from ATB with respect to its non-compliance with its EBITDA targets;
- risks relating to the Second Lien Financing, including Big Rock's ability to remain in compliance with its obligations thereunder and to repay amounts owing at maturity;
- the inability to grow demand for Big Rock's products;
- the inability to execute its product innovation strategy and to introduce such products in the volumes necessary to fulfil its expectations;
- changes to the duration and/or impact of tariffs currently in place, including any impacts on general market demand;
- risks related to unanticipated changes to AGLC's markup rates;
- the risk that Big Rock may not have an increase in market demand or market share;
- the risk that Big Rock may lose co-packing contract volumes or the anticipated benefits of co-packing production;
- the risk that continued attention to streamlining production and maximizing return on sales and marketing initiatives for Big Rock's branded and co-packing businesses will not result in the anticipated benefits;
- the risk that Big Rock may not realize operational efficiencies or margin growth;
- the risk that Big Rock may not have sufficient cash flows to cover forecasted expenses or return to profitability; and
- the risk that Big Rock may not be in compliance with its financial covenants for the next 12 months.
Readers are cautioned that the foregoing list of assumptions and risk factors is not exhaustive. The forward-looking statements contained herein speak only as of the date of this press release and are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this press release are made as of the date hereof and Big Rock does not undertake any obligation to publicly update such forward-looking information and statements to reflect new information, subsequent events or otherwise unless so required by applicable securities laws.
About Big Rock Brewery Inc.
In 1985, Ed McNally founded Big Rock to contest the time's beer trends. Three bold, European-inspired offerings – Bitter, Porter and Traditional Ale – forged an industry at a time heavy on easy drinking lagers and light on flavour. Today, our permanent ales and lagers, the Rock Creek series of craft ciders, the White Peaks family of hard tea beverages, a continually changing selection of seasonal and limited-edition beers and other licensed alcoholic beverages keep us at the forefront of the craft beer revolution and still proudly contesting the beer and alcoholic beverage trends of today. Big Rock has brewing operations in Calgary, Alberta. Big Rock trades on the TSX under the symbol "BR". For more information on Big Rock, visit www.bigrockbeer.com .
SOURCE Big Rock Brewery Inc.
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