Reported Earnings • May 06
First quarter 2026 earnings released: CA$0.89 loss per share (vs CA$0.041 profit in 1Q 2025) First quarter 2026 results: CA$0.89 loss per share (down from CA$0.041 profit in 1Q 2025). Revenue: CA$60.6m (down 16% from 1Q 2025). Net loss: CA$20.7m (down CA$21.6m from profit in 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has fallen by 46% per year, which means it is performing significantly worse than earnings. Announcement • Apr 30
GreenFirst Forest Products Inc. to Report Q1, 2026 Results on May 05, 2026 GreenFirst Forest Products Inc. announced that they will report Q1, 2026 results After-Market on May 05, 2026 Reported Earnings • Mar 27
Full year 2025 earnings released: CA$4.35 loss per share (vs CA$1.20 loss in FY 2024) Full year 2025 results: CA$4.35 loss per share (further deteriorated from CA$1.20 loss in FY 2024). Revenue: CA$303.5m (up 7.3% from FY 2024). Net loss: CA$98.8m (loss widened 357% from FY 2024). Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has fallen by 45% per year, which means it is performing significantly worse than earnings. Announcement • Mar 19
GreenFirst Forest Products Inc. to Report Q4, 2025 Results on Mar 25, 2026 GreenFirst Forest Products Inc. announced that they will report Q4, 2025 results at 4:00 PM, US Eastern Standard Time on Mar 25, 2026 Announcement • Mar 03
GreenFirst Forest Products Inc., Annual General Meeting, May 04, 2026 GreenFirst Forest Products Inc., Annual General Meeting, May 04, 2026. Announcement • Nov 07
GreenFirst Forest Products Inc. to Report Q3, 2025 Results on Nov 11, 2025 GreenFirst Forest Products Inc. announced that they will report Q3, 2025 results After-Market on Nov 11, 2025 Announcement • Oct 18
GreenFirst Welcomes the Restart of Operations at One of Its Key Customers, Kap Paper Inc GreenFirst Forest Products Inc. welcomes the recent announcement of the restart of operations at Kap Paper Inc. (“Kap Paper”). This development highlights the strong collaboration between the federal and provincial governments and their shared commitment to supporting Northern Ontario communities and Canada’s broader forestry sector. The resumption of operations at Kap Paper will play a key role in stabilizing the supply and use of sawmill residues across Northeastern Ontario, addressing a significant challenge currently facing the lumber industry. This develobpment provides greater stability for GreenFirst and offers important support for the communities in Northeastern Ontario. In addition to supporting the short-term restart of the mill, the Company has been informed that the federal government and Kap Paper leadership have also agreed to collaborate and explore a longer-term project aimed at transforming the paper mill into a more competitive and sustainable facility. Announcement • Oct 07
GreenFirst Forest Products to Resume Operations at Kapuskasing, Hearst, and Cochrane Mills in October 2025 GreenFirst Forest Products Inc. announced preparing to resume operations at its Kapuskasing, Hearst and Cochrane mills during the week of October 6, helping to protect jobs and maintain critical supply chain connections while partners continue working toward a long-term solution. GreenFirst will continue to monitor the outcome of ongoing discussions and will remain closely engaged with Kap Paper, municipal leaders, and both levels of government as plans move forward to stabilize and modernize the regional forestry supply chain. Announcement • Sep 30
GreenFirst Announces the Temporary Curtailment of Some of its Operations GreenFirst Forest Products Inc. announced a temporary curtailment of certain operations in order to reassess its options, following Kap Paper’s decision to begin an orderly idling of operations at its Kapuskasing paper mill. The announced idling of Kap Paper — GreenFirst’s primary customer for wood by-products — significantly worsens the challenge of managing these residual materials in Ontario. This marks the fourth pulp and paper mill to close in the province over the past two years. The two remaining pulp and paper mills in Western Ontario cannot, on their own, absorb the full volume of chips and biomass generated by sawmill operations across the province. These tough times have been exacerbated by tariffs and resulting economic uncertainty. Employees of GreenFirst have been informed that, effective October 6, 2025, the Company will reduce sawmill operations at its Kapuskasing, Hearst, and Cochrane facilities for the equivalent of one week. The curtailment at the Kapuskasing sawmill could extend beyond this period, given the site’s location and the additional challenges it may face. This measure will be reassessed as the situation evolves and in light of broader challenges currently affecting the forestry sector, including: Elevated duties and tariffs on lumber exports to the United States; Ongoing uncertainty in lumber markets; and Currently low lumber prices. Kiln and planer mill operations will continue as scheduled, without interruption; only sawmill operations will be affected by this temporary curtailment. In total, approximately 140 direct employees will be impacted by this decision. Reported Earnings • Aug 14
Second quarter 2025 earnings released: CA$0.42 loss per share (vs CA$0.56 loss in 2Q 2024) Second quarter 2025 results: CA$0.42 loss per share (improved from CA$0.56 loss in 2Q 2024). Revenue: CA$84.5m (up 21% from 2Q 2024). Net loss: CA$9.59m (loss narrowed 3.5% from 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has fallen by 43% per year, which means it is performing significantly worse than earnings. Announcement • Aug 06
GreenFirst Forest Products Inc. to Report Q2, 2025 Results on Aug 12, 2025 GreenFirst Forest Products Inc. announced that they will report Q2, 2025 results After-Market on Aug 12, 2025 Reported Earnings • May 15
First quarter 2025 earnings released First quarter 2025 results: Revenue: CA$71.8m (down 23% from 1Q 2024). Net income: CA$920.0k (up CA$14.3m from 1Q 2024). Profit margin: 1.3% (up from net loss in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has only fallen by 40% per year, which means it has not declined as severely as earnings. Announcement • May 07
GreenFirst Forest Products Inc. to Report Q1, 2025 Results on May 13, 2025 GreenFirst Forest Products Inc. announced that they will report Q1, 2025 results After-Market on May 13, 2025 New Risk • Mar 16
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$32m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$32m free cash flow). Earnings have declined by 42% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (27% increase in shares outstanding). Market cap is less than US$100m (CA$100.5m market cap, or US$69.9m). Reported Earnings • Mar 16
Full year 2024 earnings released: CA$1.20 loss per share (vs CA$2.75 loss in FY 2023) Full year 2024 results: CA$1.20 loss per share (improved from CA$2.75 loss in FY 2023). Revenue: CA$282.9m (down 31% from FY 2023). Net loss: CA$21.6m (loss narrowed 56% from FY 2023). Over the last 3 years on average, earnings per share has fallen by 41% per year whereas the company’s share price has fallen by 43% per year. Announcement • Mar 12
GreenFirst Forest Products Inc. to Report Q4, 2024 Results on Mar 14, 2025 GreenFirst Forest Products Inc. announced that they will report Q4, 2024 results After-Market on Mar 14, 2025 New Risk • Jan 16
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 27% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 44% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (27% increase in shares outstanding). Market cap is less than US$100m (CA$123.0m market cap, or US$85.5m). Announcement • Dec 15
GreenFirst Forest Products Inc. has completed a Follow-on Equity Offering in the amount of CAD 25.812306 million. GreenFirst Forest Products Inc. has completed a Follow-on Equity Offering in the amount of CAD 25.812306 million.
Security Name: Subscription Receipts
Security Type: Common Stock
Securities Offered: 4,718,886
Price\Range: CAD 5.47
Transaction Features: Rights Offering Recent Insider Transactions • Dec 08
Independent Director recently bought CA$55k worth of stock On the 5th of December, Michael Mitchell bought around 10k shares on-market at roughly CA$5.51 per share. This transaction amounted to 14% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • Nov 14
Third quarter 2024 earnings released: EPS: CA$0.08 (vs CA$1.50 in 3Q 2023) Third quarter 2024 results: EPS: CA$0.08. Revenue: CA$70.8m (down 26% from 3Q 2023). Net income: CA$14.8m (up 458% from 3Q 2023). Profit margin: 21% (up from 2.8% in 3Q 2023). The increase in margin was driven by lower expenses. Board Change • Nov 08
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 1 highly experienced director. Independent Director Mike Mitchell was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. 
