Big Rock Brews a Major Comeback with Strong 2025 Growth

CALGARY, AB – March 30, 2026 – Big Rock Brewery Inc. (TSX: BR) has announced a dramatic financial turnaround, posting robust results for its 2025 fiscal year that signal a powerful recovery after years of challenging performance. The pioneering craft brewer reported a $5.8 million year-over-year increase in adjusted earnings, alongside a remarkable 34.9% surge in total sales volumes, effectively erasing the deep losses of the previous year and charting a new course toward sustained profitability.

The Calgary-based company's fiscal 2025 results, which ended December 30, 2025, paint a picture of a successful strategic pivot. Adjusted EBITDA—a key measure of operating performance—swung to a positive $3.6 million, a stark contrast to the $(2.2) million loss recorded in 2024. This was driven by a 15% increase in net revenue to $49.1 million and a near-total reversal of its net loss, which shrank to just $(0.9) million from a staggering $(13.5) million the year prior.

A Financial Resurgence

The 2025 figures represent more than just a good year; they mark a significant reversal of fortune for the veteran craft brewer. A look at Big Rock's recent financial history reveals a period of volatility, with significant net losses recorded in 2022 and a peak loss in 2024. That 2024 loss, however, was heavily impacted by one-time costs associated with rationalizing assets, including the closure of its Vancouver operations. The ability to bounce back so strongly in 2025 suggests that the underlying operational improvements and growth strategies are taking firm hold.

The growth was comprehensive. Total sales volumes for the year climbed to 311,594 hectolitres from 230,982 hl in 2024. This wasn't just a marginal gain; it was a broad-based expansion. Wholesale volumes grew by a healthy 13.3%, while contract manufacturing volumes exploded by an impressive 73.6%. This dual-engine growth demonstrates the success of a diversified business model.

The fourth quarter of 2025 solidified this positive trend. Sales volumes were up 11.1% over the same period in 2024, and the quarter delivered a positive Adjusted EBITDA of $1.2 million, a $2.2 million improvement from the loss-making fourth quarter of the previous year. This momentum heading into the new year provides a strong foundation for the company’s future ambitions.

Brewing Through Industry Headwinds

Big Rock’s impressive turnaround is made more notable by the challenging economic environment in which it was achieved. The company successfully navigated several significant industry-wide headwinds throughout 2025. These included a temporary increase in the Alberta government's liquor markup, which puts pressure on producer margins, and persistent U.S. tariffs on aluminum, a critical component that increases the cost of canning for all beverage makers.

Furthermore, the company cited disruptions from the BC General Employees' Union (BCGEU) strike action, which has previously impacted supply chains and distribution logistics for the beverage alcohol industry in British Columbia, a key market where Big Rock maintains brewing operations.

Despite these external pressures, the company’s gross margin increased substantially to $17.0 million from $10.7 million in 2024. This indicates that operational efficiencies, improved product mix, and sheer volume growth were more than enough to offset rising costs and market friction. This resilience suggests a level of strategic planning and operational agility that has allowed the company to thrive where others might have faltered, turning potential obstacles into a showcase of strength.

A Diversified Strategy Delivers

The cornerstone of Big Rock's 2025 success appears to be its strategic diversification beyond its own branded craft beer. While the Canadian beer market has seen overall domestic sales decline in recent years, Big Rock has outpaced the market by tapping into high-growth segments. The 73.6% surge in contract volumes is a clear indicator that its co-packing and private label business has become a major revenue and growth driver.

By manufacturing beverages for other companies, Big Rock is maximizing the use of its production facilities in Alberta, British Columbia, and Ontario, and aligning itself with the broader trend toward ready-to-drink (RTD) alcoholic beverages, ciders, and other innovative products. This strategy not only insulates the company from the volatility of the traditional beer market but also establishes it as a key partner within the wider beverage industry. In late 2024, the company announced two multi-year co-packing agreements expected to add over 100,000 hl in annual production, the fruits of which are now evident in the 2025 results.

Reflecting the growing complexity of this business, the company also noted an accounting correction related to IFRS 15 for a sales representation and distribution services contract. The adjustment, which reclassifies certain revenue from a gross to a net basis, does not impact gross profit or net loss but underscores the company's evolving role as both a brand owner and a service-providing agent in its expanding contract business.

Charting the Course for Future Growth

With a strengthened balance sheet and a proven growth strategy, Big Rock is looking ahead with confidence. The company has explicitly stated its intention to continue its focus on innovation, both within its own portfolio and through co-creation with strategic partners.

"Sales volumes increased 34.9% over the prior year, and we saw exceptional results within our wholesale and contract businesses," said David Kinder, Big Rock's President and Chief Executive Officer, in the company’s press release. "It is clear through these results that our growth strategies and operational efficiencies are paying off."

Looking forward, Kinder added that the focus remains on pushing boundaries. "As we look ahead to 2026 we continue to focus on innovation, within our own portfolio and co-creation of new products with the Corporation's strategic partners, and expect to capitalize on increased market demand in certain product categories to enable the Corporation to gain market share."

This forward-looking strategy is already visible in recent product launches, such as its "Pacer" non-alcoholic beer, designed to capture a growing consumer segment. Combined with its significant investments in packaging capacity and its successful pursuit of large-scale co-packing deals, Big Rock appears well-equipped to build on the momentum of its 2025 turnaround and continue its quest to become one of Canada's leading independent beverage makers. The strong performance has put the company back on a path of growth, transforming it from a legacy craft brewer into a dynamic and diversified beverage powerhouse.