Goodfood Market Corp., a leading Canadian online meal solutions company, announced on Tuesday its financial results for the 13 weeks and 26 weeks ended March 7, 2026.
The company said it is advancing a focused strategic reset centred on simplifying operations, enhancing its product offering, and reinforcing a disciplined cost structure to support sustainable, profitable growth.
“Second quarter results reflect the impact of a temporary Canadian Food Inspection Agency (CFIA) license suspension and a softer demand environment, which affected net sales and margins during the period. As a result, our net sales were $23 million, gross profit was $7 million, with gross margin of 30.6%, net loss was $7 million, with adjusted EBITDA margin of negative 4.4% and adjusted free cash flow was negative $2.0 million, with cash and marketable securities of $9 million,” it explained.
“Second quarter results reflect the impact of a temporary disruption and softer demand. More importantly, CFIA clarified what needed to change—and we are acting on it decisively,” said Selim Bassoul, Chairman and CEO. “We have simplified our cost structure, reduced complexity, and refocused the business on its core economics. At the same time, we are improving our product with better quality, larger portions and greater convenience to align with what customers value most.
“Our priorities are straightforward: protect margins, generate cash, and deploy capital with discipline. As we execute, we are focused on strengthening the business while evaluating a range of financial alternatives to enhance long-term value.
“Also, for fiscal year 2026, both the President, Najib Maalouf, and I have made the deliberate decision to forgo our base salaries. Our employment agreements remain unchanged, but we believe that in this phase of the Company’s transformation, accountability needs to start at the top. This is not a signal that we expect others to do the same. Our priority is to build a stronger, more resilient company — one that creates longterm opportunities for our teams, delivers for our customers, and earns the trust of our shareholders.”
Goodfood is a leading meal solutions brand in Canada, delivering fresh ingredients and ready-to-eat trays that make it easy for customers from across Canada to enjoy delicious meals at home every day. The company’s main production facility and administrative offices are based in Montreal with additional locations in the provinces of Ontario and Alberta.
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