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Exhibit No.
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IM CANNABIS CORP.
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(Registrant)
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Date: March 31, 2026
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By:
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/s/ Oren Shuster
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Name:
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Oren Shuster
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Title:
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Chief Executive Officer and Director
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Revenue totaled $54,731, reflecting stability and demonstrating resilience despite ongoing challenges in Israel.
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Germany revenue surged more than 134% to $36,348 (up from $15,508 in 2024), now accounting for over 66% of total Group
revenue. This growth underscores the success of the Company’s EU-GMP-certified production and distribution platform following Germany’s medical cannabis legalization.
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Gross profit increased approximately 15% to $9,686, driven by cost efficiencies, optimized supply chains, and
higher-margin German sales.
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Cash flow from operating activities turned strongly positive at $4,716 (compared to negative cash flow of $1,077 in 2024), representing the first full
year of positive operating cash flow in recent history and reflecting improved working capital management and operational discipline.
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Cash and restricted cash rose sharply to $3,309 (from $927 at year-end 2024), bolstered by strategic financings.
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Strengthened cash position through a private placement offering yielding net proceeds of $5,065, as well as the extension and partial conversion of
convertible debentures.
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