Ready-to-cook meal company Goodfood Market is seeing its financial performance deteriorate as its customer base continues to shrink. The Montreal-based company’s debt was equivalent to 8.36 times its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) at the end of the third quarter, which ended on June 6. That ratio was 3.82 during the same period last year. Total net debt stands at $35.85 million, up $12.30 million from a year ago. There are 48,000 active customers, compared to 72,000 during the same period last year. However, the company notes an increase in the value of each shopping basket, due to “rising prices and fewer promotional offers.” Nevertheless, sales are falling. They totalled $21.46 million in the third quarter, compared to $30.68 million a year ago, according to the financial statements released Tuesday evening. Goodfood Market has drastically cut its marketing and personnel expenses. In fact, executives had announced in the previous quarter that they would forgo their salaries. The company still posted a loss of $0.50 million in the last quarter, compared to a profit of $0.54 million a year earlier. There were no earnings per share. Due to unfavourable financial indicators, Goodfood stated in its management discussion and analysis that there is some doubt regarding the company’s ability to continue as an ongoing concern. In addition, the company is evaluating the settlement of convertible debentures that will mature in March, requiring it to pay $29 million. Goodfood Market management did not immediately respond to a request for comment. Goodfood shares were down 4 cents, or 26.67 per cent, to 11 cents on the Toronto Stock Exchange on Wednesday morning. This report by The Canadian Press was first published in French on July 22, 2026.
