Intercure Ltd.
INCR · Pharmaceutical Preparations · EDGAR filings ↗
Grade
D52Israeli medical-cannabis producer running operating losses with thin margins and short cash runway despite a 2025 revenue rebound.
Strengths
- Revenue grew 13% in 2025 and cash from operations turned positive (NIS 17M) on war-damage compensation receipts
- Net loss narrowed materially (NIS 37M vs NIS 73M)
Risks
- Persistent operating losses (operating margin -28%) and gross margin at just the 6th pct
- Short ~4.4-quarter cash runway, FY2024 revenue decline (-33%) and exposure to Israel war-zone facility disruption
Notable findings
- Restatement● Under our amended and restated articles of association, if any person acquires, holds, or has control of or direction over more than 4 8-K ↗
- Net lossNet loss (net margin -30.5%)
- Cash burnNegative free cash flow (-19.6M)
- Revenue declineRevenue -33.3% YoY
Key metrics
Gross margin
12.7%
Operating margin
-28.1%
Net margin
-30.5%
Return on equity
-18.3%
Return on assets
-9.5%
ROIC
-9.1%
Revenue growth (QoQ)
-33.3%
Debt / equity
0.5×
Current ratio
1.7×
Free cash flow
-$20M
Tangible book value
$47M
Cash & investments
$21M
Cash runway
4q
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-04-30 | 2025-12-31 | 0001493152-26-020743 ↗ |
| 20-F | 2025-05-01 | 2024-12-31 | 0001641172-25-007971 ↗ |
| 20-F | 2024-05-01 | 2023-12-31 | 0001493152-24-017348 ↗ |
| 20-F | 2023-05-01 | 2022-12-31 | 0001493152-23-015012 ↗ |
| 20-F | 2022-04-28 | 2021-12-31 | 0001493152-22-011405 ↗ |