Montu faced significant headwinds in the latter half of 2025, with slowing revenue growth and declining profits adding to signs that Australia's medicinal cannabis market is contracting.
The company's financials for the 18-month period ending December 31 — extended to account for Montu's transition to a calendar financial year — show total revenue of $569 million and an after-tax profit of $15.5m.
Unaudited figures Montu released in December for the 12 months to June 2025 — which showed revenue of $385m and an after-tax profit of $16.4m — point to the difficulties the company encountered through the second half of last year.
Because the reporting period changed, no direct year-on-year comparison is possible, but figures derived from the 18-month accounts indicate the company brought in $184m in revenue during the second half of 2025 and recorded a loss of $900k.
EBITDA, which reached $26.5m in the 12 months to June, grew by just $2.1m over the subsequent six months to reach $28.6m.
Although Montu's top-line figures exceed those of other local operators, the overall picture is one of stalled growth and pressure on profitability. Data gathered by the Penington Institute in April pointed to a close-to-30% decline in medicinal cannabis sales industry-wide during the second half of 2025.
Breaking down Montu's revenue for the 18-month period, distribution and wholesale accounted for $518m of the $569m total. Patient consultation fees through Alternaleaf brought in $15m — only $3m more than the 12-month period in FY24 — a result observers attributed to intense competition within the clinic sector, where many companies have drawn patients in with heavily discounted fees.
An additional $31m came from pharmacies paying to access a technology platform that supports customer services including ordering, dispensing and medicine delivery.
The 18-month reporting window makes a straight comparison with FY24 difficult, but the increase in expenses over that period was clear.
Total costs for the 18-month period came to $282m, compared with $107m in the 12 months to June 2024.
Staff and consulting costs rose from $49.6m in FY24 to $151m across the 18-month period, while advertising spending came to nearly $48m in the 18 months to December, up from $16.5m in the 12 months to June 2024.
The report also noted cost-reduction steps taken in early 2026 as the company worked to "realign the business with its strategic objectives and remove duplication of functions".
Montu said the restructuring, which led to a number of job losses, expects to save $3.5m in monthly cash costs.
When asked whether the results were a disappointment given the company's prior growth trajectory, Montu said the Australian medicinal cannabis sector has "evolved over the past 18 months, with increasing competition and broader economic pressures".
"We have remained focused on our patient-first strategy to improve patient outcomes and experience through industry-leading innovation, expanding treatment access and affordability, and growing our national pharmacy network," a spokesperson said. "This has enabled us to maintain year-on-year growth in a challenging operating environment.
"We made targeted investments in our people, technology and operational capabilities, including enhancements to our digital platforms, care pathways and core processes. While a significant resource commitment, these investments strengthen our ability to scale efficiently, respond to patient needs and support long-term growth."
The company said it holds an "extremely positive outlook" backed by "increasing patient and prescriber awareness and growing acceptance of medicinal cannabis as a treatment option".
At the close of the reporting period, Montu held cash and cash equivalents of nearly $10m, a significant fall from the $26m recorded at the end of June 2024.