MariMed Reports Third Quarter 2025 Earnings
Executive Summary
- MariMed reported Q3 2025 revenue of $40.8 M, a slight increase versus Q3 2024, with GAAP gross margin of 40% and non‑GAAP adjusted EBITDA of $5.1 M (13% margin).
- The company posted a GAAP net loss of $(2.9) M but improved non‑GAAP net income to $(1.5) M versus a GAAP profit in the prior year.
- New distribution and licensing agreements were announced for Maine, Pennsylvania, and New York, plus a managed services agreement with TILT Holdings and a hemp‑derived THC product launch slated for early 2026.
Key Details
- Financial Highlights (unaudited) – Q3 2025 vs. Q3 2024
- Revenue: $40.8 M vs. $40.6 M
- GAAP Gross Margin: 40% vs. 41%
- Non‑GAAP Gross Margin: 41% vs. 43%
- GAAP Net Loss: $(2.9) M vs. $(1.0) M
- Non‑GAAP Net (Loss) Income: $(1.5) M vs. $0.5 M
- Non‑GAAP Adjusted EBITDA: $5.1 M vs. $4.7 M
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Adjusted EBITDA Margin: 13% vs. 12%
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Revenue Composition (Q3 2025)
- Retail product sales: $22.6 M
- Wholesale product sales: $18.0 M
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Other revenue: $0.16 M
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Operating Expenses (Q3 2025)
- Personnel: $7.0 M
- Marketing & Promotion: $1.1 M
- General & Administrative: $6.6 M
- Acquisition‑related & Other: $0.15 M
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Total operating expenses: $14.8 M
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Cash Flow Summary (nine months ended Sep 30 2025)
- Net cash provided by operating activities: $4.3 M (down from $7.2 M YoY)
- Net cash used in investing activities: $(1.2) M (vs. $(15.9) M YoY)
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Net cash used in financing activities: $(3.8) M (vs. $3.9 M provided YoY)
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Balance Sheet Highlights (Sep 30 2025)
- Cash & equivalents: $6.6 M (down from $7.3 M)
- Total assets: $205.6 M (slightly down from $207.0 M)
- Total liabilities: $136.6 M (up from $129.4 M)
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Stockholders’ equity: $54.3 M (down from $58.5 M)
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Operational / Strategic Updates
- July 14: Expanded distribution of “Betty’s Eddies™” to Maine (adult‑use & medical).
- July 31: Signed Managed Services Agreement with TILT Holdings for a Pennsylvania cultivation/processing facility; concurrent licensing agreement to distribute MariMed brands in PA, pending 2026 launch.
- Oct 23: Executed licensing agreement with a vertically integrated operator in New York; distribution expected 2026 after production‑facility build‑out.
- Oct 28: Completed strategic review and exited Missouri market, ending management of a third‑party licensed operator.
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Nov 3: Entered manufacturing, wholesale distribution, and marketing agreements for hemp‑derived THC products (first product: Vibations™ drink mix), targeting Rhode Island launch early 2026.
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Conference Call – Scheduled for Thursday, November 6 2025 at 8:00 a.m. ET; details available on MariMed’s Investor Relations website.
Notable Quotes
“During the third quarter, we continued to make progress on our plan to own top‑selling, national consumer cannabis brands… New agreements … will widen distribution of our brands to Maine, Pennsylvania, and New York.” – Jon Levine, CEO
“Wholesale expansion in Massachusetts and Illinois, the launch of adult‑use sales in Delaware, and higher retail transactions … fueled topline growth. While new competition impacted our Metropolis, Illinois location, we improved profitability through disciplined cost management…” – Mario Pinho, CFO