AWH Announces Third Quarter 2025 Financial Results

Executive Summary

• Ascend Wellness Holdings (AWH) reported Q3 2025 net revenue of $124.7 M and Adjusted EBITDA of $31.1 M (24.9% margin), marking an 8.9% QoQ increase in Adjusted EBITDA despite a modest revenue decline.
• The company added seven new retail stores YTD, bringing its footprint to 46 locations, secured NJ regulatory approval for its first partner dispensary, and announced a pipeline of 13 additional stores targeting 60 locations within the next 12 months.
• AWH closed a $9.3 M mortgage loan (8.5% interest, maturing Sep 2030) to strengthen its balance sheet and repurchased ~1.0 M Class A shares in Q3.

Key Details

• Financial Highlights
• Net revenue: $124.7 M (down 2.0% QoQ).
• Retail revenue: $83.8 M, down 3.1% QoQ.
• Wholesale revenue: $41.0 M, up 0.3% QoQ.
• Adjusted Gross Profit: $57.8 M (46.4% of revenue).
• Net loss: $(25.8) M (vs. $(24.4) M in Q2).
• Adjusted EBITDA: $31.1 M, up 8.9% QoQ; margin improved by 250 bps to 24.9%.

• Cash & cash equivalents: $87.3 M; Net Debt: $(281.8) M.

• Store Expansion

• Added seven stores YTD; total footprint now 46 locations (company‑owned + partners).
• Received NJ Cannabis Regulatory Commission approval for Little Falls partner dispensary – first such store in New Jersey.

• Pipeline of 13 additional stores; goal of 60 locations within 12 months.

• Product & Brand Updates

• Launched Effin' effects‑based vapes (5 SKUs) across IL, MA, NJ.
• Introduced new Effin' gummies (5 flavors/formulations).
• Rolled out High Wired infused flower/pre‑rolls in NJ; now #2 infused flower brand in three states.
• Debuted Ozone Reserve and Simply Herb pre‑rolls in Ohio following state approval.

• Total SKUs launched YTD: 420; target for full year: ~550.

• Capital & Share Repurchases

• Closed $9.3 M mortgage loan secured by Ohio real estate (8.5% interest, maturity Sep 2030).

• Repurchased ~1.0 M Class A shares in Q3 under NCIB program; cumulative repurchase since Q4 2024 ≈15 M shares at avg. $0.30/share.

• Management Commentary

• CEO Sam Brill highlighted margin expansion, cost discipline, and the Little Falls store as a key growth milestone.
• President Frank Perullo emphasized brand refresh with >420 new SKUs and digital commerce enhancements.

• CFO Roman Nemchenko noted the mortgage financing strengthens capital base for continued retail rollout.

• Conference Call

• Hosted on Nov 10, 2025 at 5:00 p.m. ET; webcast available on investor‑relations site.

Notable Quotes

“These priorities have delivered profitability improvements… our market densification strategy continues, with the approval of our planned expansion in New Jersey coming to fruition later this month…” – Sam Brill, CEO & Director
“The successful launch of Ozone Reserve and Simply Herb pre‑rolls in Ohio… reinforces our brand’s momentum in a foundational market.” – Frank Perullo, Co‑Founder, President & Director

All forward‑looking statements are subject to risks and uncertainties detailed in the full release.