AWH Announces Preliminary Unaudited Fourth Quarter and Full Year 2025 Results and Conference Call Date

Executive Summary

• Ascend Wellness Holdings (AWH) provided preliminary, unaudited Q4 2025 and FY 2025 financial metrics, projecting $120 M revenue and $30 M Adjusted EBITDA for Q4, and $500 M revenue with $117 M Adjusted EBITDA for the full year.
• The company highlighted a strong balance sheet with approximately $86 M cash and no material debt maturities until 2029.
• An earnings conference call is scheduled for Thursday, March 12, 2026 at 5:00 PM ET; the release also notes an arbitration award related to a 2018 side‑letter with Green Thumb Industries (GTI), which AWH disputes but says will not impair liquidity or covenant compliance.

Key Details

• Q4 2025 Guidance:
• Net revenue ≈ $120 million
• Adjusted EBITDA ≈ $30 million (~25% margin)
• FY 2025 Guidance:
• Net revenue ≈ $500 million
• Adjusted EBITDA ≈ $117 million (~23% margin)
• Liquidity Position (as of Dec 31 2025):
• Cash & cash equivalents ≈ $86 million
• No significant debt maturities until 2029
• Operational Highlights:
• Retail footprint expanded to 47 stores.
• Record SKU count and broader product/brand portfolio driving market‑share gains.
• Arbitration Update (Feb 5 2026):
• Arbitrator awarded in favor of GTI on a 2018 side‑letter dispute.
• AWH disagrees with the award, is evaluating options, and asserts sufficient liquidity to meet any potential obligation while remaining covenant compliant.
• Earnings Call Details:
• Date: Thursday, March 12 2026
• Time: 5:00 PM ET
• Dial‑in: 1‑888‑699‑1199 (Replay code 66620# available until Mar 19)
• Webcast: Accessible via AWH investor relations site.
• Forward‑Looking Statements: The release contains extensive forward‑looking language regarding revenue, margins, expansion plans, and potential M&A activity; actual results may differ materially.

Notable Quotes

“Our Q4 results delivered Adjusted EBITDA margin expansion in line with our guidance at the start of the year… We have entered 2026 in a position of strength, with no significant debt maturities until 2029…” – Sam Brill, CEO & Director, Ascend Wellness Holdings.