Ascend Wellness pegs 2025 revenue at $500-million

Executive Summary

• Ascend Wellness Holdings Inc. announced preliminary unaudited financial results for Q4 and full year 2025, projecting Q4 revenue of ~$120M and FY revenue of ~$500M, with corresponding adjusted EBITDA of ~$30M and ~$117M.
• The company highlighted a strong balance sheet with $86M in cash, no significant debt maturities until 2029, and a strategic shift toward a CPG operating model with 47 retail stores.
• Post-quarter, the company disclosed an unexpected arbitration award in favor of Green Thumb Industries Inc. regarding a 2018 side letter, though management asserts sufficient liquidity to cover any potential payout and maintain covenant compliance.

Key Details

• Q4 2025 Net Revenue: ~$120 million
• FY 2025 Net Revenue: ~$500 million
• Q4 2025 Adjusted EBITDA: ~$30 million (Margin: ~25%)
• FY 2025 Adjusted EBITDA: ~$117 million (Margin: ~23%)
• Cash & Cash Equivalents (as of Dec 31, 2025): ~$86 million
• Debt Maturities: None significant until 2029
• Retail Footprint: Expanded to 47 stores
• Strategic Shift: Reoriented toward a customer-focused CPG operating model with record SKUs and broader product/brand portfolio
• Arbitration Update (Feb 5, 2026): Unanticipated award in favor of Green Thumb Industries Inc. related to a 2018 side letter from a prior capital raise; arbitrator found both parties breached obligations; company disagrees with decision and is evaluating options
• Financial Impact of Arbitration: Company states it has sufficient liquidity to satisfy award in full, continue operations as planned, and remain in compliance with loan covenants
• Earnings Call: Scheduled for March 12, 2026, at 5 p.m. ET

Notable Quotes

• Sam Brill, CEO: "Our Q4 results delivered adjusted EBITDA margin expansion in line with our guidance at the start of the year, driven by disciplined working capital management, cost controls, and an improved product and sales mix... We have entered 2026 in a position of strength, with no significant debt maturities until 2029 and a highly selective, disciplined approach to advancing our expansion pipeline and M&A initiatives."