Ascend Wellness pegs 2025 revenue at $500-million

Mr. Frank Perullo reports AWH ANNOUNCES PRELIMINARY UNAUDITED FOURTH QUARTER AND FULL YEAR 2025 RESULTS AND CONFERENCE CALL DATE Ascend Wellness Holdings Inc. has released preliminary, unaudited results for the fourth quarter and year ended Dec. 31, 2025. Q4 2025 and FY 2025 revenue expected to be approximately $120-million and approximately $500-million, respectively; Q4 2025 and FY 2025 adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) projected at approximately $30-million and approximately $117-million; Balance sheet strength with $86-million cash and no significant debt maturities until 2029; Q4 and FY 2025 earnings call scheduled for Thursday, March 12, at 5 p.m. ET. For the fourth quarter of 2025 (Q4 2025), the company expects net revenue to be approximately $120-million and adjusted EBITDA to be approximately $30-million, representing an adjusted EBITDA margin of approximately 25 per cent. For the full year 2025 (FY 2025), the company expects net revenue to be approximately $500-million and adjusted EBITDA to be approximately $117-million, with an adjusted EBITDA margin of approximately 23 per cent. As of Dec. 31, 2025, the company had cash and cash equivalents of approximately $86-million. "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," said Sam Brill, chief executive officer and director of Ascend Wellness. "Through our densification strategy, we expanded our retail footprint to 47 stores and deliberately reoriented the business toward a customer-focused, CPG operating model. This shift supported a record number of SKUs and a broader product and brand portfolio, driving market share gains across our core markets. These results underpin a strong business and balance sheet, backed by ample liquidity and a solid operational platform. 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." Subsequent to the quarter, on Feb. 5, 2026, the company was notified of an arbitration award in favour of Green Thumb Industries Inc. relating to a 2018 side letter tied to a prior capital raise. The arbitrator found both parties breached certain obligations under the agreement. The company disagrees with the unanticipated decision, which was contrary to advice and guidance from expert external advisers and analyses. The company is continuing to evaluate its options. Even if the company were required to satisfy the award in full, it has sufficient liquidity and financial flexibility necessary to continue operating as planned and will remain in compliance with its loan covenants. For the complete filing, please refer to the company's Form 8-K filed with the Securities Exchange Commission (SEC) on Feb. 6, 2026, available on the SEC's EDGAR website. Earnings conference call The company will hold a conference call on Thursday, March 12, 2026, at 5 p.m. ET, following the release of its complete fourth quarter and full year 2025 results. The earnings conference call may be accessed by dialling 1-888-699-1199. A live webcast will also be available on the investor relations section of the Ascend Wellness website and will be archived for replay. Conference call details Date:  Thursday, March 12, 2026 Time:  5 p.m. ET Dial-in number:  1-888-699-1199 Replay:   1-888-660-6345 Replay code:  66620 followed by the pound key, available until midnight ET on Thursday, March 19, 2026 About Ascend Wellness Holdings Inc. Ascend Wellness is a vertically integrated cannabis operator with assets in Illinois, Maryland, Massachusetts, Michigan, New Jersey, Ohio and Pennsylvania. Ascend Wellness owns and operates state-of-the-art cultivation facilities, growing award-winning strains and producing a curated selection of products for retail and wholesale customers. Ascend Wellness produces and distributes its in-house Simply Herb-, Ozone-, Ozone Reserve-, High Wired-, Honor Roll-, Effin'-, Common Goods- and Royale-branded products. We seek Safe Harbor.