MariMed Reports Fourth Quarter and Full Year 2025 Earnings

Executive Summary

• MariMed reported FY 2025 revenue of $159.8 M (up 1.3% YoY) and a sixth consecutive year of positive Adjusted EBITDA ($16.9 M), despite ongoing pricing pressure.
• The company announced several strategic moves: a licensing agreement to enter New York, exit from Missouri, new manufacturing/distribution agreements for the Vibations™ beverage brand in Rhode Island (2026), and a restructuring of its $14.725 M Series B convertible preferred stock extending maturity to 4.6 years.
• Liquidity improved with cash & equivalents rising to $8.9 M; total liabilities decreased modestly, while goodwill increased to $24.0 M reflecting recent acquisitions.

Key Details

• Financial Highlights (FY 2025 vs. FY 2024)
• Revenue: $159.8 M vs. $157.7 M (+1.3%).
• GAAP Gross margin: 36% vs. 40% (down).
• Non‑GAAP Gross margin: 41% vs. 43% (down).
• GAAP Net loss: $(14.5) M vs. $(12.4) M (wider).
• Non‑GAAP Adjusted EBITDA: $16.9 M vs. $19.3 M (down).

• Adjusted EBITDA margin remained at ~11%.

• Quarterly Highlights (Q4 2025)

• Wholesale revenue grew 11%; distribution now covers 85% of dispensaries in core markets.
• Betty’s Eddies™ ranked #1 edible in MA, MD, DE, IL.

• Completed restructuring of Series B obligation, extending maturity by 4.6 years.

• Strategic Agreements

• Oct 23: Licensing agreement with Farm 2 Hand, LLC to distribute MariMed products throughout New York pending kitchen build‑out and regulatory approvals.
• Oct 28: Exit from Missouri market to reallocate capital to higher‑return core markets.

• Nov 3: Manufacturing & distribution agreements for Vibations™ beverage brand launch in the hemp‑derived THC market, starting with Rhode Island in 2026.

• Restructuring Transaction (Mar 2)

• Restructuring and Exchange Agreement with holders of $14.725 M Series B Convertible Preferred Stock.

• Eliminated mandatory conversion date (Feb 28 2026) and replaced it with longer‑dated instruments, extending weighted‑average maturity to 4.6 years, reducing near‑term refinancing risk.

• Liquidity & Balance Sheet

• Cash & cash equivalents: $8.884 M (up from $7.282 M).
• Total assets: $202.565 M vs. $206.989 M prior year.
• Total liabilities: $137.831 M vs. $129.442 M prior year; increase driven by higher mortgage & note balances.

• Mezzanine equity (Series B) remains at $14.725 M after restructuring.

• Cash Flow Summary (FY 2025)

• Operating cash provided: $7.695 M (vs. $6.785 M YoY).
• Investing cash used: $(1.380 M) (significantly lower outflow than prior year).

• Financing cash used: $(4.713 M), primarily mortgage repayments and principal payments on promissory notes; distributions of $(137 K).

• Conference Call – Scheduled for Thursday, March 12 2026 at 8:00 a.m. ET; access via company IR website.

Notable Quotes

• Jon Levine, CEO: “We’re pleased to report record revenues as well as positive adjusted EBITDA for the sixth consecutive year… Our brands continue to resonate with our customers…”
• Mario Pinho, CFO: “Our clean balance sheet contains no material debt maturities in the near‑term, positioning us to execute growth without capital pressure.”

Materiality Assessment

Material – Positive – The release provides comprehensive FY 2025 financial results, key operational metrics, and significant strategic transactions that are likely to influence investor decisions.