#United States #New York #cannabis industry #Ascend Wellness #AWH

Ascend Wellness Holdings Financial Results for 2025

Ascend Wellness Holdings, Inc. (often abbreviated as AWH) has recently disclosed its preliminary unaudited financial results for the fourth quarter and the full year of 2025. This announcement brings exciting news as the company continues to solidify its place in the competitive cannabis market.

Significant Financial Highlights

For Q4 2025, AWH is estimating a net revenue of approximately $120 million, while the full year 2025 is projected to reach around $500 million. Furthermore, the company's Adjusted EBITDA for Q4 is anticipated to be about $30 million, culminating in an annual Adjusted EBITDA of approximately $117 million. These figures demonstrate a commendable Adjusted EBITDA margin of roughly 25% for the fourth quarter and 23% for the whole year, reflecting a well-executed operational strategy.

Sam Brill, the company’s CEO, shared insights on these outcomes, emphasizing how disciplined working capital management, effective cost controls, and an improved mix of products and sales have driven this financial success. He noted that the company’s densification strategy resulted in an expansion of their retail operations, bringing the total number of stores to 47. This growth has been pivotal in shifting AWH toward a more customer-focused and consumer packaged goods (CPG) operational model.

Brill stated, "These results underline our strong business foundations, supported by significant liquidity and a robust operational framework as we head into 2026 with strength and strategic foresight."

Portfolio Expansion and Market Position

Thanks to its strategy, AWH boasts a widened portfolio that includes a record number of stocked products and various brands, further enhancing its market share in its core territories. The success not only illustrates the company's strong market presence but also indicates its readiness to pursue new opportunities within the rapidly evolving cannabis industry.

As of December 31, 2025, AWH reported cash and cash equivalents of $86 million with no impending significant debt obligations until 2029. This strong balance sheet empowers the company to navigate potential challenges and explore growth strategies confidently.

Arbitration Award Update

While the financial results are promising, AWH has faced some challenges, as highlighted by an arbitration decision involving Green Thumb Industries, Inc. (GTI). This dispute relates to a side letter from a previous capital raise, with the arbitrator determining that both companies breached terms of their agreement. AWH disagrees with the ruling but has reaffirmed its commitment to maintaining liquidity and operational targets despite this setback, ensuring compliance with its existing loan covenants.

Upcoming Earnings Conference Call

Shareholders and interested parties are invited to join Ascend Wellness Holdings for an earnings conference call on March 12, 2026, at 5:00 PM ET. Participants can access the call by dialing 1-888-699-1199 or via a live webcast available on AWH's Investor Relations website.

Conclusion

Overall, AWH’s preliminary financial results point to a healthy trajectory for the company in the cannabis sector. With a strategic focus on product expansion and operational excellence, Ascend Wellness Holdings is well-positioned to continue its growth amid evolving market dynamics, setting a strong foundation as the industry advances into 2026.