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Ascend Wellness
Ascend Wellness (AAWH) investor relations material
Ascend Wellness Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary10 Nov, 2025
Executive summary
Q3 2025 net revenue was $124.7 million, down 2% sequentially, with retail sales at $83.8 million and wholesale at $41 million.
Adjusted EBITDA rose 8.9% quarter-over-quarter to $31.1 million, with margin expanding to 24.9%.
Net loss for the quarter was $25.8 million, compared to $24.4 million in Q2 2025.
Strategic focus remains on profitability, sustainability, and market densification, with over $30 million in annual expenses eliminated.
Seven new stores were added year-to-date, expanding the footprint to 46 locations, with a pipeline targeting 60 within 12 months.
Financial highlights
Adjusted gross profit for Q3 was $57.8 million, up 4.6% sequentially; adjusted gross margin improved by 300 bps to 46.4%.
Operating cash flow was slightly negative due to a $19.1 million biannual interest payment; cash ended at $87.3 million.
SG&A expenses remained flat; margin expansion was driven by improved vertical sales mix and purchasing efficiencies.
$6.4 million in CapEx and $5.5 million in M&A payments during the quarter; full-year CapEx expected at $30–$35 million.
Net Debt at quarter-end was $281.8 million.
Outlook and guidance
Q4 revenue expected to be slightly down due to holiday promotions and ongoing industry headwinds.
Adjusted EBITDA margin projected to exceed 23% in Q4, with stronger cash flow anticipated due to interest payment timing.
Densification strategy aims to reach 60 total locations within 12 months, with 13 stores in the pipeline.
Continued focus on cost control, operational efficiency, and margin improvement.
Ongoing investments in product innovation and customer engagement platforms to drive long-term loyalty and margin expansion.
Why did transaction volumes decline in Q3?
How did third-party buying discipline improve margins?
Impact of closing the hemp loophole on industry?
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Next Ascend Wellness earnings date
Q4 202518 Mar, 2026
Ascend Wellness
Next Ascend Wellness earnings date
Q4 202518 Mar, 2026
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Ascend Wellness Holdings, Inc. engages in the cultivation, manufacture, and distribution of cannabis consumer packaged goods. The firm cultivates its flowers in environmental rooms through automated watering systems, precision lighting and climate control. Its products includes pre-rolls, vape oils, concentrates, edibles and extracts.
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