Marimed (MRMD) Q4 2025 earnings summary

Executive summary

• Full-year 2025 revenue reached $159.8 million, up from $157.7 million in 2024, marking the sixth consecutive year of positive Adjusted EBITDA.

• Wholesale revenue grew 11% year-over-year, with distribution reaching 85% of dispensaries in core markets and leading positions for several brands.

• Retail contributed 56% of Q4 2025 revenue, with a 4% sequential increase in transactions and strong loyalty program growth.

• Strategic focus on expanding brand presence, entering new markets, and strengthening the balance sheet drove progress across all pillars.

• No material debt maturities in the near term; balance sheet restructuring improved liquidity and extended debt maturity to 4.6 years.

Financial highlights

• Q4 2025 revenue was $41.7 million; full-year revenue reached $159.8 million, up 7% year-over-year.

• GAAP gross margin for 2025 was 36.2%, non-GAAP gross margin 41.1%; Adjusted EBITDA was $16.9 million (10.5% margin), down from $19.3 million in 2024.

• GAAP net loss for 2025 was $14.5 million, compared to $12.4 million in 2024; non-GAAP net loss was $2.9 million.

• Operating cash flow for Q4 2025 was $3.4 million; cash and equivalents at year-end were $8.9 million, up from $7.3 million.

• Retail revenue grew 4% sequentially in Q4, with transactions up 4% sequentially and 8% year-over-year.

Outlook and guidance

• Growth in 2026 expected from wholesale penetration, Delaware adult-use market, Maine licensing, and new Ohio dispensary.

• Revenue from Pennsylvania and New York anticipated late 2026 or early 2027, pending regulatory approvals and construction.

• Continued focus on margin expansion, capital deployment into high-return opportunities, and liquidity preservation.