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Ascend Q3 Revenue Drops 12% – New Cannabis Ventures

Published

4 months ago

November 12, 2025

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Ascend Q3 Revenue Drops 12% – New Cannabis Ventures

November 10, 2025 at 4:54 p.m

Published by NCV Newswire

AWH Announces Third Quarter 2025 Financial Results

Delivered Q3 2025 net income of $124.7 million
Achieved Q3 2025 Adjusted EBITDA¹ of $31.1 million, representing a margin of 24.9%
Focused margin optimization drove sequential adjusted gross margin¹ up 300 basis points to 46.4%
Driven strategic market concentration with seven new stores added year-over-year, expanding nationwide footprint to 46 locations²

NEW YORK, November 10, 2025. /PRNewswire/ – Ascend Wellness Holdings, Inc. (“AWH”, “Ascend” or the “Company”) (CSE: AAWH.U) (OTCQX: AAWH), a leading, diversified, vertically integrated cannabis operator and consumer packaged goods company, today reported its financial results for the quarter ended September 30, 2025 (“3 2025”). Financial results are presented in accordance with US generally accepted accounting principles (“GAAP”) and all currencies are in US dollars.

Business Highlights

Advanced consolidation strategy by adding seven strategically located retail stores to date, increasing market depth and expanding total footprint to 46 locations nationwide, including partners.
Later in the quarter, the Company received approval from the New Jersey Cannabis Regulatory Commission for its newest store in Little Falls. This location marks Ascend’s first partner dispensary in New Jersey. The company is one of only six operators approved under Assembly Bill A4151, which aims to expand investment opportunities for cannabis businesses with diverse ownership.
A strong retail development pipeline of 13 additional stores allows the Company to reach its goal of 60 locations2 over the next 12 months, which has a target launch date of late 2024 and is subject to regulatory approvals and timelines.
Executed CPG-driven growth initiatives and customer-centric innovations across a range of product launches including;
- Expanding the Effin’ product line with the introduction of effects-based vapors offered in 1g full-flavor cartridges in five SKUs: Zen, Chillin’, Do It!, Deep Sleep and Love. The new vapes contain expertly crafted combinations of THC and minor cannabinoids and are available in Illinois, Massachusetts and New Jersey. An all-in-one single-use format is slated to launch in the coming weeks.
- Introducing Effin’s new effects-based chewing gum, including five unique flavors and formulations such as Relief (Sour Acai), Zen (Peach & Honey), Showtime (Pina Colada), Deep Sleep (Dark Cherry) and Create (Strawberry Tequila). Select offers available in Illinois, Massachusetts and New Jersey.
- High Wired’s infused flower and pre-rolls launched in September 2025 in New Jersey, Illinois and Massachusetts. after a very successful initial debut in the second quarter. According to the BDSA, High Wired is the number two brand of infused flowers in all three states.
- Ozone Reserve and Simply Herb are slated to debut in Ohio following form factor approval by the state in August 2025.
- As of the end of Q3 2025, the Company has launched 420 SKUs and remains on track to launch nearly 550 SKUs throughout the year.
- In early Q4 2025, such as Mango Sticky Rice and Fruit Lagoon in Illinois, Massachusetts and New Jersey, the release of Simply Herb’s 1g disposable vapes in seven unique flavors.
Launched a fully integrated e-commerce ecosystem in line with AWH’s customer-first focus, including a redesigned Dutchie-based shopping platform, an AI-powered personalization app, Ascend Pay payment functionality, and an enhanced Ascenders Club loyalty program with multi-tiered, bonus and exclusive bonuses.
Strengthened capital position with the closing of a $9.3 million financing by CF Bank through a mortgage loan secured by our Ohio real estate assets (the “Ohio Mortgage Loan”). The Ohio mortgage carries a competitive interest rate of 8.5% per annum and matures in September 2030.
AWH has repurchased approximately 1.0 million shares of Class A common stock (the “Common Stock”) in the open market during the third quarter of 2025 under the common issuer bid (“NCIB”) stock purchase program (the “Purchase Program”).
- Since the fourth quarter of 2024, the Company has repurchased and retired a total of approximately 15 million shares at an average price of $0.30 per share3. Share repurchases under the repurchase program are expected to continue in accordance with NCIB’s terms and applicable regulatory limits.

Financial highlights for Q3 2025

Total net revenue was $124.7 million, compared to $127.3 million in the second quarter of 2025 (“Q2 2025”).
- Retail revenue was $83.8 million, down 3.1% sequentially.
- Wholesale revenue increased 0.3% quarter-over-quarter to $41.0 million.
Adjusted gross profit¹ was $57.8 million, compared to $55.3 million in the second quarter of 2025.
Net loss was $25.8 million, compared to $24.4 million in Q2 2025.
Adjusted EBITDA1 in 2025 for the third quarter was $31.1 million, representing a 24.9% margin¹.
- Quarter-over-quarter, adjusted EBITDA¹ increased 8.9% and adjusted EBITDA margin¹ increased 250 basis points.
As of September 30, 2025, cash and cash equivalents were $87.3 million and net debt 4 was $281.8 million.

Original press release

Published by NCV Newswire

New Cannabis Ventures’ NCV Newswire aims to gather high-quality content and information about leading cannabis companies to help our readers filter through the noise and stay on top of the most important cannabis business news. The NCV Newswire is edited by an editor and is not, however, automated. Got a secret news tip? Get in touch.

Related Topics:Ascend Cannabis Drops Revenue Ventures

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Share Repurchases Are Not Always a Good Idea for Cannabis Companies – New Cannabis Ventures

Published

1 week ago

February 28, 2026

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You are reading this week’s edition of New Cannabis Ventures, a weekly magazine we have published since October 2015. The newsletter includes unique insight to help our readers stay ahead of the curve, as well as links to the most important news of the week. We no longer email them like we used to, but post this and all newsletters on our website here.

friends,

Earnings season kicked off this week, and so far it’s been a mixed bag. Green Thumb Industries beat expectations, while Trulieve missed. Cronos Group also missed adjusted EBITDA despite falling revenue.

What’s most interesting to me about these quarterly reports are the updates we get in documents or press releases. A large category is share buybacks that are done.

GTI, which has a strong balance sheet, especially compared to other MSOs, has bought back more inventory. Cronos Group, which is cash- and debt-free, also bought some shares in November and December. These shares were acquired at close to tangible book value.

Trulieve did not report the share buyback, but the 10-K disclosed a 2025 bonus announced on 2/24 for CEO Rivers. The company has net cash, but its tangible book value is very negative and has deteriorated. The company does not buy back shares.

Ascend is set to report Q4 financials on 3/12 and it will be interesting to see if this very cheap stock company continues to buy back shares. The company has negative tangible book value, and the GTI 10-K disclosed that Ascend paid a $17 million penalty to GTI on 2/12, so I don’t expect it to be as aggressive with buybacks.

Stock buybacks seem like a good thing, especially when valuations are so low. However, investors should be wary of hemp companies buying back shares when they have balance sheet challenges.

Sincerely,

Alan:

New Cannabis Ventures publishes curated articles as well as exclusive news. Here is what we have published in the last 2 weeks.

Exclusives

Canadian cannabis sales hit a new record high in December

Michigan hemp sales began in 2026

Financial statements

Green Thumb Industries’ revenue is rising as profitability improves

Trulieve Q4 revenue down 3%

Capital increase

Curaleaf took out $500M over 3 years at 11.5%

GTI increases borrowings by $50 million

Follow Alan for real-time updates X.com:. Share and discover industry news with like-minded people on the largest group of cannabis investors and entrepreneurs LinkedIn:.

View: Public Hemp Company Revenue and Earnings Trackingwhich ranks the highest-earning hemp stocks.

Stay on top of the most important communications from public companies by watching what’s coming cannabis investor calendar.

Based in Houston, Alan leverages his experience as an online community founder 420 Investorthe first and still the largest due diligence platform focused on publicly traded stocks in the cannabis industry. With his extensive network in the cannabis community, Alan continues to find new ways to connect the industry and facilitate its sustainable growth. time New Cannabis Ventureshe is responsible for content development and strategic alliances. Before turning his attention to the cannabis industry in early 2013, Alan, who began his career on Wall Street in 1986, worked as an independent research analyst with more than two decades of research and portfolio management experience. A prolific writer, with over 650 articles published since 2007 Looking for Alphawhere he has 70,000 followers, Alan is a frequent speaker at industry conferences and frequent source Media including the NY Times, Wall Street Journal, Fox Business and Bloomberg TV. Contact Alan. Twitter: |: Facebook |: LinkedIn: |: El

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Michigan Cannabis Sales Plunged to Begin 2026 – New Cannabis Ventures

Published

2 weeks ago

February 21, 2026

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Michigan Cannabis Sales Plunged to Begin 2026 – New Cannabis Ventures

On February 20, 2026 at 6:18 p.m

Michigan Cannabis sales in January have sharply decreased compared to a year ago, as they decreased by 15.9% consecutively. At $226.8 million, sales decreased by 8.3 percent compared to last year.

The Michigan Cannabis Regulatory Agency breaks down sales by medical and adult use, with medical sales down 43.4% year over year to $0.4 million, down 1.6% sequentially, and adult use sales down 8.2% year-over-year to $226.4 million, up 15.9% sequentially.

The state breaks down sales by category and provides pricing details by category for both medical and adult;

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Illinois Provides Another Cannabis Update – New Cannabis Ventures

Published

1 month ago

February 1, 2026

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Illinois Cannabis Data Change Suggests Much Lower Sales – New Cannabis Ventures

February 1, 2026 at 3:27 p.m

Illinois released sales figures for two months on Friday. The last time it released the data in November, the state did a major review of historical sales after a long delay, and it was updated to October. The previous report was for Cannabis for adults in May. The November document explained that the lack of data was due to the Metrc transition. “Sales tracking features in Metrc help retailers more accurately and reliably report actual sales, including all discounts and promotions at checkout. A careful review of past data shows that some initial discount prices were collected in previous months.” Here is the updated data until the end of 2025.

Statewide adult cannabis sales rose 5.6% sequentially to $116.6 million in December, up 2.2% on the day. Year-on-year growth was -23.9%, a slight improvement from November’s -26.1% growth. Here is a chart of adult sales over time:

After growing 106% in 2021, 13% in 2022 and 5% in 2023, annual sales for adults are set to grow 5.4% to $1.72 billion in 2024. In 2025, they decreased by 12.5% to $1.51 billion, which was lower than the total in 2022.

There hasn’t been an update from the state on medical cannabis in a while. The state exempts the sale separately from its medical plan, and April issue showed that sales fell 1.6% sequentially to $19.7 million, down 13.2% year over year.