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.
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.
