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

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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.

Michigan hemp sales for the month of October down from a year ago as they rose 6.5% sequentially, which was +3.1% on a daily basis. Sales of $267.8 million decreased by 0.3 percent compared to last year.

The Michigan Cannabis Regulatory Agency breaks down sales by medical and adult use, with medical sales down 57.7% year-over-year to $0.4 million, down 0.7% sequentially, and adult-use sales down 0.1% year-over-year to $250.9 million, up 6.6% sequentially.

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

As supply continues to expand, prices for adult flowers have plummeted. The average price of $991 a pound in October fell 2.0% sequentially to near a new record low and fell 16.3% from a year earlier.

Michigan hemp sales will grow 82.1% to $1.79 billion in 2021, 27.9% to $2.29 billion in 2022, and 33.3% to $3.06 billion in 2023. In 2024, they increased by 7.6% to $3.29 billion. expand further as supply becomes more available and as distribution expands.

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.

Trulieve reports Q3 2025 results showing operating discipline and cash flow strength

• Third quarter revenue was $288 million, a 59% gross margin
• Year-to-date cash flow from operations of $214 million and free cash flow of $173 million*
• More than 12.5 million branded products were sold in the third quarter, up 7 percent from last year.

TALLAHASSEE, Fla., Nov. 5, 2025 /PRNewswire/ — Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) (“Trulieve” or “The Company”), the leading and most profitable cannabis company in the United States, today announced results for the quarter ended September 30, 2025. Numbers may not add up perfectly due to rounding.

Q3 2025 Financial and Operating Highlights*

• Revenue was $288 million, 94% of which came from retail sales.
• Achieved a gross margin of 59%, with GAAP gross profit of $170 million.
• A net loss attributable to common stockholders of $27 million was reported. Adjusted net loss of $12 million* excludes non-recurring charges, asset impairments, disposals and discontinued operations.
• Achieved adjusted EBITDA of $103 million*, or 36% of revenue, up 7% year over year.
• Cash flow from operations of $77 million and free cash flow of $64 million*.
• Cash at the end of the quarter was $458 million.
• Added Chief Financial Officer Ian Reese to the management team and appointed Matthew Foulston to the Board of Directors.
• Rewards Program members reached 820,000 members as of September 30, 2025. Loyalty members accounted for 77% of transactions during the third quarter.
• The new Roll One Clutch All In One vapes have been launched in Florida and are on sale within two weeks.
• Expanded distribution of Onward premium THC beverages in Florida and Illinois, launched new Upward THC energy drinks and introduced five new 10 mg flavors.
• Opened one dispensary in Cincinnati, Ohio and moved one dispensary to Bisbee, Arizona.

*See “Non-GAAP Financial Measures” below for additional information and reconciliations to GAAP for all non-GAAP measures.

Recent developments

• Announced the scheduled redemption of $368 million of senior secured notes due 2026.
• A new mobile app serving Florida customers has been launched, enabling patients to browse and reserve products, view promotions and check reward status in a seamless digital experience.
• There are currently 232 retail dispensaries and more than four million square feet of processing and processing capacity in the United States.

Management Commentary

“Our 2025 strategic plan is delivering results, with clear progress in reform, customers, distribution and branded products,” said Trulieve CEO Kim Rivers. “Remarkable flexibility and strong cash generation in our core business continue to set us apart in a dynamic market.”

Financial milestones

Original press release

Published by NCV Newswire

NCV Newswire by New Cannabis Ventures 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.