Ascend Q1 Revenue Drops 10%

NEW YORK, May 12, 2025 /PRNewswire/ – Ascend Wellness Holdings, Inc. (“AWH” or the “Company”) (CSE: AAWH.U) (OTCQX: AAWH), a vertically integrated multi-state cannabis operator focused on bettering lives through cannabis, today reported its financial results for the quarter ended March 31, 2025 (“Q1 2025”). Financial results are reported in accordance with U.S. generally accepted accounting principles (“GAAP”) and all currency is in U.S. dollars.

Business Highlights

Financial Highlights

Revenue:

Net Loss:

Adjusted EBITDA¹:

Balance Sheet:

Cash Flow:

¹Measure is a non-GAAP financial measure. Please see “Non-GAAP Financial Information” below and “Reconciliations of Non-GAAP Financial Measures (Unaudited)” at the end of this press release.

²Net Debt is a non-GAAP financial measure defined as total debt, net of unamortized deferred financing costs of ~$333.0 million, less cash and cash equivalents of $100.0 million as of March 31, 2025. Please see “Non-GAAP Financial Information” below.

³Free Cash Flow is a non-GAAP financial measure defined as Cash from Operations of $5.9 million less capital expenditures of $4.7 million, which represents total additions to capital assets excluding $1.7 million related to new store builds. Please see “Non-GAAP Financial Information” below.

Management Commentary

“Building on the groundwork we laid in 2024, we have begun to execute the key steps needed to drive long-term value across our business,” said Sam Brill, Chief Executive Officer. “Our priorities remain on improving our profitability, maximizing our asset efficiency, and enhancing our cash flow generation. Backed by our strong balance sheet, we are advancing our densification strategy and rolling out consumer-focused retail initiatives, including a refreshed e-commerce platform, across our footprint. We expect the actions we’ve taken will begin to deliver measurable benefits in the second half of the year.”

Frank Perullo, Co-Founder and President, added, “We have done the work to position the business for success, and we anticipate in the coming months we’ll be launching new products, as well as opening locations to advance our densification strategy. These initiatives reflect our commitment to expanding access, enhancing the consumer experience, and reinforcing our position as a leading operator in an increasingly dynamic and competitive market.”

Roman Nemchenko, Chief Financial Officer, concluded, “Over the quarter, we further strengthened our balance sheet and ended the quarter with a strong cash position. This enhanced liquidity will enable us to capitalize on accretive transactions, in an increasingly buyer-friendly environment, while pursuing strategic opportunities to further solidify our capital structure and reduce near-term debt pressures. The progress we have made reflects the disciplined execution of our team, and we are well-positioned to advance our long-term goals.”

Original press release