8-K
filed May 9, 2023, 7:59 PM ET
ticker AAWH
CIK 0001756390
earnings
confidence high
sentiment positive
materiality 0.80
Q1 revenue up 34% to $114.2M; appoints John Hartmann as CEO effective May 15
Ascend Wellness Holdings, Inc.
2023-Q1 EPS reported
-$0.10
revenue$114,176,000
- Net revenue $114.2M (+34.2% YoY); net loss improved to $18.5M from $27.8M.
- Adjusted EBITDA $23.3M (20.4% margin), up 42% YoY; cash $73.3M, net debt $250.8M.
- John Hartmann appointed CEO effective May 15; base salary $950k, 6M RSU grant.
- Frank Perullo transitions to Strategic Advisor; Dan Neville returns to CFO, resigns board.
- Stockholders approved amendment to stock plan increasing shares to 10% of outstanding.
Key facts
Extracted from this filing and checked against the source text.
Earnings Releases
SEC 8-K Item 2.02
confidence 0.85
Ascend Wellness Holdings, Inc. reported the quarter ended March 31, 2023 results: revenue $114.2 million, net income Net loss of $18.5 million.
- Period
- the quarter ended March 31, 2023
- Revenue
- $114.2 million
- Net income
- Net loss of $18.5 million
- Result
- reported results
Exact text from the filing
quarter-over-quarter to $141.2 million. • Net revenue, which excludes intercompany sale of wholesale products, increased 34.2% year-over-year and 1.9% quarter-over-quarter to $114.2 million. • Retail revenue increased 30.7% year-over-year but decreased 1.8% quarter-over-quarter to $82.7 million. • Gross wholesale revenue increased 54.0% year-over-year and 16.3%
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
John Hartmann was appointed as director at Ascend Wellness Holdings, Inc..
- Action
- appointed
- Role
- director
Exact text from the filing
the Board also appointed Mr. Hartmann as a director of the Company, effective May 15, 2023.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
John Hartmann was appointed as Chief Executive Officer at Ascend Wellness Holdings, Inc..
- Action
- appointed
- Role
- Chief Executive Officer
Exact text from the filing
On May 9, 2023, the Company’s board of directors (the “Board”) approved the appointment of John Hartmann as the new chief executive officer of the Company, effective May 15, 2023.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.9
Frank Perullo changed role as Strategic Advisor at Ascend Wellness Holdings, Inc..
- Action
- transitioned
- Role
- Strategic Advisor
Exact text from the filing
Frank Perullo, a co-founder of the Company, who currently serves as a director, President and Interim Co-Chief Executive Officer of the Company, will continue to serve on the Board, and will transition to a Strategic Advisor role for the Company, focusing on regulatory issues and legalization efforts, effective May 15, 2023.
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 1.0
Ascend Wellness Holdings, Inc. shareholders approved Approval of amendment to the Company’s 2021 Stock Incentive Plan at the 2023-05-05 meeting.
- Proposal
- equity plan
- Outcome
- passed
- Meeting
- 2023-05-05
Exact text from the filing
Proposal 3: Approval of the amendment to the Company’s 2021 Stock Incentive Plan The amendment to the Company’s 2021 Stock Incentive Plan was approved based on the following votes: FOR AGAINST ABSTAIN BROKER NON-VOTES 74,384,528 50,282,769 1,120,445 42,265,515
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 1.0
Ascend Wellness Holdings, Inc. shareholders approved Election of five directors to serve until the 2024 Annual Meeting at the 2023-05-05 meeting.
- Proposal
- director election
- Outcome
- passed
- Meeting
- 2023-05-05
Exact text from the filing
Proposal 1: Election of Directors The following five (5) nominees, unanimously recommended by the Board, each of whom were named in the Proxy Statement, were elected to serve on the Board to hold office until the 2024 Annual Meeting of Stockholders or until their successors are duly elected and qualified, based on the following votes: Directors FOR WITHHELD BROKER NON-VOTES Abner Kurtin 72,166,242 53,621,500 42,265,515 Francis Perullo 75,550,262 50,237,480 42,265,515 Daniel Neville 71,154,596 54,633,146 42,265,515 Scott Swid 71,205,646 54,582,096 42,265,515 Josh Gold 125,693,415 94,327 42,265,515
View on SEC.gov
Shareholder Votes
SEC 8-K Item 5.07
confidence 1.0
Ascend Wellness Holdings, Inc. shareholders approved Ratification of appointment of Macias Gini & O'Connell LLP as independent registered public accounting firm for fiscal year ending December 31, 2023 at the 2023-05-05 meeting.
- Proposal
- auditor ratification
- Outcome
- passed
- Meeting
- 2023-05-05
Exact text from the filing
Proposal 2: Ratification of Appointment of Independent Registered Public Accounting Firm for 2023 The appointment of Macias Gini & O'Connell LLP to serve as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2023 was ratified based on the following votes: FOR AGAINST ABSTAIN BROKER NON-VOTES 167,968,667 10,437 74,153 0
View on SEC.gov
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