Ascend Wellness Q3 net revenue $141.3M (+27% YoY); Adj. EBITDA $29.5M up 38.5% QoQ

Ascend Wellness Holdings, Inc.

2023-Q3 EPS reported -$0.15 revenue$378,432,000

Net revenue of $141.3M, up 27.0% YoY and 14.9% QoQ; record 6th consecutive quarterly high.
Adjusted EBITDA of $29.5M (20.9% margin), improved 356 bps sequentially; net loss narrowed to $11.2M from $16.9M.
Retail revenue $101.3M (+22.3% YoY); wholesale net revenue $40.0M (+40.6% YoY).
Generated positive cash from operations for third straight quarter and first quarter of positive free cash flow.
Cash and equivalents $63.9M; net debt $243.5M as of Sept 30, 2023.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Ascend Wellness Holdings, Inc. reported quarter ended September 30, 2023 results: revenue $141.3 million, net income Net loss of $11.2 million.

Period: quarter ended September 30, 2023
Revenue: $141.3 million
Net income: Net loss of $11.2 million
Result: reported results

Exact text from the filing

Q3 2023 Financial Highlights • Gross revenue increased 26.6% year-over-year and 12.5% quarter-over-quarter to $169.9 million. • Net revenue, which excludes intercompany sales of wholesale products, increased 27.0% year-over-year and 14.9% quarter-over-quarter to $141.3 million. • Retail revenue increased 22.3% year-over-year and 12.7% quarter-over-quarter to $101.3 million. • Gross wholesale revenue increased 33.4% year-over-year and 12.2% quarter-over-quarter to $68.7 million. Wholesale revenue, net of intercompany sales, increased 40.6% year-over-year and 20.7% quarter-over-quarter to $40.0 million. • Net loss of $11.2 million during the quarter represented an improvement compared to $16.9 million in Q3 2022. • Adjusted EBITDA 2 was $29.5 million, representing a 20.9% margin. Adjusted EBITDA improved 38.5% and Adjusted EBITDA margin improved by 356 basis points quarter-over-quarter. Adjusted EBITDA increased 6% and margins declined 406 basis points year-over-year. • As of September 3

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Source: SEC EDGAR

accession 0001628280-23-037178

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