Ascend Wellness Q3 2025: net loss $25.8M, adj EBITDA $31.1M (24.9% margin), revenue $124.7M

Ascend Wellness Holdings, Inc.

2025-Q3 EPS reported -$0.34 vs consensus -$0.09 ▼ miss (-274.0%)

Net revenue $124.7M, down 2% sequentially; retail $83.8M (-3.1%), wholesale $41.0M (+0.3%).
Adjusted EBITDA $31.1M, up 8.9% QoQ; adjusted gross margin 46.4% (+300bps seq).
Net loss $25.8M vs $24.4M in Q2; cash $87.3M, net debt $281.8M.
Opened 2 stores in Q3; pipeline of 13 stores; target 60 locations in 12 months.
Closed $9.3M Ohio mortgage loan at 8.5% due 2030; repurchased 1M shares in Q3.

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