---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-25-051045"
form_type: "8-K"
ticker: "AAWH"
cik: "0001756390"
company_name: "Ascend Wellness Holdings, Inc."
filed_at: "2025-11-10T23:59:59+00:00"
generated_at: "2026-05-16T22:30:41.790487+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001628280-25-051045
- form_type: 8-K
- ticker: AAWH
- cik: 0001756390
- company_name: Ascend Wellness Holdings, Inc.
- filed_at: 2025-11-10T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1756390/000162828025051045/0001628280-25-051045-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1756390/000162828025051045/aawh-20251110.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-25-051045
- JSON: https://secwatch.observer/filing/0001628280-25-051045.json
- Plain text: https://secwatch.observer/filing/0001628280-25-051045.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.