Ascend Wellness reports Q4 2025 revenue $120.5M; net loss widens to $48.7M; FY revenue $500.6M

Ascend Wellness Holdings, Inc.

Q4 2025 revenue $120.5M (down 3.4% sequentially); FY2025 revenue $500.6M (down 10.9% YoY).
Q4 net loss $48.7M (includes $17M arbitration settlement); FY net loss $118.2M vs $85.0M loss in FY2024.
Adjusted EBITDA Q4 $30.2M (margin 25.1%); FY $116.9M (margin 23.4%) vs $116.2M prior year.
Cash $85.7M; net debt $215.8M; $26M capex in FY2025; retail footprint expanded to 48 locations.
Q1 2026 guidance: low- to mid-single-digit revenue decline; adjusted EBITDA margin low-20% range.

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