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.

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 Q4 2025 results: revenue $120.5 million, net income $48.7 million.

Period: Q4 2025
Revenue: $120.5 million
Net income: $48.7 million
Result: reported results

Exact text from the filing

Total net revenue was $120.5 million compared to $124.7 million in the third quarter of 2025 (“Q3 2025”).

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Ascend Wellness Holdings, Inc. reported FY 2025 results: revenue $500.6 million, net income $118.2 million.

Period: FY 2025
Revenue: $500.6 million
Net income: $118.2 million
Result: reported results

Exact text from the filing

Total net revenue was $500.6 million compared to $561.6 million in full year 2024 (“FY 2024”).

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Ascend Wellness Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001628280-26-017248

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