---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-26-017248"
form_type: "8-K"
ticker: "AAWH"
cik: "0001756390"
company_name: "Ascend Wellness Holdings, Inc."
filed_at: "2026-03-12T23:59:59+00:00"
generated_at: "2026-05-15T13:41:44.328781+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001628280-26-017248
- form_type: 8-K
- ticker: AAWH
- cik: 0001756390
- company_name: Ascend Wellness Holdings, Inc.
- filed_at: 2026-03-12T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1756390/000162828026017248/0001628280-26-017248-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1756390/000162828026017248/aawh-20260312.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-26-017248
- JSON: https://secwatch.observer/filing/0001628280-26-017248.json
- Plain text: https://secwatch.observer/filing/0001628280-26-017248.txt

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