Q4 2025 and FY 2025 revenue expected to be ~$120 million and ~$500 million, respectively
Q4 2025 and FY 2025 Adjusted EBITDA projected at ~$30 million and ~$117 million
Balance sheet strength with $86 million cash and no significant debt maturities until 2029
Q4 & FY 2025 earnings call scheduled for Thursday, March 12, at 5:00 PM ET
NEW YORK, Feb. 9, 2026 /PRNewswire/ – Ascend Wellness Holdings, Inc. (“AWH”, “Ascend” or the “Company”) (CSE:AAWH) (OTCQX:AAWH), a multi-state, vertically integrated cannabis operator, today announced preliminary, unaudited results for the fourth quarter and year ended December 31, 2025.
For the fourth quarter of 2025 (“Q4 2025”), the Company expects net revenue to be approximately $120 million and Adjusted EBITDA to be approximately $30 million, representing an Adjusted EBITDA margin of ~25%. For the full year 2025 (“FY 2025”), the Company expects net revenue to be approximately $500 million and Adjusted EBITDA to be approximately $117 million, with an Adjusted EBITDA margin of ~23%. As of December 31, 2025, the Company had cash and cash equivalents of approximately $86 million.
“Our Q4 results delivered Adjusted EBITDA margin expansion in line with our guidance at the start of the year, driven by disciplined working capital management, cost controls, and an improved product and sales mix,” said Sam Brill, Chief Executive Officer and Director of AWH. “Through our densification strategy, we expanded our retail footprint to 47 stores and deliberately reoriented the business toward a customer-focused, CPG operating model. This shift supported a record number of SKUs and a broader product and brand portfolio, driving market share gains across our core markets. These results underpin a strong business and balance sheet, backed by ample liquidity and a solid operational platform. We have entered 2026 in a position of strength, with no significant debt maturities until 2029, and a highly selective, disciplined approach to advancing our expansion pipeline and M&A initiatives.”
Subsequent to the quarter, on February 5, 2026, the Company was notified of an arbitration award in favor of Green Thumb Industries, Inc. (“GTI”) relating to a 2018 side letter tied to a prior capital raise. The arbitrator found both parties breached certain obligations under the agreement. The Company disagrees with the unanticipated decision, which was contrary to advice and guidance from expert external advisors and analyses. The Company is continuing to evaluate its options. Even if the Company were required to satisfy the award in full, it has sufficient liquidity and financial flexibility necessary to continue operating as planned and will remain in compliance with its loan covenants. For the complete filing, please refer to the Company’s Form …