AAWH
Ascend Wellness Holdings, Inc.0.9900
+0.2100+26.9%
Dec 16, 4:00:00 PM EST
Earnings Call Transcripts
This Quarter (Q4 '25)
No earnings call transcript available yet
Last Quarter (Q3 '25)
FY Q3 '25
Competition details; pricing discipline reaffirmed.
Q&A unpacked retail declines as 50/50 traffic and basket hits from new stores (52 in NJ, 20 in IL) and aggressive discounting, yet management refused to match 'irrational' promotions persisting into October, prioritizing margins via disciplined third-party buying processes and 420+ SKUs boosting verticals. No one-time margin boosts; gains reflect strategy execution. Hemp loophole closure could unlock $20-30B regulated opportunity to ease compression. Ohio pre-rolls exceed expectations in linear-growth market. No chasing low-margin sales. Investors watch NJ social equity ramps and densification for leverage.
Key Stats
Market Cap
201.07MP/E (TTM)
-Basic EPS (TTM)
-0.42Dividend Yield
0%Recent Filings
10-Q
Q3 FY2025 results
Ascend Wellness Holdings posted Q3 revenue of $124.7M, down 12% y/y from $141.6M amid pricing pressure and competition, yet gross profit held steady at $43.6M with margins expanding to 35.0% from 30.9% on better cultivation yields and retail mix. Operating loss narrowed to $1.3M from $2.4M as G&A dipped 3%; net loss improved to $25.8M or ($0.13) per share on 203K diluted shares. Cash sits at $87.3M with $21.7M YTD operating cash flow, total debt $369.1M including $300M term notes at 12.75% due 2029; recent dispensary buys added $7.2M goodwill. Acquisitions roll in. Federal illegality persists.
8-K
Q3 revenue dips, margins surge
Ascend Wellness Holdings posted Q3 net revenue of $124.7 million, down slightly from Q2, yet boosted Adjusted EBITDA to $31.1 million at 24.9% margin via 300-basis-point gross margin gains to 46.4%. Added seven stores YTD for 46-location footprint; closed $9.3 million Ohio mortgage at 8.5%. Repurchased 1 million shares. Margins expanded sharply.
10-Q
Q2 FY2025 results
Ascend Wellness Holdings posted Q2 revenue of $127.3M, down 10% y/y from $141.5M amid pricing pressure and competition in Illinois and New Jersey, yet gross profit held flat at $41.4M with margins lifting to 32.5% from 29.4% on better cultivation yields. Operating loss narrowed to $1.0M from $1.5M as G&A dipped 2%; net loss widened to $24.4M or $(0.12) per share on 203.9M diluted shares, driven by interest expense up 41% to $12.1M from added term debt now totaling $370M at 12.75% maturing 2029. Cash climbed to $95.3M with $23.7M YTD operating cash flow; free cash flow not disclosed in the 10-Q. Acquisitions added three dispensaries for $8.3M cash plus earn-outs, recognizing $3.5M goodwill and licenses amortized over 10 years. Federal illegality under the Controlled Substances Act looms large.
8-K
Q2 revenue flat, EBITDA rises
Ascend Wellness Holdings reported Q2 2025 net revenue of $127.3 million, flat sequentially, with Adjusted EBITDA up 5.7% to $28.6 million at 22.4% margin. Fully retired $60 million term loan using $10 million cash and $50 million 12.75% notes due 2029, bolstering flexibility. Tenth straight quarter of positive operating cash flow hit $17.8 million. Debt retired cleanly.
8-K
Issues $50M notes to repay debt
Ascend Wellness Holdings issued $50 million of 12.75% senior secured notes due 2029 on May 28, 2025, at 97.50% of face value. Proceeds, plus cash on hand, will repay the remaining $60 million under its 2021 credit facility. Notes join $250 million prior issuance, maturing July 16, 2029. Debt swap extends maturities.
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