MRMD
MariMed Inc.0.1230
+0.0130+11.8%
Dec 16, 4:00:00 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
M&A active; PA/NY delayed
Q&A offered modest incremental color, confirming Pennsylvania and New York licensing won't meaningfully contribute to 2026 growth due to regulatory timing beyond control, while management stays active hunting accretive M&A amid fire sales, especially Massachusetts license expansions. Illinois retail faces ongoing price compression into 2026 despite market stabilization signals. Delaware wholesale looks primed for upside from slow new-store rollout. Management was direct on analyst probes into state revenues (deferred details offline) and refi adding ~$800k annual interest. Q&A largely reaffirms prepared resilience. M&A deals matter for the thesis. Watch Ohio store opening and wholesale penetration.
Key Stats
Market Cap
48.59MP/E (TTM)
-Basic EPS (TTM)
-0.05Dividend Yield
0%Recent Filings
10-K
FY2025 results
MariMed posted FY2025 revenue of $159.8M, up 1.3% y/y, with wholesale surging 10.6% to $69.6M on Illinois and Maryland strength plus Delaware post-acquisition, yet retail dipped 2.5% to $89.0M from Illinois weakness. Gross margin slipped to 36.2% amid higher costs and $5.6M inventory revaluation, flipping operations to a $(2.8)M loss; Adjusted EBITDA fell to $16.9M. Q4 momentum showed from $7.7M operating cash flow and modest capex, but IRS tax liens pressured liquidity. Debt stood at $73M year-end, with $8.9M cash. Federal illegality threatens access to banking.
8-K
Q4/full-year earnings released
MariMed reported 2025 revenue of $159.8M, up from $157.7M, with wholesale surging 11% amid pricing pressures, yet GAAP gross margins slipped to 36%. Positive Adjusted EBITDA marked the sixth straight year at $16.9M. Restructured Series B preferred stock, extending maturity 4.6 years. Brands dominate; Ohio dispensary ahead.
8-K
Restructures $14M+ obligation into notes
MariMed restructured its Series B Preferred obligation with Navy Capital on February 24, 2026, canceling old shares and a ~$14.2M payout due February 28. It issued $8M in new notes—$2M at 8% due 2028, $6M at 10% (potentially 8%) due 2031, subsidiary-guaranteed—plus 26.9M new Series B shares with $6.725M liquidation preference. New terms extend maturities but add debt. Navy holds conversion rights.
10-Q
Q3 FY2025 results
MariMed held Q3 revenue steady at $40.8M, up 0.4% y/y yet flat q/q, with wholesale surging 10.6% y/y to offset retail softness; gross margin slipped to 40.1% from 41.3%. Operating income edged higher to $1.6M (+19% y/y), but taxes flipped a slim pretax loss into a $2.9M net loss, wider than last year's $1.0M amid $2.8M provision under IRC Section 280E. Cash dipped to $6.6M after $4.3M operating inflow, with $73.2M debt steady versus year-end; free cash flow not disclosed in the 10-Q. FSC integration added $3.9M revenue since March 2025 close for $11.4M obligation release, recognizing $6.8M goodwill. Missouri exit looms with ~$1M Q4 loss. Revenue stays vulnerable to state regulatory shifts.
8-K
Q3 revenue flat, EBITDA rises
MariMed reported Q3 revenue of $40.8M, nearly flat year-over-year, with Adjusted EBITDA up to $5.1M from $4.7M. Wholesale surged while retail dipped amid new competition, yet cost controls boosted margins. Brand expansions into Maine, Pennsylvania, and New York fuel growth. Missouri exit sharpens focus.
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