MRMD
MariMed Inc.0.1230
+0.0130+11.8%
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
Licensing details, margin outlook clarified
Q&A filled in details on licensing economics, revealing revenue-share deals that deliver high-margin growth with no added costs, bolstering the expand-the-brand push. Management explained Q3 margin compression from aggressive discounting and a one-time loyalty program accounting shift, expecting stability in Q4 and slight expansion next year. Missouri exit draws a minor non-cash loss but frees $120 million monthly cash flow. Analysts probed partner quality, Delaware momentum (in line, slightly outperforming), and tax risks; executives affirmed robust vetting, steady growth, and clean audits versus peers. No walk-backs. Q&A reaffirmed wholesale focus amid pressures. Investors watch licensing ramp and hemp launch.
Key Stats
Market Cap
48.59MP/E (TTM)
-Basic EPS (TTM)
-0.05Dividend Yield
0%Recent Filings
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.
10-Q
Q2 FY2025 results
MariMed posted Q2 revenue of $39.6M, down 2% y/y yet steady q/q, with wholesale up 8% offsetting retail softness; gross margin slipped to 40.5% from 41.8%. Operating income edged to $1.1M from $1.0M y/y, but YTD fell to $0.3M from $3.0M amid $1.6M bad debt on service providers. Net loss widened to $1.3M from $1.6M y/y, driven by taxes; diluted EPS holds at $(0.00) on 390M shares. Cash sits at $6.1M after $1.6M operating inflow, $74M debt steady, no revolver noted. FSC closed March 2025 via $11.4M obligation release, adding $4.2M goodwill, $4.1M intangibles (5.8-year life). Adjusted EBITDA not disclosed in the 10-Q. IRS tax liens loom large.
8-K
Q2 EBITDA rises to $4.9M
MariMed reported Q2 revenue of $39.6M, down slightly from $40.4M last year, yet boosted adjusted EBITDA to $4.9M from $4.4M with a 12% margin. Wholesale and retail sales grew sequentially amid strong Massachusetts execution and Delaware ramp-up. Expansion beckons: adult-use in Delaware, Maine licensing, Pennsylvania entry. Risks lurk in regulatory shifts.
8-K
Annual meeting approves directors, auditors
MariMed Inc. held its 2025 Annual Meeting on June 12, re-electing directors Jon R. Levine, Edward Gildea, David Allen, and Eva Selhub, M.D., with over 107M FOR votes each despite 7-8M withheld. Stockholders advisory approved M&K CPAs PLLC as 2025 auditors, with 204M FOR versus 10.5M against. Board continuity locked in.
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