Ascend Wellness Reports Q4 and FY 2025 Financial Results

NEW YORK – Ascend Wellness Holdings Inc. released its fourth-quarter and full-year 2025 earnings, underscoring a calculated shift among MSOs toward operational and margin discipline in response to persistent industry challenges. The disclosure illustrates how established players are recalibrating priorities away from unchecked expansion and focusing on refined cost structures, retail execution, and selective growth.

The company posted total net revenue of $120.5 million in the fourth quarter, down 3.4% from $124.7 million in the third quarter. Retail sales came in at $85 million and wholesale revenue at $35.5 million. For the full year, net revenue reached $500.6 million, an 11% decline from $561.6 million in 2024, with retail at $339.6 million and wholesale at $161.0 million.

Adjusted EBITDA rose to $30.2 million in the fourth quarter, for a margin of 25.1%. That marked a 20-basis-point improvement from the prior quarter. Full-year adjusted EBITDA totaled $116.9 million, producing a margin of 23.4% compared with $116.2 million the year before.

The company recorded a net loss of $48.7 million in Q4, which included a $17 million arbitration settlement expense, and a full-year net loss of $118.2 million. Cash and cash equivalents stood at $85.7 million at year-end.

On the operational side, Ascend opened eight new dispensaries during 2025, lifting its total footprint to 48 locations including partner sites. It added its first social-equity partner store in Little Falls, New Jersey, and holds approval for a second in Eatontown. The pipeline calls for 12 more openings that would bring the count to 60.

The company also rolled out 566 new SKUs during the year, introduced brands like High Wired and Honor Roll, completed a full relaunch of its flagship Ozone brand, and expanded its e-commerce platform and loyalty program. Ascend Pay transactions grew 49.4% sequentially in the fourth quarter, while loyalty members drove 88% of retail sales.

The operator refinanced its debt in the second quarter, repaying a $60 million term loan and issuing notes due in 2029. It also completed a share buyback program, retiring about 15.8 million shares.

CEO Sam Brill noted the progress on store growth and cost controls in a statement accompanying the numbers. President Frank Perullo highlighted product innovation and customer-engagement tools. CFO Roman Nemchenko pointed to the strengthened balance sheet.

Price pressure and softer volumes in key markets weighed on revenue, a pattern seen across much of the sector last year. Still, the steady rise in adjusted EBITDA margins and the disciplined push into new stores and product lines kept core profitability stable. With more than $85 million in cash and debt pushed out to 2029, AWH holds the resources to carry out its 60-store target and brand upgrades in 2026 without immediate funding stress.