MariMed Reports Q2 2025 Financial Results

NORWOOD – MariMed Inc. released its financial results for Q2 2025 ended June 30, reflecting a blend of operational growth and financial challenges.

The company reported revenue of $39.6 million, a slight decline from $40.4 million in Q2 2024, alongside a GAAP net loss of $1.3 million, improved from $1.6 million in the prior year. Non-GAAP adjusted EBITDA rose to $4.9 million, up from $4.4 million, signaling stronger operational performance despite the revenue dip.

Key financial metrics for Q2 2025 include a GAAP gross margin of 40%, down from 42% in Q2 2024, and a non-GAAP gross margin of 42%, compared to 43% last year. Non-GAAP net income improved to $0.4 million from a $0.2 million loss in the prior year, with the adjusted EBITDA margin climbing to 12% from 11%. For the first six months of 2025, revenue totaled $77.6 million, down slightly from $78.4 million in 2024, with a GAAP net loss of $6.7 million compared to $2.9 million the previous year.

The company’s balance sheet remains robust, with $6.1 million in cash and cash equivalents as of June 30, 2025, down from $7.3 million at year-end 2024, and total assets of $204.4 million. Current liabilities rose to $50.9 million from $48.7 million, reflecting ongoing investments in expansion. MariMed anticipates further growth in the second half of 2025, driven by adult-use sales in Delaware, expanded wholesale in Missouri, and the Pennsylvania market entry.

Operationally, MariMed made strides in Q2, launching Nature’s Heritage products in Illinois, introducing a new Betty’s Eddies caramel chew, and unveiling MycroDose, a vegan pill combining cannabinoids with functional mushrooms. The company also promoted Ryan Crandall to Chief Commercial Officer to steer its sales and marketing efforts. Post-quarter, MariMed expanded Betty’s Eddies to Maine through a licensing deal and entered Pennsylvania via a Managed Services Agreement with TILT Holdings, positioning it for potential adult-use sales in the state.

CEO Jon Levine highlighted the company’s “Expand the Brand” strategy, emphasizing sustained or growing market share for its portfolio, including brands like Betty’s Eddies and Nature’s Heritage. “Our innovative, high-quality portfolio of brands grew or maintained their market share across our core markets,” Levine said, pointing to new market entries in Delaware, Maine, and Pennsylvania as key growth drivers. CFO Mario Pinho noted sequential growth in wholesale and retail revenues, bolstered by full-quarter contributions from Delaware and a completed METRC system migration in Illinois. The company also reported positive cash flow, a positive sign for its financial stability.

As MariMed navigates a competitive Cannabis market, its focus on brand expansion and operational efficiency offers a foundation for growth, though challenges like margin pressures and regulatory hurdles persist.