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Ascend Wellness (AAWH) investor relations material
Ascend Wellness Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary7 Aug, 2025
Executive summary
Achieved $127.3M in Q2 2025 net revenue, with Adjusted EBITDA of $28.6M and a 22.4% margin, marking the tenth consecutive quarter of positive operating cash flow at $17.8M.
Expanded retail footprint to 44 stores, with five new locations added in H1 2025 and a medium-term target of 60 stores across seven states.
Launched new digital e-commerce platform and loyalty program, driving customer engagement and higher revenue per customer.
Repurchased 1.9M shares in Q2 2025, totaling 2.7M since the NCIB program began.
Fully repaid $60M term loan through $10M cash and $50M private placement, extending debt maturity to July 2029.
Financial highlights
Q2 2025 net revenue was $127.3M, down 0.5% sequentially and 10.1% year-over-year; retail revenue rose 2.5% to $86.5M, while wholesale declined 6.4% to $40.8M.
Adjusted gross margin rose 260 bps sequentially to 43.4%, and Adjusted EBITDA margin increased 130 bps to 22.4%.
Adjusted gross profit was $55.3M, up $3.1M sequentially.
Free cash flow reached $12.1M in Q2 2025.
Cash and equivalents stood at $95.3M as of June 30, 2025; net debt at $254M.
Outlook and guidance
Q3 guidance: flat to low single-digit top-line growth, with adjusted EBITDA margin expected between 22% and 23%.
CapEx for 2025 projected at $30M–$35M, split between new store openings and facility upgrades.
Medium-term plan targets 60 dispensaries, a 50% increase from FY2024, supported by a strong retail development pipeline.
Continued focus on operational execution, digital innovation, and product portfolio expansion to drive growth.
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Next Ascend Wellness earnings date
Q3 202511 Nov, 2025
Next Ascend Wellness earnings date
Q3 202511 Nov, 2025
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Frequently asked questions
Ascend Wellness Holdings, Inc. engages in the cultivation, manufacture, and distribution of cannabis consumer packaged goods. The firm cultivates its flowers in environmental rooms through automated watering systems, precision lighting and climate control. Its products includes pre-rolls, vape oils, concentrates, edibles and extracts.
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