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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.
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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