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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Ascend Wellness
Ascend Wellness (AAWH) investor relations material
Ascend Wellness Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary12 Nov, 2026
Executive summary
Net revenue was $130.0M, up 4.2% YoY and 3.1% QoQ, returning to YoY growth despite continued pricing pressure.
Adjusted EBITDA was $31.1M at a 23.9% margin; operating cash flow was $5.4M after a $19.1M semi-annual interest payment.
The footprint reached 61 stores by November 12, ahead of the 60-store year-end target.
Financial highlights
Adjusted Gross Profit was $62.9M, with a 48.4% margin, up 220 bps QoQ; GAAP gross profit was $53.1M, or 40.8% of revenue, versus $45.5M and 36.1% in Q2.
GAAP operating profit was $4.5M versus an operating loss of $1.3M in Q3 2025; net loss was $28.0M versus $25.8M.
Cash and cash equivalents were $63.6M at September 30; Net Debt was $260.4M and Free Cash Flow was $2.7M.
Outlook and guidance
Q4 net revenue is expected to grow 1%-2%; Adjusted EBITDA margin is expected to remain consistent with Q3.
New-store ramps and M&A are expected to support Q4 growth, offset by seasonal discounting and continued price compression; new-store contribution is expected to build more in Q1 than Q4.
FY 2026 CapEx remains expected at ~$20M, with $15.7M deployed through Q3; retail growth is expected to contribute meaningfully to EBITDA and cash flow into 2027.
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Latest events from Ascend Wellness
- Q2 revenue rose 7.9% to $126.1M, with retail and innovation driving growth amid industry headwinds.AAWH
Q2 2026 - Q1 2026 saw margin gains, improved market share, and exceeded guidance amid regulatory progress.AAWHQ1 2026
- Retail expansion, cost discipline, and brand innovation drive resilience amid pricing headwinds.AAWHQ4 2025
- Q3 2025 saw $124.7M revenue, margin gains, and expansion despite retail headwinds.AAWHQ3 2025
- Margin expansion, strong cash flow, and retail growth offset flat revenue and industry headwinds.AAWHQ2 2025
- Q2 net revenue rose 15% year-over-year, but margin pressure and net loss led to lower guidance.AAWHQ2 2024
- Q3 2024 net revenue was $141.6M, with cost cuts and Ohio growth offsetting market headwinds.AAWHQ3 2024
- Q1 2025 revenue was $128M with 21.1% EBITDA margin; market share up 4% amid price pressure.AAWHQ1 2025
- Revenue and margins rose in 2024, driven by wholesale growth and cost savings.AAWHQ4 2024
Next Ascend Wellness earnings date
Q4 20269 Mar, 2027
Ascend Wellness
Next Ascend Wellness earnings date
Q4 20269 Mar, 2027
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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.