Ascend Wellness (AAWH) Q3 2026 earnings summary

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.