Marimed (MRMD) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 revenue of $41.9M, up 6–6.1% year-over-year and sequentially, driven by growth in both wholesale and retail segments, with strong performance in Delaware, Maryland, and Ohio.

• Adjusted EBITDA for Q2 2026 was $3.9M, up 10% sequentially but down from $4.8M year-over-year, with positive cash flow from operations for the 26th consecutive quarter.

• Net loss for Q2 2026 was $3.6M, improved from $3.8M in the prior quarter but wider than $1.4M last year, reflecting higher operating and interest expenses.

• Growth supported by operational discipline, product innovation, expanding branded product distribution, and strategic expansion through licensing and asset-light market entry.

• Completed restructuring of Series B Convertible Preferred Stock, resulting in a $0.7M gain on extinguishment of debt.

Financial highlights

• Q2 2026 revenue: $41.9M (+6–6.1% YoY); six-month revenue: $81.4M (+5.2% YoY).

• Wholesale revenue rose 8% year-over-year, representing 44% of total revenue; retail contributed 55% of Q2 2026 revenue, with a 10% year-over-year increase in transactions.

• GAAP gross margin was 38.7% (down from 40.3% YoY); non-GAAP gross margin was 40% (down from 41.8%).

• Adjusted EBITDA margin was 9–9.4%, up from 9.1% sequentially but below 12% last year.

• Cash and equivalents at quarter-end were $8.4M; operating working capital was $33.6M.

Outlook and guidance

• Margin pressure from price competition is expected to be transitional, with margin expansion anticipated as new operations mature and branded products gain share.

• Continued investment in branded product expansion, market penetration, and capital-light strategies such as licensing and partnerships.

• Ohio dispensary opening on track to contribute revenue later in the year; New York market entry planned for first half of 2027.

• Management expects current cash and future funding to be sufficient for working capital and capital expenditures for at least the next twelve months.

• Focus remains on expanding distribution, increasing retail productivity, and disciplined capital allocation.