Marimed (MRMD) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $44.227M, up 5.5% QoQ and 8.5% YoY; wholesale and retail both grew sequentially and YoY.

• Adjusted EBITDA was $4.657M, up 18% QoQ, marking the 27th consecutive positive quarter; operating cash flow was positive.

Financial highlights

• Q3 GAAP net loss was $3.487M versus $2.941M; adjusted non-GAAP net loss was $2.252M versus $1.516M.

• Q3 gross profit rose 4.9% to $17.2M; GAAP gross margin was 38.8% versus 40.1%, and non-GAAP gross margin was 40.0% versus 41.4%.

• Operating income was $1.221M versus $1.599M; the $2.743M tax provision was recorded despite a $0.744M pretax loss.

• 9M revenue was $125.633M versus $118.176M; GAAP net loss was $10.825M versus $9.815M.

• Adjusted EBITDA was $4.657M versus $5.139M YoY; its margin was 10.5% versus 12.6%.

Outlook and guidance

• No formal Q4 guidance; priorities include leveraging brands, production capacity and efficiencies to grow market share, open accounts and invest in the business.

• Growth strategy includes brand innovation, edibles and beverages, broader distribution, licensing, MSA expansion and high-ROIC opportunities.

• Existing cash and anticipated funding opportunities are expected to cover working capital and capex needs for at least 12 months.

• New York processing kitchen remains on schedule for an H1 2027 launch; licensing and third-party distribution extend brand reach with limited capital investment.