Marimed (MRMD) Q4 2025 earnings summary

Executive summary

• Full-year 2025 revenue reached $160 million, a 1% increase over 2024, marking the sixth consecutive year of positive adjusted EBITDA.

• Strategic focus on expanding brand presence, entering new markets, and strengthening the balance sheet drove progress across all pillars.

• Wholesale revenue grew 11% year-over-year, with distribution reaching 85% of dispensaries in core markets and leading market positions for several brands.

• Licensing agreements expanded brand reach into Pennsylvania, New York, and Maine, providing a strategic foothold in the Northeast and Mid-Atlantic.

• Betty's Eddies ranked as the top edible in four states; Vibations drink mix ranked fourth among cannabis beverages.

Financial highlights

• Fourth quarter revenue was $41.7 million, with full-year revenue at $159.8 million, up 7% year-over-year.

• Non-GAAP gross margin for Q4 was 40%; non-GAAP EBITDA for 2025 was $16.9 million (10.5% margin), down 12.8% year-over-year.

• GAAP net loss for 2025 was $14.5 million, compared to $12.4 million in 2024.

• Cash and equivalents at year-end were $8.9 million, up from $7.3 million in 2024.

• Cash flow from operations increased to $7.7 million from $6.8 million year-over-year.

Outlook and guidance

• Growth in 2026 expected from wholesale penetration, Delaware adult use market, Maine licensing, and new Ohio dispensary.

• Revenue from Pennsylvania and New York anticipated late 2026 or early 2027, pending regulatory approvals and construction.

• Continued focus on margin expansion, capital deployment into high-return opportunities, and liquidity preservation.