Marimed (MRMD) Q4 2025 earnings summary

Executive summary

• Full-year 2025 revenue reached $159.8 million, up from $157.7 million in 2024, marking the sixth consecutive year of positive Adjusted EBITDA.

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

• Retail contributed 56% of Q4 2025 revenue, with a 4% sequential increase in transactions and strong loyalty program growth.

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

• Balance sheet restructuring improved liquidity, extended debt maturity by 4.6 years, and enhanced financial flexibility.

Financial highlights

• Q4 2025 revenue was $41.7 million; full-year revenue reached $159.8 million, up 7% year-over-year.

• GAAP net loss for 2025 was $14.5 million; non-GAAP Adjusted EBITDA was $16.9 million (10.5% margin), down from $19.3 million in 2024.

• GAAP gross margin for 2025 was 36.2%, non-GAAP gross margin 41.1%; Q4 non-GAAP gross margin was 40%.

• Cash and equivalents at year-end were $8.9 million, up from $7.3 million in 2024; operating cash flow for Q4 2025 was $3.4 million.

• Non-GAAP net loss was $2.9 million for 2025, compared to $3.6 million in 2024.

Outlook and guidance

• Growth in 2026 expected from full-year Delaware adult-use sales, Maine licensing, and a new Ohio dispensary.

• Brand distribution in Pennsylvania and New York expected by early 2027, with limited 2026 revenue due to regulatory timelines.

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