Ascend Wellness Holdings Inc

awholdings.com

What Do They Do?

Runs cannabis dispensaries selling cannabis products to consumers, and grows and makes cannabis products for retail partners and licensed cannabis stores.

How Do They Make Money?

Retail dispensary sales bring in money from consumers buying cannabis products; wholesale sales come from products sold to retail partners and licensed retailers. For both, sales are completed when products are delivered and accepted.

revenue

Segment	Share	Revenue	How money arrives
Retail revenue Sold outright	68% FY2022: 75%		Sold outright
Third-party wholesale revenue Sold outright	32% FY2022: 25%		Sold outright

Who Are Their Customers?

Consumers buy through company-owned dispensaries; retail partners and licensed retailers buy products for their stores.

Do Revenues Turn Into Profits?

Not on paper. It lost $118.2M in FY2025, but brought in more cash than it spent: $12M of free cash flow.

Operating income, FY2025

−3% of revenue

▼ Now a loss vs FY2024 ($4.7M, 1%)

Net income, FY2025

−24% of revenue

▲ +39% (Loss) vs FY2024 (−$85M, −15%)

Free cash flow, FY2025

2% of revenue

▼ −76% vs FY2024 ($50.8M, 9%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −1%; vs $127.3M in Q2 FY2025
Net income: ▼ −60% (Loss); vs −$24.4M in Q2 FY2025

Retail revenue share of revenue vs 67.9% in Q2 FY2025

Growing. Revenue grew 51% in 4 years, from $332.4M in FY2021 to $500.6M in FY2025, about 11% a year.

Added partner-store channel The latest report includes retail partner locations as a sales channel, alongside company-owned stores and third-party licensed retailers; the older report describes sales through company-owned and third-party licensed stores.

Revenue over time

Retail revenue Third-party wholesale revenue Wholesale revenue

$1B$500M$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Trulieve Cannabis, Jushi Holdings, Verano Holdings, Cresco Labs, Green Thumb Industries, Curaleaf Holdings, TerrAscend, and Ayr Wellness

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