AWH Announces Fourth Quarter and Full Year 2025 Results
- Delivered Q4 2025 and FY 2025 revenue of $120.5 million and $500.6 million
- Expanded Adjusted EBITDA Margin1 to 25.1% in Q4 2025 and 23.4% for FY 2025
- Maintained strong liquidity with $85.7 million in cash and no significant near-term debt
- Retail footprint reaches 48 locations as densification continues
NEW YORK, March 12, 2026 /PRNewswire/ – Ascend Wellness Holdings, Inc. (“AWH,” “Ascend,” or the “Company”) (CSE: AAWH-U.CN) (OTCQX: AAWH), a multi-state, vertically integrated cannabis operator, today reported its financial results for the quarter and year ended December 31, 2025. Financial results are reported in accordance with U.S. generally accepted accounting principles (“GAAP”), and all currency is in U.S. dollars.
Q4 & FY 2025 Business Highlights
- Executed densification strategy throughout 2025 with eight new dispensary openings, broadening market presence and expanding retail footprint to 48 locations to date, including partner owned and operated locations.
- Ascend opened its first social equity partner store in Little Falls, New Jersey, with Mister Jones, LLC in Q4 2025. The Company has also secured approval from the New Jersey Cannabis Regulatory Commission for a second social equity partner store, which will be located in Eatontown, New Jersey and is expected to begin operations in April 2026.
- In the first quarter of 2026 (“Q1 2026”), AWH opened its sixth Ohio store and an additional partner owned and operated location in Illinois. Additionally, the Company closed an underperforming store in Ann Arbor, Michigan.
- The retail development pipeline includes 12 new locations, which would bring the Company’s total owned and partner owned and operated dispensaries to 60, pending regulatory approvals.
- Developed and launched a record 566 SKUs in FY 2025, including 146 in Q4 2025, surpassing an initial goal of 550 SKUs for the year, including:
- Debut of two new brands: High Wired infused flower and Honor Roll top quality pre-rolls made with 100% flower.
- Expansion of formats, flavors, and formulations across nearly all product lines, including Effin’ effects-based gummies and vapes, High Wired sugar caps, and Simply Herb disposable vapes, with many newly launched products ranking among AWH’s top-selling SKUs for Q4 2025.
- Launch of Ozone Liquid Diamonds vape and the ultra-limited Ozone King of Queen Cola.
- Following the quarter, in Q1 2026, AWH unveiled a full-scale brand and quality transformation of its flagship lifestyle brand Ozone, featuring a refreshed visual identity, elevated product standards, innovative packaging, and enhanced consumer engagement. The relaunch has begun in Illinois, Massachusetts, and New Jersey, with other key markets to follow in the coming quarters. A variety of new products will launch in tandem with Ozone’s evolution, including the brand’s first full-spectrum gummies, as well as new macro-dose gummies and additional flower and vape offerings.
- Maintained position among the top three brand houses by both sales and units across Illinois, Massachusetts, and New Jersey3 combined throughout FY 2025, reinforcing market leadership with an expanded suite of products and brands.
Delivered a fully integrated e-commerce ecosystem, combining a redesigned shopping platform and app with AI-driven personalization, Ascend Pay pay-by-bank functionality, and an enhanced loyalty program, marking a key milestone in AWH’s customer-first strategy.- Sales through Ascend Pay increased by 49.4% from the third quarter of 2025 (“Q3 2025”) to Q4 2025, driven by a 51.5% increase in transactions and a 57.8% rise in units sold through the pay-by-bank functionality across Ascend and partner owned and operated retail locations.
- In Q4 2025, Ascenders Club loyalty program total membership grew by 56% with active members increasing by 23.7% sequentially. Loyalty members accounted for 88% of retail transactions, which were up 16% for Ascend retail locations.
- Strengthened capital structure by fully repaying the Company’s $60.0 million term loan through a $50.0 million private placement of 12.75% Senior Secured Notes4 due 2029 and $10.0 million of cash on hand, completing its broader refinancing initiative in Q2 2025. AWH also secured $9.3 million in financing on three Ohio properties at a competitive 8.5% interest rate maturing in September 2030, to support disciplined growth and retail expansion.
- Successfully completed the normal course issuer bid (“NCIB”) share buyback program (the “Buyback Program”).
- The Company repurchased and retired approximately 15.8 million shares at an average price of $0.32 per share5 since the fourth quarter of 2024, when the Buyback Program was initiated.
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