Earnings Releases·Nov 12, 2026, 4:10 PM ET

Ascend Wellness Holdings, Inc. — Third Quarter 2026 Earnings Summary

Net revenue grew 4.2% year-over-year to $130.0 million, driven by a 5.5% sequential rise in retail sales to $97.8 million, while wholesale revenue declined 3.6% sequentially due to a facility work stoppage and pricing pressures.
Adjusted EBITDA increased to $31.1 million with a 23.9% margin, and free cash flow reached $2.7 million despite a $19.1 million semi-annual interest payment; GAAP net loss widened to $28.0 million compared to $9.8 million in Q2.
The retail footprint expanded to 61 stores, exceeding the year-end target, with total transactions reaching a record 1.7 million (up 14.9% year-over-year) and New Jersey market share rising approximately 14% sequentially.
Guidance for Q4 2026 anticipates revenue growth of 1% to 2% and an Adjusted EBITDA margin consistent with Q3's 23.9%, while a capital-light licensing agreement with Atlantic Cultivation targets Canadian market entry in Q1 2027.
Strategic capital activities include a shareholder-approved reverse stock split to support a potential U.S. exchange uplisting and the closing of $11 million in non-dilutive mortgage loans secured by five properties.