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MariMed — Third Quarter 2026 Earnings Summary

MRMD

  • Financial Performance:

    • Consolidated revenue for the three months ended September 30, 2026, was $44.2 million, an increase of 5.5% sequentially and 8.5% year over year compared to $40.8 million in Q3 2025.
    • Revenue for the nine months ended September 30, 2026, was $125.6 million, an increase from $118.2 million in the same period of 2025.
    • GAAP net loss for the three months ended September 30, 2026, was $3.5 million, compared to a loss of $2.9 million in Q3 2025.
    • GAAP net loss for the nine months ended September 30, 2026, was $10.8 million, compared to a loss of $9.8 million in the same period of 2025.
    • Non-GAAP net loss for the three months ended September 30, 2026, was $2.3 million, compared to a loss of $1.5 million in Q3 2025.
    • Non-GAAP net loss for the nine months ended September 30, 2026, was $7.8 million, compared to a loss of $5.1 million in the same period of 2025.
    • Non-GAAP Adjusted EBITDA for the three months ended September 30, 2026, was $4.7 million, a decrease from $5.1 million in Q3 2025.
    • Non-GAAP Adjusted EBITDA for the nine months ended September 30, 2026, was $12.2 million, a decrease from $12.4 million in the same period of 2025.
    • GAAP gross margin was 39% for the three months ended September 30, 2026, down from 40% in Q3 2025.
    • GAAP gross margin was 39% for the nine months ended September 30, 2026, down from 40% in the same period of 2025.
    • Non-GAAP gross margin was 40% for the three months ended September 30, 2026, down from 41% in Q3 2025.
    • Non-GAAP gross margin was 40% for the nine months ended September 30, 2026, down from 42% in the same period of 2025.
    • Cash and cash equivalents were $10.4 million at the end of the quarter, an increase of $1.9 million from the end of the second quarter.
    • Net cash provided by operating activities for the nine months ended September 30, 2026, was $6.7 million, compared to $4.3 million in the same period of 2025.
    • Net cash used in investing activities for the nine months ended September 30, 2026, was $1.6 million, compared to $1.2 million in the same period of 2025.
    • Net cash used in financing activities for the nine months ended September 30, 2026, was $3.6 million, compared to $3.8 million in the same period of 2025.
    • Deferred revenue increased to $1.9 million at September 30, 2026, from $1.4 million at December 31, 2025.
    • Total liabilities were $151.3 million at September 30, 2026, compared to $137.8 million at December 31, 2025.
    • Total assets were $198.3 million at September 30, 2026, compared to $202.6 million at December 31, 2025.

  • Guidance and Future Outlook:

    • Management intends to leverage brands, cash position, production capacity, and momentum to continue growing market share, open new accounts, and invest in the business in the fourth quarter and into next year.
    • The Company will continue to monitor developments regarding federal cannabis reform, the timing of 280E tax relief, and broader banking reform as potential industry catalysts.
    • The Company aims to position itself for long-term, sustainable value creation through continued operating efficiencies and additional revenue growth opportunities.

  • Business Segments and Product Lines:

    • Wholesale revenue increased 5.2% sequentially and 8.1% year over year.
    • Retail revenue increased 5.4% sequentially and 8.4% year over year.
    • The market share of MariMed's branded products portfolio increased 150 basis points across core markets.
    • Branded products were sold into 721 stores during the quarter, up 7% sequentially and 13% year over year.
    • Betty's Eddies fruit chews remained the #1-selling edible brand across core states of Massachusetts, Maryland, Illinois, and Delaware.
    • Vibations drink mix, InHouse gummies, and Bubby's Baked goods remained top 10 brands across core states.
    • In Maine, Betty's Eddies became the number two edibles brand.
    • Transactions across the Thrive retail network increased 2% sequentially and 7% year over year.
    • Average Order Value across the Thrive chain increased 3% sequentially and 1% year over year.
    • Thrive Perks Loyalty Program membership increased 31% since the beginning of the year.
    • The Company owns most of its real estate.

  • Market and Competitive Landscape:

    • Wholesale price compression contributed to a decline in non-GAAP gross margin of approximately 140 basis points year over year.
    • The Company captured market share quickly through brand licensing agreements in new markets.
    • The Company's branded products portfolio increased market share by 150 basis points across core markets.

  • Risks and Challenges:

    • Wholesale price compression continues to impact gross margins.
    • The Company monitors federal cannabis reform, 280E tax relief timing, and banking reform as external factors affecting the industry.
    • Forward-looking statements are subject to risks including reductions in customer spending, ability to recruit and retain key personnel, and disruptions from integration efforts of acquired companies.
    • Risks include changes in demand, changes in law and enforcement, and changes in the economic environment.

  • Management Commentary and Tone:

    • CEO Jon Levine stated that momentum built earlier in the year extended through the third quarter, with total revenue reaching another record.
    • Management highlighted a focus on fundamentals: efficient operations, high-quality innovative products, great customer experience, and careful capital allocation.
    • The Company generated positive cash flow from operations and ended the quarter in its strongest position in more than two years.
    • Management expressed confidence in the ability to adapt quickly as markets and opportunities evolve.

  • Other Key Points:

    • The Company reported a gain on extinguishment of debt of $0.7 million for the nine months ended September 30, 2026.
    • New Series B convertible preferred stock was recorded at $6.9 million as of September 30, 2026, replacing the previous Series B convertible preferred stock which was $14.7 million as of December 31, 2025.
    • Income taxes payable increased to $34.2 million at September 30, 2026, from $27.0 million at December 31, 2025.
    • The Company hosts a conference call on November 12, 2026, at 8:00 a.m. Eastern time to discuss results.
    • The Company is a leading multi-state cannabis operator with brands including Betty's Eddies, Bubby's Baked, Vibations, InHouse, and Nature's Heritage.