$AAWH

Ascend Wellness Holdings, Inc.

CIK:0001756390|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue, net	$ 126,118	$ 127,304	$ 243,051	$ 255,301
Cost of goods sold	(80,627)	(85,912)	(152,678)	(174,348)
Gross profit	45,491	41,392	90,373	80,953
Operating expenses
General and administrative expenses	40,211	42,394	82,547	79,469
Operating profit (loss)	5,280	(1,002)	7,826	1,484
Other (expense) income
Interest expense	(20,801)	(12,058)	(41,054)	(23,248)
Other (expense) income, net	(6)	484	115	961
Total other expense, net	(20,807)	(11,574)	(40,939)	(22,287)
Loss before income taxes	(15,527)	(12,576)	(33,113)	(20,803)
Income tax benefit (expense)	5,721	(11,831)	(6,186)	(22,862)
Net loss	$ (9,806)	$ (24,407)	$ (39,299)	$ (43,665)
Net loss per share attributable to Class A and Class B common stockholders — basic (in dollars per share)	$ (0.05)	$ (0.12)	$ (0.19)	$ (0.21)
Net loss per share attributable to Class A and Class B common stockholders — diluted (in dollars per share)	$ (0.05)	$ (0.12)	$ (0.19)	$ (0.21)
Weighted-average common shares outstanding — basic (in shares)	203,009	203,866	202,728	204,430
Weighted-average common shares outstanding — diluted (in shares)	203,009	203,866	202,728	204,430

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net loss	$ (39,299)	$ (43,665)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	39,334	36,230
Amortization of operating lease assets	1,561	1,194
Non-cash interest expense	2,695	2,667
Equity-based compensation expense	949	1,139
Deferred income taxes	(4,784)	(5,664)
(Gain) loss on sale of assets	(137)	55
Other	(1,867)	7,204
Changes in operating assets and liabilities, net of effects of acquisitions
Accounts receivable	763	5,907
Inventory	1,502	(2,302)
Other current assets	(632)	(2,807)
Other non-current assets	(69)	42
Accounts payable and accrued liabilities	(8,973)	386
Other current liabilities	2,691	679
Lease liabilities	(1,297)	(1,910)
Income taxes payable	10,603	24,585
Net cash provided by operating activities	3,040	23,740
Cash flows from investing activities
Additions to capital assets	(10,958)	(12,666)
Proceeds from collection of notes receivable	3,027	164
Proceeds from sale of assets	1,000	27
Payments for acquisition of businesses and related deposits, net of cash acquired	(8,760)	(3,461)
Purchase of intangible assets	(2,150)	(500)
Net cash used in investing activities	(17,841)	(16,436)
Cash flows from financing activities
Proceeds from issuance of debt	0	63,067
Repayments of debt	(92)	(60,335)
Debt issuance costs	0	(360)
Repayments under finance leases	(519)	(847)
Taxes withheld under equity-based compensation plans, net	(346)	0
Repurchase of common stock	0	(994)
Proceeds from the exercise of stock options	27	0
Payment of contingent consideration	(2,945)	(819)
Net cash used in financing activities	(3,875)	(288)
Net (decrease) increase in cash, cash equivalents, and restricted cash	(18,676)	7,016
Cash, cash equivalents, and restricted cash at beginning of period	85,676	88,254
Cash, cash equivalents, and restricted cash at end of period	67,000	95,270
Supplemental cash flow information
Interest paid	19,524	17,307
Income tax payments, net of refunds received	802	3,942
Non-cash investing and financing activities
Capital expenditures incurred but not yet paid	3,085	3,063
Taxes withheld under equity-based compensation plans, net	443	268
Non-cash consideration of intangible assets acquired	$ 2,700	$ 0

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 67,000	$ 85,676
Accounts receivable, net	26,261	27,024
Inventory	82,265	84,707
Notes receivable	0	349
Other current assets	11,341	11,193
Total current assets	186,867	208,949
Property and equipment, net	381,560	382,402
Operating lease right-of-use assets	46,568	47,063
Intangible assets, net	195,956	196,072
Goodwill	65,368	58,453
Other non-current assets	12,003	14,990
TOTAL ASSETS	888,322	907,929
Current liabilities
Accounts payable and accrued liabilities	69,922	84,793
Current portion of debt, net	25,309	10,368
Operating lease liabilities, current	3,144	2,771
Finance lease and other lease liabilities, current	3,424	2,924
Income taxes payable	1,083	1,083
Other current liabilities	9,761	7,070
Total current liabilities	112,643	109,009
Long-term debt, net	293,516	291,104
Operating lease liabilities, non-current	59,942	60,546
Finance lease and other lease financing liabilities, non-current	269,944	261,913
Deferred tax liabilities, net	17,794	21,515
Other non-current liabilities	219,571	210,459
Total liabilities	973,410	954,546
Commitments and contingencies (Note 15)
Stockholders' Deficit
Preferred stock, $0.001 par value per share; 10,000 shares authorized, none issued and outstanding at June 30, 2026 and December 31, 2025	0	0
Additional paid-in capital	471,734	470,907
Accumulated deficit	(557,848)	(518,549)
Deficit of Ascend Wellness Holdings, Inc. common stockholders	(85,911)	(47,440)
Non-controlling interests	823	823
Total stockholders' deficit	(85,088)	(46,617)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT	888,322	907,929
Class A common stock
Stockholders' Deficit
Class A and Class B common stock	203	202
Class B common stock
Stockholders' Deficit
Class A and Class B common stock	$ 0	$ 0