NEW YORK, July 10, 2025 /PRNewswire/ - Ascend Wellness Holdings, Inc. ("AWH", "Ascend" or the "Company") (CSE: AAWH-U.CN) (OTCQX: AAWH), a multi-state, vertically integrated cannabis operator, today announced that it will hold a conference call on Thursday, August 7, 2025, at 5:00 PM ET following the release of its second quarter 2025 financial results. The earnings conference call may be accessed by dialing 1-888-699-1199. A live webcast will also be available on the Investor Relations section of the AWH w ...

Financial Performance - Total revenue for the three months ended March 31, 2025, was $2,279,000, representing an increase of 5.85% compared to $2,153,000 for the same period in 2024[12] - Gross profit for the same period was $1,560,000, up from $1,214,000, indicating a gross margin improvement[12] - The net loss for the three months ended March 31, 2025, was $1,853,000, a reduction from a net loss of $4,629,000 in the prior year, reflecting a 60% improvement[12] - Operating expenses of $4,800,000 for the three months ended March 31, 2025, down from $5,924,000 in the same period of 2024, a decrease of 18.9%[12] - The company reported a net loss of $1,853,000 for Q1 2025, a 60% improvement compared to a net loss of $4,629,000 in Q1 2024[177] Cash and Liquidity - Cash and cash equivalents increased to $3,312,000 as of March 31, 2025, compared to $1,769,000 at the end of 2024[10] - Total current liabilities decreased to $3,791,000 from $5,468,000, showing a reduction of approximately 30.7%[10] - The company plans to take further actions to protect its liquidity position, including potential capital raising efforts[23] - The Company expects cash from product sales and licensing to be its only material, recurring source of cash in 2025, raising substantial doubt about its ability to continue as a going concern within one year[25] Research and Development - Research and development expenses were $973,000, slightly up from $906,000, indicating continued investment in product development[12] - The company entered into a consulting agreement with Biodesix, Inc., incurring $116,000 in research and development expenses as of March 31, 2025[129] - The OVAinform test is being developed in collaboration with leading institutions, aiming to improve ovarian cancer risk assessment through a multi-marker approach[169] - The company is developing a new non-invasive test for endometriosis, with a confirmed algorithm from three independent cohorts[156] Equity and Financing - The Company raised approximately $3,484,000 from the sale of 12,277,441 shares under the 2024 At the Market Offering during Q1 2025[92] - The gross proceeds from the 2024 Direct Offering were approximately $5,563,000, with expenses of about $733,000 deducted[100] - A private placement was initiated on March 5, 2025, raising a gross principal amount of $1,365,500 through Senior Secured Convertible Promissory Notes[207] - The conversion of the Convertible Notes occurred on March 12, 2025, resulting in the issuance of 5,465,850 shares and warrants to purchase 12,298,177 shares[208] Market and Product Development - The addressable market for the company's tests has increased to between 2 and 4 million tests per year, following the successful expansion of the OvaWatch test features[154] - The OVAinform development program is progressing, with an expected addressable market increase to 2,800,000 by including patients with genetic and familial risk[155] - The company plans to broaden its commercial focus to include differential diagnosis of various gynecological diseases, expanding beyond ovarian cancer[150] - The endometriosis portfolio targets an addressable market of over 6.5 million women in the U.S., indicating significant demand for non-invasive diagnostics[157] Cost Management - The Company has implemented cost-reduction strategies, including reducing executive bonuses and discretionary marketing programs, to manage financial challenges[27] - Sales and marketing expenses decreased by 43% to $1,058,000 in Q1 2025 from $1,861,000 in Q1 2024, mainly due to lower personnel and travel costs[183] - General and administrative expenses decreased by 12% to $2,823,000 in Q1 2025 from $3,211,000 in Q1 2024, attributed to reduced personnel and legal fees[184] Stock and Warrants - The Company recorded fair value of the 2022 Warrants as approximately $1,000 as of March 31, 2025, down from $60,000 as of December 31, 2024, indicating significant volatility in warrant valuations[44] - The fair value of the March 2025 Warrants was approximately $616,000 as of March 31, 2025, down from $1,477,000 on the date of issuance, reflecting a change in fair value of $861,000 reported in the statement of operations[49] - The Company has outstanding warrants to purchase shares of its common stock, but there is no assurance that these warrants will be exercised[24] Compliance and Regulatory - The company’s common stock was delisted from Nasdaq due to failure to meet the minimum stockholders' equity requirement of $2.5 million, and is now traded on the OTC Markets Group[138] - The company has a non-refundable royalty payment obligation of up to $1,350,000 based on regulatory approvals and commercialization milestones under the Dana-Farber, Brigham, Lodz License Agreement[78]

Financial Performance - Revenue for Q1 2025 was approximately $2.28 million, a 5.9% increase from $2.15 million in Q1 2024, driven by select price increases[1] - Gross profit increased to approximately $1.6 million in Q1 2025, representing a 28.5% increase from $1.2 million in Q1 2024, with gross margins improving to 68.5% from 56.4%[1] - The company reported a net loss of $1.85 million in Q1 2025, an improvement from a net loss of $4.63 million in Q1 2024[10] Operating Expenses and Cash Flow - Total operating expenses decreased to $4.8 million in Q1 2025, a 19% reduction from $5.9 million in Q1 2024, primarily due to a $0.8 million decrease in selling expenses[1] - Cash used in operations was $3.1 million in Q1 2025, a 30% reduction from $4.4 million in Q1 2024, reflecting improved cost control[1] Balance Sheet and Liquidity - Current liabilities decreased by $1.7 million, or 30.1%, to $3.8 million as of March 31, 2025, from $5.5 million as of December 31, 2024[1] - Cash on hand increased to $3.3 million as of March 31, 2025, compared to $1.8 million as of December 31, 2024[1] Sales and Leadership - The new leadership team has focused on improving sales productivity, achieving a 94% increase in revenue per full-time equivalent salesperson compared to Q1 2024[1] Research and Development - The company is committed to an aggressive R&D timeline for ENDOInform™, with material updates expected by the end of 2025[2] - Aspira is developing a non-invasive test for endometriosis, aiming to enhance the sensitivity and specificity of current tests by combining microRNA and protein biomarkers with patient data[5]

Core Insights - Ascend Wellness Holdings, Inc. reported Q1 2025 net revenue of $128.0 million, a decrease of 5.9% quarter-over-quarter, with retail revenue down 6.6% and wholesale revenue down 4.4% [1][7][8] - The company generated positive cash from operations of $5.9 million, marking the ninth consecutive quarter of positive operating cash flow [1][11] - The company ended Q1 2025 with $100.0 million in cash and cash equivalents, reflecting a sequential increase of $11.7 million [1][11] Business Highlights - The company is focused on executing a densification strategy aimed at increasing store count by approximately 50% in the medium term, targeting ten new stores in 2025 [6][7] - New product launches and store openings are anticipated in the coming months to enhance consumer experience and expand access [6][7] Financial Highlights - Adjusted EBITDA for Q1 2025 was $27.0 million, representing a margin of 21.1%, a decrease of 10.7% from the previous quarter [7][11] - The net loss for Q1 2025 was $19.3 million, compared to a net loss of $16.8 million in Q4 2024 [7][10] - Total general and administrative expenses decreased to $37.1 million, or 29.0% of revenue, down from $40.8 million, or 30.0% of revenue, in Q4 2024 [10][11] Revenue Breakdown - Total net revenue of $128.0 million included retail revenue of $84.4 million and wholesale revenue of $43.6 million, both showing declines due to competitive pressures and pricing [7][8] - Gross profit for Q1 2025 was $39.6 million, or 30.9% of revenue, down from $46.9 million, or 34.5% of revenue, in Q4 2024 [9][11] Cash Flow and Balance Sheet - Free Cash Flow for Q1 2025 was $1.2 million, calculated as cash from operations minus capital expenditures [5][11] - Net Debt as of March 31, 2025, was $233.0 million, reflecting total debt less cash and cash equivalents [4][11] - The company launched a share buyback program in January 2025, repurchasing 1,571,500 shares by April 30, 2025 [7]

Core Points - Ascend Wellness Holdings, Inc. will hold a conference call on May 12, 2025, at 5:00 PM ET to discuss its first quarter 2025 financial results [1] - The conference call can be accessed via a dial-in number or a live webcast on the company's Investor Relations website [2][3] - Ascend Wellness Holdings operates in multiple states including Illinois, Maryland, Massachusetts, Michigan, New Jersey, Ohio, and Pennsylvania, and is involved in the cultivation and distribution of cannabis products [3]

Financial Performance - Total revenue for the year ended December 31, 2024, was $9,182,000, a slight increase of $28,000 or 0.3% compared to $9,154,000 in 2023[305] - The net loss for the year ended December 31, 2024, was $13,094,000, a decrease of $3,596,000 or 22% compared to a net loss of $16,690,000 in 2023[305] - Other income increased by $1,386,000 in 2024, primarily due to a one-time federal government award of $2,000,000[315] - The accumulated deficit as of December 31, 2024, was approximately $531,397,000, with expectations of incurring a net loss in 2025[303] Expenses - Cost of product revenue decreased by $189,000 or 5% to $3,703,000 in 2024, primarily due to reduced consulting costs and lab supplies[307] - Research and development expenses decreased by $769,000 or 19% to $3,266,000 in 2024, mainly due to lower employment-related expenses and clinical trial costs[308] - Sales and marketing expenses increased by $334,000 or 4% to $8,146,000 in 2024, driven by costs related to the contracted sales team and increased personnel costs[310] - General and administrative expenses decreased by $1,922,000 or 16% to $10,345,000 in 2024, attributed to reductions in employment-related expenses and consulting costs[311] Cash Flow - Net cash used in operating activities was $12,113,000 for the year ended December 31, 2024, primarily due to a net loss of $13,094,000 and changes in fair value of warrant liabilities totaling approximately $1,346,000[318] - Net cash used in operating activities was $15,894,000 for the year ended December 31, 2023, resulting from a net loss of $16,690,000 and the forgiveness of a DECD loan of $1,000,000[319] - Net cash provided by financing activities was $11,064,000 for the year ended December 31, 2024, mainly from a registered direct offering with net proceeds of $4,830,000[321] - Net cash provided by financing activities was $5,216,000 for the year ended December 31, 2023, primarily from a registered direct offering with net proceeds of $4,119,000[322] Future Outlook - The company plans to continue expanding access to its tests among Medicaid patients and advocate for legislation to enhance product adoption[295] - The company expects to raise additional capital through public or private equity offerings, debt financing, collaborations, or licensing arrangements to continue operations through 2025 and beyond[328] - The company expects to incur a net loss and negative cash flows from operations in 2025[369] - The company expects revenue from its products to be its only material, recurring source of cash in 2025[368] Share Issuance - For the year ended December 31, 2023, the company sold 472,312 shares for gross proceeds of approximately $1,578,000 under the 2023 Equity Line of Credit Agreement[345] - In 2024, the company sold 949,574 shares under the same agreement for gross proceeds of approximately $1,900,000, totaling 1,310,517 shares and approximately $3,078,000 over the agreement's life[346] - The company issued 1,650,473 shares at an offering price of $2.75 per share, generating gross proceeds of approximately $4.7 million from the 2023 Direct Offering[349] - The 2024 Direct Offering generated gross proceeds of approximately $5,563,000 from the issuance of 1,368,600 shares at an offering price of $3.50 per share[352] - The company sold 1,073,050 shares under the 2024 At the Market Offering for gross proceeds of approximately $903,000 during the year ended December 31, 2024[360] - The company raised approximately $1,909,000 from the 2024 Private Placement Offering by issuing 1,248,529 shares and accompanying warrants[357] Licensing and Collaborations - The company entered into a licensing agreement with Harvard's Dana-Farber Cancer Institute, with an initial license fee of $75,000 and potential royalty payments of up to $1,350,000 based on regulatory approvals and commercialization milestones[336] - Royalty expenses for the years ended December 31, 2024, and 2023 totaled $293,000 and $324,000, respectively, related to a research collaboration agreement[333] Financial Position - The company has significant NOL carryforwards as of December 31, 2024, which are subject to a full valuation allowance due to a history of operating losses[323] - The company incurred an accumulated deficit of $531,397,000 and a stockholders' deficit of $2,563,000 as of December 31, 2024[368] - The company has $1,769,000 in cash and cash equivalents and $5,468,000 in current liabilities as of December 31, 2024[368]

Revenue Performance - Record OvaSuite revenue of $9.2 million and volume of 24,305 units sold for the year ended December 31, 2024[1] - Product revenue increased 9.5% to $2.3 million for Q4 2024 compared to $2.1 million for Q4 2023[4] - The number of OvaSuite tests performed increased 6.1% to approximately 6,004 in Q4 2024 compared to approximately 5,659 in Q4 2023[4] Profitability - Gross profit margin improved 6.2 percentage points to 63.4% for Q4 2024 compared to 57.2% for Q4 2023[4] Operating Expenses - Total operating expenses decreased by $0.4 million, or 8%, to $4.9 million for Q4 2024 compared to the same period in 2023[4] - Total operating expenses for the year ended December 31, 2024, were $21.8 million, a decrease of $2.4 million, or 10%, compared to 2023[4] Cash Position - Cash balance as of March 27, 2024, was approximately $3.7 million, excluding a pending $1.5 million ARPA-H milestone payment[4] Strategic Initiatives - The company aims to accelerate top-line revenue growth through an improved go-to-market strategy in 2025[5] - The company received a $10 million Federal Government investment in ENDOinform, which will support its research and development pipeline[5] Pricing - Average unit price (AUP) decreased 1.0% to $378 for the year ended December 31, 2024, compared to $382 for the same period in 2023[4]

Core Insights - Ascend Wellness Holdings, Inc. reported a full year 2024 net revenue increase of 8.3% year-over-year to $561.6 million, driven primarily by a 28.5% increase in wholesale revenue [10][18][21] - The company achieved a full year adjusted EBITDA of $116.2 million, representing a 9.1% increase year-over-year, with an adjusted EBITDA margin of 20.7% [10][22] - The company ended Q4 2024 with $88.3 million in cash and cash equivalents, marking the second consecutive year of positive cash from operations and free cash flow [10][17] Financial Performance - Full Year 2024: - Net revenue increased to $561.6 million, with retail revenue up 0.3% to $372.2 million and wholesale revenue up 28.5% to $189.4 million [10][18] - Net loss for the year was $85.0 million, compared to a net loss of $48.2 million in 2023 [10][21] - Adjusted EBITDA was $116.2 million, with a margin of 20.7%, reflecting a 15-basis point increase from the previous year [10][22] - Q4 2024: - Total net revenue decreased by 4.0% quarter-over-quarter to $136.0 million, with retail revenue down 3.5% and wholesale revenue down 5.0% [10][12] - Adjusted EBITDA for the quarter was $30.2 million, representing a 22.2% margin, a 450-basis point increase from Q3 2024 [10][16] Operational Highlights - The company opened four new dispensaries in 2024, increasing its total network to 39 locations [10][5] - AWH launched the Effin' brand, which quickly became the top-selling edibles brand in its stores [10][6] - The company successfully repurchased 11 million shares of Class A common stock, representing over 5% of outstanding shares, to enhance shareholder value [10][6] Strategic Initiatives - AWH is focused on a densification strategy aimed at increasing store count by 50% in the medium term, with ten stores currently in development [10][6] - The company has implemented cost-saving initiatives that have resulted in $30 million in annualized savings, contributing to improved profitability [10][9] - Management emphasized a commitment to providing high-quality products and enhancing operational efficiency to drive long-term success [10][11]

Core Points - Ascend Wellness Holdings, Inc. will hold a conference call on March 12, 2025, at 5:00 PM ET to discuss its fourth quarter 2024 financial results [1][2][3] - The conference call can be accessed via a dial-in number or a live webcast, which will also be archived for replay [2][3] Company Overview - Ascend Wellness Holdings, Inc. is a vertically integrated cannabis operator with assets in multiple states including Illinois, Maryland, Massachusetts, Michigan, New Jersey, Ohio, and Pennsylvania [4] - The company operates state-of-the-art cultivation facilities and produces a curated selection of products under various brands such as Common Goods, Simply Herb, Ozone, Ozone Reserve, Effin', and Royale [4]

Core Points - Aspira Women's Health Inc. announced the departure of CEO Nicole Sandford due to family health matters, with President Dr. Sandra Milligan stepping in as interim CEO while a search for a permanent successor is conducted [1][2] - During her tenure, Sandford contributed to the launch of the OvaWatch multivariate assay and secured a $10 million award for endometriosis detection product development, positioning the company for future growth [2] - Aspira focuses on developing non-invasive, AI-powered diagnostic tests for gynecologic diseases, including ovarian cancer and endometriosis [3][5] Company Developments - The OvaSuite portfolio, which includes OvaWatch and Ova1Plus, provides comprehensive blood tests for ovarian cancer risk assessment, with OvaWatch offering a negative predictive value of 99% [4] - Aspira is expanding its ovarian cancer portfolio and developing a non-invasive test for endometriosis, aiming to enhance diagnostic sensitivity and specificity through the combination of microRNA and protein biomarkers with patient data [5]