Core Insights - Ascend Wellness Holdings, Inc. (AWH) reported Q4 2025 revenue of $120.5 million and full-year revenue of $500.6 million, reflecting a strategic focus on densification and profitability [1][2] - The company achieved an Adjusted EBITDA Margin of 25.1% in Q4 2025 and 23.4% for FY 2025, indicating improved operational efficiency [1][2] - AWH maintained strong liquidity with $85.7 million in cash and no significant near-term debt, positioning itself for future growth [1][2] Financial Performance - Q4 2025 total net revenue was $120.5 million, a 3.4% decline from Q3 2025, with retail revenue increasing by 1.4% to $85.0 million [2][3] - FY 2025 total net revenue was $500.6 million, a 10.9% year-over-year decline, with retail revenue at $339.6 million, down 8.8% from FY 2024 [2][3] - Gross profit for Q4 2025 was $45.1 million, or 37.4% of revenue, compared to $43.6 million, or 35.0% in Q3 2025 [2][3] Business Highlights - AWH executed a densification strategy, opening eight new dispensaries in 2025, expanding its retail footprint to 48 locations, with plans for 12 more [1][2] - The company launched a record 566 SKUs in FY 2025, exceeding its goal of 550, and introduced new brands and product formats [1][2] - AWH's e-commerce ecosystem was enhanced, with a 56% growth in loyalty program membership and a 49.4% increase in sales through Ascend Pay [1][2] Management Commentary - The CEO highlighted 2025 as a pivotal year, emphasizing progress in densification, profitability, and sustainability, with a target of 60 stores by the end of 2026 [2][3] - The CFO noted strengthened financial flexibility and liquidity, establishing a stable capital foundation for disciplined expansion [2][3] Outlook - For Q1 2026, AWH anticipates a low to mid-single digit decline in topline revenue due to post-holiday consumer softness and ongoing pricing pressures [3] - Despite these challenges, the company expects Adjusted EBITDA Margin to remain in the low-20% range, supported by new store openings and commercialization of higher-margin SKUs [3]

Core Insights - Ascend Wellness Holdings, Inc. ("AWH") expects Q4 2025 revenue to be approximately $120 million and FY 2025 revenue to be around $500 million, with Adjusted EBITDA of about $30 million and $117 million respectively [1][2] - The company reported an Adjusted EBITDA margin of approximately 25% for Q4 2025 and 23% for FY 2025, indicating effective cost management and operational efficiency [2][3] - AWH maintains a strong balance sheet with $86 million in cash and no significant debt maturities until 2029, providing financial stability for future operations and expansion [1][3] Financial Performance - For Q4 2025, AWH anticipates net revenue of ~$120 million and Adjusted EBITDA of ~$30 million, reflecting a solid performance in the cannabis sector [2] - The full year 2025 is projected to yield net revenue of ~$500 million and Adjusted EBITDA of ~$117 million, showcasing growth in the company's financial metrics [2] - The company achieved an Adjusted EBITDA margin of ~25% in Q4 2025 and ~23% for FY 2025, demonstrating effective cost controls and a favorable product mix [2][3] Strategic Initiatives - AWH has expanded its retail footprint to 47 stores as part of its densification strategy, focusing on a customer-centric, consumer packaged goods (CPG) operating model [3] - The company has successfully increased its product and brand portfolio, leading to market share gains in its core markets [3] - AWH is pursuing a disciplined approach to its expansion pipeline and M&A initiatives, supported by its strong liquidity and operational platform [3] Legal and Compliance Matters - On February 5, 2026, AWH was notified of an arbitration award in favor of Green Thumb Industries, Inc. regarding a 2018 agreement, which the company disputes [3] - Despite the arbitration outcome, AWH asserts it has sufficient liquidity to continue operations and comply with loan covenants [3]

As filed with the Securities and Exchange Commission on December 31, 2025 Registration Statement No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ASPIRA WOMEN'S HEALTH INC. (Exact name of registrant as specified in its charter) | Delaware | 2835 | 33-0595156 | | --- | --- | --- | | (State or other jurisdiction of | (Primary Standard Industrial | (I.R.S. Employer | | incorporation or organization) | Classificatio ...

Financial Performance - Total revenue for Q3 2025 was $2,305,000, a 2.1% increase from $2,257,000 in Q3 2024[10] - Gross profit for Q3 2025 was $1,383,000, compared to $1,355,000 in Q3 2024, reflecting a gross margin improvement[10] - Net loss for Q3 2025 was $4,892,000, compared to a net loss of $3,547,000 in Q3 2024, representing an increase in losses[10] - For the nine months ended September 30, 2025, the company reported a net loss of $9,411,000, an improvement from a net loss of $11,706,000 for the same period in 2024, representing a 19.7% reduction in losses[14] - Product revenue for the three months ended September 30, 2025, was $2,305,000, a 2% increase from $2,257,000 in the same period in 2024[190] - Product revenue for the nine months ended September 30, 2025, was $6,988,000, a 2% increase from $6,833,000 in 2024[202]. Expenses and Cost Management - Operating expenses for Q3 2025 totaled $2,962,000, down from $5,099,000 in Q3 2024, indicating a significant reduction in costs[10] - Research and development expenses for Q3 2025 were $739,000, down from $908,000 in Q3 2024, indicating a focus on cost management[10] - Personnel costs for the three months ended September 30, 2025, were $1,635,000, down from $3,294,000 in the same period of 2024, showing a reduction of 50.5%[32] - Sales and marketing expenses for the three months ended September 30, 2025, decreased by $1,460,000, or 68%, compared to the same period in 2024[196]. - General and administrative expenses for the three months ended September 30, 2025, decreased by $508,000, or 25%, compared to the same period in 2024[197]. Cash and Assets - Cash and cash equivalents increased to $3,809,000 as of September 30, 2025, up from $1,769,000 at December 31, 2024[9] - Total assets rose to $7,296,000 as of September 30, 2025, compared to $5,491,000 at December 31, 2024[9] - Total liabilities increased to $11,640,000 as of September 30, 2025, up from $8,054,000 at December 31, 2024[9] - The accumulated deficit increased to $540,808,000 as of September 30, 2025, compared to $531,397,000 at December 31, 2024[9] Shareholder and Capital Management - The company issued 6,550,000 shares under a private placement offering, raising approximately $2,815,000 net of issuance costs[12] - The company plans to raise capital through equity offerings and may experience significant dilution for existing shareholders[20] - The company has outstanding warrants that may be exercised, although there is no assurance that they will be[19] Market and Product Development - The company’s operations are focused on developing and commercializing diagnostic tests for gynecologic disease, including the Ova1Plus workflow and OvaWatch[17] - The company plans to broaden its commercial focus from ovarian cancer to include differential diagnosis of other gynecological diseases, which is expected to enhance market opportunities[154] - The addressable market for the company's tests is projected to increase to between 2 and 4 million tests per year following the successful expansion of the OvaWatch test features[166] - The ENDOinform program aims to develop a multi-marker test for diagnosing endometriosis, targeting a market of over 6.5 million women in the U.S.[165] Operational Highlights - The number of OvaSuite tests performed decreased by 5% to 5,727 during the three months ended September 30, 2025, compared to 6,001 tests in the same period in 2024[191] - The company rebalanced its salesforce, resulting in a 167% increase in sales per full-time equivalent salesperson in Q3 2025 compared to Q3 2024[180] - OvaWatch was approved for sale in New York State, expanding the distribution agreement with BioReference to include this product[169] Regulatory and Compliance - The company’s common stock was delisted from Nasdaq on April 15, 2025, due to failure to meet the minimum stockholders' equity requirement[22] - The company has applied for an LCD for OvaWatch, which is currently under review, to enhance reimbursement coverage[173] Future Outlook - The company expects to continue incurring net losses and negative cash flows from operations for the remainder of 2025[18] - The company is evaluating the potential impact of ASU 2023-09, which addresses income tax disclosures, effective for fiscal years beginning after December 15, 2024[43]

Revenue Performance - Aspira reported total product revenues of $2.3 million for Q3 2025, remaining flat compared to Q3 2024, with a 7.0% year-over-year increase in average unit price per test[1][2] - The company generated approximately $7.0 million in revenue for the nine months ending September 30, 2025, with a 9.3% increase in average unit price, offset by a 6.4% decrease in the number of tests sold[6] - Total revenue for Q3 2025 was $2,305,000, a 2.1% increase from $2,257,000 in Q3 2024[16] Profitability and Expenses - Gross profit increased to approximately $4.5 million for the nine months ended September 30, 2025, representing a 12.2% increase, with gross margins improving to 64.1% from 58.4% year-over-year[6] - Operating expenses in Q3 2025 totaled $2,962,000, down from $5,099,000 in Q3 2024, indicating a significant reduction[16] - Total operating expenses decreased to $11.1 million for the nine months ended September 30, 2025, a 34.0% reduction from $16.8 million in the same period in 2024[6] - Cash used in operations was $5.0 million for the nine months ended September 30, 2025, representing a 54.5% reduction compared to $11.1 million in the same period in 2024[6] - Net loss for Q3 2025 was $4,892,000, compared to a net loss of $3,547,000 in Q3 2024, showing an increase in losses[16] - Net loss per share for Q3 2025 was $0.13, compared to $0.23 in Q3 2024[16] - Research and development expenses decreased to $739,000 in Q3 2025 from $908,000 in Q3 2024[16] - Sales and marketing expenses significantly decreased to $683,000 in Q3 2025 from $2,143,000 in Q3 2024[16] - General and administrative expenses were $1,540,000 in Q3 2025, down from $2,048,000 in Q3 2024[16] Assets and Liabilities - Aspira's current liabilities decreased to $4.2 million as of September 30, 2025, a 23.2% reduction from $5.5 million reported on December 31, 2024[7] - Total assets increased to $7.3 million as of September 30, 2025, compared to $5.5 million as of December 31, 2024[15] Sales Performance - The company achieved a 167% increase in sales per full-time equivalent salesperson in Q3 2025 compared to Q3 2024, driven by a focus on large healthcare systems[6] Strategic Focus - Aspira is emphasizing profitable revenue growth over specimen volume, with a compensation shift to incentivize this change starting in Q3 2025[3][4] - The company is maintaining strong momentum in research and development, particularly with the ENDOinform™ test, expecting to share updates as it approaches commercial readiness[8] Cost of Revenue - Total cost of revenue for Q3 2025 was $922,000, compared to $902,000 in Q3 2024, showing a slight increase[16]

Core Insights - Ascend Wellness Holdings, Inc. reported Q3 2025 net revenue of $124.7 million, a 2.0% sequential decline, primarily due to a 3.1% decrease in retail revenue, which was partially offset by a slight increase in wholesale revenue [4][5][6] - The company achieved an Adjusted EBITDA of $31.1 million for Q3 2025, representing a margin of 24.9%, with an 8.9% increase quarter-over-quarter [3][11] - Ascend expanded its market presence by adding seven new stores year-to-date, bringing its total to 46 locations nationwide, and plans to open additional stores in New Jersey [6][19] Financial Highlights - Q3 2025 net revenue was $124.7 million, down from $127.3 million in Q2 2025 [4][10] - Retail revenue totaled $83.8 million, reflecting a 3.1% sequential decline due to price compression and lower transaction volumes [5][10] - Wholesale revenue increased by 0.3% to $41.0 million, driven by a strategic shift towards higher-margin finished products [7][10] - Adjusted Gross Profit was $57.8 million, or 46.4% of revenue, compared to $55.3 million, or 43.4% in Q2 2025 [8][10] - The company reported a net loss of $25.8 million for Q3 2025, compared to a loss of $24.4 million in the previous quarter [10][11] Operational Developments - The company executed a densification strategy by adding seven new retail stores, with plans for 13 additional stores to reach a target of 60 locations within the next 12 months [6][19] - Ascend launched over 420 new SKUs year-to-date, with a goal of nearly 550 SKU launches for the full year [6][8] - The company introduced new product lines, including effects-based vapes and gummies, enhancing its brand portfolio [6][8] Capital and Financing - Ascend completed a $9.3 million mortgage financing secured by its Ohio assets at an interest rate of 8.5% [3][10] - Cash and cash equivalents at the end of Q3 2025 were $87.3 million, with net debt reported at $281.8 million [12][14]

As filed with the Securities and Exchange Commission on October 20, 2025 Registration Statement No. 333-290633 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Amendment No. 1 to FORM S-1 ASPIRA WOMEN'S HEALTH INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Delaware 2835 33-0595156 (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Identification Number) REGISTRATION STATEMENT UNDER THE S ...

Core Points - Ascend Wellness Holdings, Inc. (AWH) will hold a conference call on November 10, 2025, at 5:00 PM ET to discuss its third quarter 2025 financial results [1][2] - The conference call can be accessed via a dial-in number or a live webcast, which will also be archived for replay [2] Company Overview - AWH is a multi-state, vertically integrated cannabis operator with assets in Illinois, Maryland, Massachusetts, Michigan, New Jersey, Ohio, and Pennsylvania [2] - The company owns and operates advanced cultivation facilities, producing award-winning strains and a curated selection of products for both retail and wholesale customers [2] - AWH's product lines include in-house brands such as Simply Herb, Ozone, Ozone Reserve, High Wired, Effin', Common Goods, and Royale [2]

As filed with the Securities and Exchange Commission on September 30, 2025 Registration Statement No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ASPIRA WOMEN'S HEALTH INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) Delaware 2835 33-0595156 (I.R.S. Employer Identification Number) 1 ...

Core Insights - Ascend Wellness Holdings, Inc. (AWH) has successfully closed a secured financing transaction amounting to $9,345,000 with CF Bank, utilizing real estate as collateral on three properties in Ohio [1] - The financing carries an interest rate of 8.5% per annum and is set to mature in September 2030, which is expected to enhance AWH's balance sheet and support its growth in Ohio's cannabis market [1] - AWH operates in multiple states, including Illinois, Maryland, Massachusetts, Michigan, New Jersey, Ohio, and Pennsylvania, and produces a variety of cannabis products under several brands [1] Financing Details - The secured financing transaction is referred to as the Ohio Mortgage Loan, which is backed by real estate owned by AWH in Cincinnati, Sandusky, and Piqua, Ohio [1] - The competitive interest rate of 8.5% is positioned as a low-cost capital financing option for the company [1] Company Positioning - AWH's CEO, Sam Brill, emphasized that this financing transaction positions the company well to serve patients and local communities while pursuing further growth opportunities [1] - The company aims to deliver value to shareholders through strategic financial maneuvers and operational expansions in the emerging Ohio market [1]