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]
AWH ANNOUNCES FOURTH QUARTER AND FULL YEAR 2024 FINANCIAL RESULTS