MariMed Reports Third Quarter 2025 Earnings

Core Insights - MariMed Inc. reported financial results for Q3 2025, highlighting sequential growth in revenue, adjusted EBITDA, and operating cash flow, driven by wholesale sales and expansion into new markets [2][3] Financial Performance - Revenue for Q3 2025 was $40.8 million, slightly up from $40.6 million in Q3 2024 [3] - GAAP gross margin decreased to 40% from 41% year-over-year, while non-GAAP gross margin also fell to 41% from 43% [3] - The company reported a GAAP net loss of $2.9 million compared to a loss of $1.0 million in Q3 2024, and a non-GAAP net loss of $1.5 million, down from a net income of $0.5 million in the same period last year [3] - Non-GAAP adjusted EBITDA increased to $5.1 million from $4.7 million year-over-year, with an adjusted EBITDA margin of 13% [3] Operational Highlights - The company expanded its distribution of Betty's Eddies™ to Maine and entered into a Managed Services Agreement in Pennsylvania [5][6] - New agreements were established to distribute products in high-growth states like Pennsylvania and New York, with anticipated distribution starting in 2026 [6][10] - The launch of adult-use sales in Delaware contributed to revenue growth, despite facing competition in Illinois [2][5] Cash Flow and Assets - Cash and cash equivalents at the end of Q3 2025 were $6.6 million, down from $7.3 million at the end of 2024 [19] - Total current assets increased to $60.1 million from $53.5 million year-over-year, driven by higher inventory levels [19] - Total liabilities rose to $136.6 million from $129.4 million, with current liabilities also increasing [19] Strategic Initiatives - The company is focused on owning top-selling national cannabis brands and expanding its brand portfolio into new markets [2] - MariMed's management emphasized disciplined cost management and operational efficiencies to improve profitability [2]