Core Insights - Ascend Wellness Holdings, Inc. (AWH) reported its financial results for Q2 2025, highlighting a tenth consecutive quarter of positive operating cash flow, generating $17.8 million [1] - The company fully retired a $60 million term loan through strategic refinancing, enhancing its capital structure and financial flexibility [5][4] - AWH ended the quarter with a robust cash position of $95.3 million, despite a sequential decrease of $4.8 million [14] Financial Highlights - Total net revenue for Q2 2025 was $127.3 million, reflecting a slight decrease of 0.5% quarter-over-quarter, with retail revenue increasing by 2.5% to $86.5 million and wholesale revenue decreasing by 6.4% to $40.8 million [7][8][9] - The net loss for Q2 2025 was $24.4 million, compared to a net loss of $19.3 million in Q1 2025 [12] - Adjusted EBITDA for Q2 2025 was $28.6 million, representing a 22.4% margin, which is a 5.7% increase quarter-over-quarter [13] Operational Developments - AWH expanded its retail footprint by adding five locations in key markets during H1 2025, bringing the total store count to 44, with a target of 60 stores [5] - The company commercialized 225 SKUs in H1 2025, with plans for an additional ~300 SKUs for the remainder of the year [5] - AWH launched a new e-commerce ecosystem, including a redesigned digital shopping platform and a revamped loyalty program [5][6] Cost Management - General and administrative expenses for Q2 2025 were $42.4 million, or 33.3% of revenue, an increase from $37.1 million in Q1 2025 [11] - The company achieved improvements in adjusted gross profit, which was $55.3 million for Q2 2025, or 43.4% of revenue, compared to $52.2 million, or 40.8% of revenue, in the prior quarter [10][34] Debt Management - AWH's net debt as of June 30, 2025, was $254.3 million, reflecting the repayment of the term loan and the refinancing efforts [14][5] - The company utilized $10 million in cash on hand and $50 million through a private placement of senior secured notes to retire the term loan [5]