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]