| Metric | Q2 2025 | Q2 2025 Estimate | Q2 2024 | Y/Y Change | | --- | --- | --- | --- | --- | | EPS (Non-GAAP) | $0.40 | $(0.01) | N/A | N/A | | Revenue (GAAP) | $39.6 million | $40.93 million | $40.4 million | (2.0%) | | Adjusted EBITDA (Non-GAAP) | $4.9 million | | $4.4 million | 11.4% | | GAAP Gross Margin | 40.5% | | 41.8% | (1.3 pp) | | Adjusted EBITDA Margin (Non-GAAP) | 12.4% | | 10.8% | 1.6 pp | Business Overview and Strategic Focus MariMed is a vertically integrated cannabis operator with branded ...

Core Insights - Delaware has announced the commencement of adult-use cannabis sales, marking a significant expansion of its cannabis program [1] - MariMed, through its Delaware business unit First State Compassion (FSC), is positioned to lead in this high-growth market due to its decade-long experience and investments [1][4] Company Developments - MariMed has made improvements to its two dispensaries in Wilmington and Lewes to accommodate increased customer traffic from both residents and the nearly 30 million annual tourists [2] - The company is scaling production at its cultivation and processing facilities in Wilmington and Milford to meet rising demand, including popular products like Betty's Eddies chews and its flower brands [3] Industry Context - The leadership of local officials, including State Representative Osienski and State Senator Paradee, has been acknowledged for their role in responsibly growing Delaware's cannabis industry [4] - MariMed is recognized as a leading multi-state cannabis operator with a portfolio of award-winning brands, emphasizing quality and innovation in the cannabis market [4]