AAWH Ascend Wellness Holdings, Inc.

Overview and Growth

In fiscal 2025, Ascend Wellness Holdings, Inc. recorded revenue of $500.58M. Revenue of $500.58M sets the scale for evaluating how effectively sales translated into profit and cash during the year. The top line contracted 10.9% from $561.60M in fiscal 2024; this top-line contraction left the company with a smaller revenue base. The company reported diluted EPS of -$0.58, adding a shareholder-level measure to the absolute income figures considered below. Total assets stood at $907.93M, showing the scale of resources supporting revenue, earnings, liquidity, and financing. The revenue-to-assets relationship was 0.55x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

The first profit layer was $169.68M of gross profit, the amount available after reported direct revenue costs to absorb operating expenses. Gross profit represented 33.9% of revenue, showing how much of the top line remained after direct costs. Operations produced a $17.01M operating loss before non-operating and tax effects. The operating loss equaled 3.4% of revenue, showing the scale of the operating deficit relative to sales. Reported EBITDA totaled $24.03M, adding a pre-interest, tax, depreciation, and amortization perspective to the profitability profile. The pretax result was a loss of $66.81M, establishing the deficit before tax effects. Pretax margin was -13.3%, reflecting a pre-tax loss equal to 13.3% of revenue. The company recognized $51.38M of income tax for the period, completing the transition from pretax income to net income.

Liquidity and Capital Structure

Total assets were $907.93M, supported by $954.55M of liabilities and -$46.62M of shareholder equity. The company reported negative equity of -$46.62M, a capital deficit that reduces its ability to absorb losses through book equity. Current assets were $208.95M against $109.01M of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. At 1.92x, the current ratio shows that short-term assets were greater than short-term liabilities at period end. Cash and equivalents totaled $85.68M, identifying the most liquid reported component available within the broader current-asset balance. The cash balance equaled 78.6% of current liabilities, showing how much near-term coverage came from cash alone. Total debt was $301.47M, establishing the amount of borrowing carried within the company’s capital structure. Debt represented 33.2% of total assets, placing borrowing in the context of the company’s full resource base. Book equity represented -5.1% of total assets, quantifying the balance-sheet share supported by shareholder capital. Liabilities represented 105.1% of total assets, quantifying the liability-funded share of the company’s resource base. Cash and equivalents equaled 9.4% of total assets, showing the liquid cash component within the company’s broader resource base. The asset base changed 0.8% from $900.43M in fiscal 2024, leaving current total assets higher year over year. Reported equity changed 164.9% from $71.80M in fiscal 2024, placing the current capital base lower year over year. Compared with $88.25M in fiscal 2024, the current cash balance moved 2.9% and finished lower.

Cash Flow and Earnings Quality

Cash flow from operations was $38.05M, a reported cash inflow that can be compared directly with net income and capital spending. Capital expenditures used $26.01M, identifying the reported investment outflow deducted from operating cash flow in the free-cash-flow calculation. Capital expenditures represented 68.3% of operating cash flow, leaving the remainder available as free cash flow. Free cash flow came to $12.04M, leaving a positive amount after capital expenditures. Relative to revenue, free cash flow equaled 2.4%, showing how much sales converted into cash after investment. The free-cash-flow-to-assets relationship was 1.3%, comparing post-investment cash with the balance-sheet asset base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.