AAWH on OTC
Ascend Wellness Holdings, Inc.
Price unavailable
Last updated Oct 16, 2026.
Overview
Compare with Cresco Labs Inc., Tilray or USANA Health Sciences, or pick any stock.
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
33.9%Gross margin2
-3.4%Operating margin2
-23.6%Net margin2
-10.9%Revenue growth, 20252
$12.0MFree cash flow2
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Retail brought in 68% of the revenue Ascend Wellness Holdings, Inc. broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| Retail | $371.2M | $372.2M | $339.6M |
| Third-Party Wholesale | $147.4M | $189.4M | $161.0M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue66¢$330.9M
- Other costs24¢$118.3M
- Income tax10¢$51.4M
Out of $500.6M in revenue.2 The company lost money this year.
Where each dollar of operating cash went, fiscal 2025
- Capital spending68¢$26.0M
- Kept or used elsewhere32¢$12.0M
Out of $38.1M of cash from operations.2
Financial statements
Every line of the income statement in the latest annual report, as filed.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Revenue, net | $500.6M | $561.6M | $518.6M |
| Cost of goods sold | -$330.9M | -$377.4M | -$363.5M |
| Gross profit | $169.7M | $184.2M | $155.1M |
| General and administrative expenses | $169.7M | $179.5M | $158.7M |
| Settlement expense | $17.0M | $0 | $0 |
| Total operating expenses | $186.7M | $179.5M | $158.7M |
| Operating (loss) profit | -$17.0M | $4.7M | -$3.6M |
| Interest expense | -$51.3M | -$45.3M | -$37.0M |
| Other income, net | $1.5M | $707.0K | $25.8M |
| Total other expense | -$49.8M | -$44.6M | -$11.1M |
| Loss before income taxes | -$66.8M | -$39.8M | -$14.8M |
| Income tax expense | -$51.4M | -$45.2M | -$33.5M |
| Net loss | -$118.2M | -$85.0M | -$48.2M |
| Net loss per share attributable to Class A and Class B stockholders basic (in dollars per share) | -$0.58 | -$0.40 | -$0.24 |
| Net loss per share attributable to Class A and Class B stockholders diluted (in dollars per share) | -$0.58 | -$0.40 | -$0.24 |
| Weighted-average common shares outstanding basic (in shares) | 203.5M shares | 212.4M shares | 199.2M shares |
| Weighted-average common shares outstanding diluted (in shares) | 203.5M shares | 212.4M shares | 199.2M shares |
Every line of the balance sheet in the latest annual report, as filed.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $85.7M | $88.3M | |
| Accounts receivable, net | $27.0M | $36.5M | |
| Inventory | $84.7M | $89.6M | |
| Notes receivable | $349.0K | $4.1M | |
| Other current assets | $11.2M | $10.9M | |
| Total current assets | $208.9M | $229.4M | |
| Property and equipment, net | $382.4M | $260.5M | |
| Operating lease right-of-use assets | $47.1M | $139.1M | |
| Intangible assets, net | $196.1M | $205.5M | |
| Goodwill | $58.5M | $49.6M | $47.5M |
| Other non-current assets | $15.0M | $16.4M | |
| TOTAL ASSETS | $907.9M | $900.4M | |
| Accounts payable and accrued liabilities | $84.8M | $59.4M | |
| Current portion of debt, net | $10.4M | $72.7M | |
| Operating lease liabilities, current | $2.8M | $5.5M | |
| Finance lease and other lease financing liabilities, current | $2.9M | $1.2M | |
| Income taxes payable | $1.1M | $696.0K | |
| Other current liabilities | $7.1M | $5.1M | |
| Total current liabilities | $109.0M | $144.5M | |
| Long-term debt, net | $291.1M | $214.4M | |
| Operating lease liabilities, non-current | $60.5M | $267.2M | |
| Finance lease and other lease financing liabilities, non-current | $261.9M | $20.1M | |
| Deferred tax liabilities, net | $21.5M | $23.4M | |
| Other non-current liabilities | $210.5M | $158.9M | |
| Total liabilities | $954.5M | $828.6M | |
| Preferred stock, $0.001 par value per share; 10,000 shares authorized, none issued and outstanding as of December 31, 2025 and 2024, respectively (Note 12) | $0 | $0 | |
| Additional paid-in capital | $470.9M | $471.1M | |
| Accumulated deficit | -$518.5M | -$400.4M | |
| (Deficit) equity of Ascend Wellness Holdings, Inc. common stockholders | -$47.4M | $71.0M | |
| Non-controlling interests | $823.0K | $823.0K | |
| Total stockholders' (deficit) equity | -$46.6M | $71.8M | $142.9M |
| TOTAL LIABILITIES AND STOCKHOLDERS EQUITY (DEFICIT) | $907.9M | $900.4M | |
| Preferred stock, par value (in dollars per share) | $0.00 | $0.00 | |
| Preferred stock, shares authorized (in shares) | 10.0M shares | 10.0M shares | |
| Preferred stock, shares issued (in shares) | 0 shares | 0 shares | |
| Preferred stock, shares outstanding (in shares) | 0 shares | 0 shares | |
| Common stock, shares outstanding (in shares) | 202.2M shares | 205.0M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow in the latest annual report, as filed.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net loss | -$118.2M | -$85.0M | -$48.2M |
| Depreciation and amortization | $73.5M | $66.2M | $59.0M |
| Amortization of operating lease assets | $2.1M | $2.0M | $1.1M |
| Non-cash interest expense | $5.2M | $8.3M | $8.5M |
| Equity-based compensation expense | $2.4M | $18.6M | $19.8M |
| Deferred income taxes | -$8.0M | -$12.3M | -$12.2M |
| Loss (gain) on sale of assets | $55.0K | $16.0K | -$226.0K |
| Other | $16.9M | $12.2M | $21.6M |
| Accounts receivable | $7.9M | -$8.2M | -$14.2M |
| Inventory | -$10.7M | $1.8M | -$14.9M |
| Other current assets | -$2.3M | $375.0K | -$9.7M |
| Other non-current assets | $37.0K | -$772.0K | -$424.0K |
| Accounts payable and accrued liabilities | $17.1M | -$2.8M | $26.8M |
| Other current liabilities | $595.0K | -$1.7M | $1.1M |
| Lease liabilities | -$3.4M | -$2.5M | -$682.0K |
| Income taxes | $54.9M | $77.2M | $38.2M |
| Net cash provided by operating activities | $38.1M | $73.3M | $75.3M |
| Additions to capital assets | -$26.0M | -$22.5M | -$24.2M |
| Investments in notes receivable | -$349.0K | -$600.0K | -$15.2M |
| Collection of notes receivable | $4.4M | $8.4M | $327.0K |
| Proceeds from sale of assets | $27.0K | $11.0K | $15.0M |
| Acquisition of businesses, net of cash acquired | -$11.9M | -$9.8M | -$19.9M |
| Purchases of intangible assets | -$11.9M | -$12.7M | -$15.9M |
| Net cash used in investing activities | -$45.7M | -$37.2M | -$59.9M |
| Proceeds from issuance of common stock in private placement | $0 | $0 | $7.0M |
| Proceeds from issuance of debt | $72.4M | $217.4M | $0 |
| Repayments of debt | -$62.0M | -$215.8M | -$23.2M |
| Debt issuance costs | -$487.0K | -$7.2M | $0 |
| Repayments of finance leases | -$1.8M | -$892.0K | -$369.0K |
| Proceeds from exercise of stock options | $140.0K | $175.0K | $186.0K |
| Taxes withheld under equity-based compensation plans, net | $0 | -$6.2M | -$711.0K |
| Repurchase of common stock and warrants | -$2.3M | -$2.8M | $0 |
| Payment of contingent consideration | -$819.0K | -$4.8M | $0 |
| Distributions to non-controlling interests | $0 | -$227.0K | $0 |
| Net cash provided by (used in) financing activities | $5.1M | -$20.4M | -$17.1M |
| Net (decrease) increase in cash, cash equivalents, and restricted cash | -$2.6M | $15.7M | -$1.6M |
| Interest paid on loans | $36.6M | $16.9M | $27.1M |
| Income tax (refunds) payments, net | $4.5M | -$19.6M | $7.4M |
| Capital expenditures incurred but not yet paid | $2.1M | $2.0M | $5.7M |
| Taxes withheld under equity-based compensation plans, net | $641.0K | $141.0K | $612.0K |
| Non-controlling interest recognized upon initial consolidation of variable interest entities | $0 | $1.1M | $0 |
| Issuance of shares in business acquisitions | $0 | $0 | $4.8M |
Former names
Recent filings
- Aug 31, 20268-K
- Aug 12, 20268-K
- Aug 12, 202610-Q
- Aug 10, 2026DEFA14A
- Jul 10, 2026DEFA14A
- Jul 9, 2026DEF 14A DEFM14A
- Jun 29, 2026PRE 14A
- Jun 25, 2026PREM14A
- Jun 25, 20268-K
- May 13, 20268-K
- May 13, 202610-Q
- May 5, 20268-K
- Mar 20, 2026DEF 14A
- Mar 20, 2026DEFA14A
- Mar 20, 2026ARS
Every filing from the last three years, summarized. The full record is on SEC EDGAR.1
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10