Ascend Wellness Holdings Llc Class A ( (AAWH) ) has released its Q3 earnings. Here is a breakdown of the information Ascend Wellness Holdings Llc Class A presented to its investors.
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Ascend Wellness Holdings, Inc. (AWH) is a vertically integrated multi-state cannabis operator with a focus on providing cannabis products across retail and wholesale sectors. The company is active in several states, including Illinois, Maryland, Massachusetts, Michigan, Ohio, New Jersey, and Pennsylvania.
In its Q3 2024 earnings report, Ascend Wellness Holdings announced a net revenue of $141.6 million, a slight increase from the previous year, and an adjusted EBITDA of $25.1 million. The company highlighted significant milestones, such as the commencement of adult-use sales at five dispensaries in Ohio, the opening of a new dispensary in Pennsylvania, and the launch of a new edibles-only brand, Effin’.
Key financial metrics included a decrease in retail revenue by 7.6% year-over-year, while wholesale revenue saw a 20.1% increase. However, the company reported a net loss of $28.3 million for the quarter, attributed to refinancing transactions and severance expenses. Ascend also initiated a series of cost-saving and transformation initiatives aiming for $30 million in annual savings by 2025.
Looking forward, Ascend Wellness Holdings’ management is focused on improving profitability, enhancing asset efficiency, and boosting cash flow. With new leadership in place, the company aims to solidify its operational foundation and pursue long-term value creation for its stakeholders.
