Ascend Wellness Holdings reported net revenue of $127.3 million for the second quarter of 2025, which was flat sequentially but represented a 10.0% decrease year-over-year from $141.536 million in Q2 2024. Retail revenue increased 2.5% quarter-over-quarter to $86.5 million, driven by five new stores and strong performance in Ohio's adult-use market.
Gross profit for Q2 2025 was $41.4 million, or 32.5% of revenue, an increase from $39.6 million, or 30.9% of revenue, in Q1 2025. Adjusted EBITDA increased to $28.6 million, with an Adjusted EBITDA Margin of 22.4%, a 130-basis point increase over Q1 2025.
The company reported a net loss of $24.4 million, compared to $19.3 million in Q1 2025, primarily due to higher G&A expenses. Ascend generated $17.8 million in cash from operations, marking its tenth consecutive quarter of positive operating cash flow, and fully retired its $60 million term loan through strategic refinancing, ending the quarter with $95.3 million in cash.
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