Ascend Wellness Holdings reported full-year 2024 net revenue of $561.6 million, an 8.3% increase year-over-year, primarily driven by a 28.5% increase in third-party wholesale revenue to $189.4 million. Full-year Adjusted EBITDA increased 9.1% year-over-year to $116.2 million, with an Adjusted EBITDA Margin of 20.7%.
For Q4 2024, net revenue decreased 4.0% sequentially to $136.0 million, with retail revenue at $90.4 million and third-party wholesale revenue at $45.6 million. Gross profit for Q4 was $46.9 million, or 34.5% of revenue, an improvement from 30.9% in Q3 2024, driven by increased company-produced products and efficiency gains.
The company reported a Q4 2024 net loss of $16.8 million, an improvement from $28.3 million in Q3 2024, and generated $35 million in cash from operating activities, marking its eighth consecutive quarter of positive operating cash flow. Ascend ended Q4 2024 with $88.3 million in cash and cash equivalents and achieved its $30 million annualized cost savings target ahead of plan.
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