Ascend Wellness Holdings reported net revenue of $128.0 million for the first quarter of 2025, a 10% decrease compared to $142.410 million in Q1 2024, and a 5.9% sequential decrease from Q4 2024. Retail revenue totaled $84.4 million, a 6.6% sequential decrease, primarily due to pricing pressure and volume softening in key markets.
Gross profit for Q1 2025 was $39.6 million, or 30.9% of revenue, down from $46.9 million, or 34.5% of revenue, in Q4 2024. Adjusted EBITDA was $27.0 million, with an Adjusted EBITDA Margin of 21.1%, a 110-basis point decrease quarter-over-quarter.
The company reported a net loss of $19.3 million, compared to $16.8 million in Q4 2024. Despite the decline in revenue and net loss, Ascend generated $5.9 million in cash from operations, marking its ninth consecutive quarter of positive operating cash flow, and ended the quarter with $100.0 million in cash and cash equivalents.
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