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BALCAO · MEDICINAL CHEMICALS & BOTANICAL PRODUCTS

Ascend Wellness Holdings, Inc. AAWH

7 fiscal years on record · USD · FY2025 reported · SEC filings only
$500.6M
▼ 10.9% YoY
$-118.2M
$12.0M
▼ 76.3% YoY

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

Ascend Wellness Holdings, Inc. is a multi-state cannabis operator whose core business is the cultivation, manufacturing and distribution of cannabis consumer packaged goods, sold through company-owned retail stores, to retail partner locations, and to third-party licensed retail locations. It has operations or financial interests in seven U.S. geographic markets: Illinois, Maryland, Massachusetts, Michigan, New Jersey, Ohio, and Pennsylvania. As of December 31, 2025, it had a total of 47 open dispensaries across its portfolio, of which 42 were in states that have passed legislation permitting adult-use cannabis. Ascend operates cultivation facilities in six states with approximately 258,000 square feet of total canopy. As of March 1, 2026, the company employed approximately 2,300 people across the cultivation, processing, retail, and corporate functions, excluding employees of retail partner locations. Its product portfolio consists of a range of cannabis product categories, including flower, pre-rolls, infused pre-rolls, concentrates, vapes, edibles, and tablets. No customer represented more than 10% of the company's net revenue during 2025, 2024, or 2023. The company was originally formed on May 15, 2018 as Ascend Group Partners, LLC, changed its name to Ascend Wellness Holdings, LLC on September 10, 2018, and on April 22, 2021 converted into a Delaware corporation under the name Ascend Wellness Holdings, Inc.

Written from the business description in ASCEND WELLNESS HOLDINGS, INC.'s annual report to the U.S. Securities and Exchange Commission, filed 12 March 2026. Every sentence was checked against that document before publication.

Growth

USD 500.6M
Revenue, FY2025 · full 7-year series below
Revenue $M Net income $M
FY2025 · Revenue 500.6 · Net income -118.2
200M400M-50M-100M
201920222025
Compound annual growth
+7.2%
+28.3%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +28.3% a year over the five years to FY2025.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

−24 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating -3.4% · Net -23.6%
-100%-200%
201920222025
ROE
FY2024 · ROE -79.5%
-50%-100%
201920222025
Three returns, three denominators.
Return on equityNot applicable: equity was zero or negative in this period, so return on equity has no meaning.

Return on equity has no reading this year — return on capital employed, just below, still does: -2%.

Cash & shareholders

·
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF 12.0
20M40M-50M-100M
201920222025

Total assetsUSD 907.9M
EquityUSD -47.4M
CashUSD 85.7M
Gross debtUSD 301.5M
Net debtUSD 215.8M
Current ratio1.92×

Equity was zero or negative — liabilities equaled or exceeded assets. No ratio is shown.

The 7-year record

7 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative—not applicable◌not available in our data
AAWH, 7-year financial record
Metric 2025202420232022202120202019
Revenue $B0.50.60.50.40.30.10.0
Operating income $B−0.00.0−0.0−0.0−0.00.0−0.0
EBITDA $B0.10.10.10.00.00.0−0.0
Income tax $B0.10.00.00.00.00.00.0
Net income $B−0.1−0.1−0.0−0.1−0.1−0.0−0.0
Free cash flow $B0.00.10.1−0.1−0.1−0.0−0.1
EPS, diluted $−0.58−0.40−0.24−0.44−0.82−0.27−0.37
Dividend / sh $◌◌◌◌◌◌◌
Payout % — not applicable: no dividend———————
ROE %—−79.5−31.5−47.6−136.1−131.7−91.5
Shares out B0.200.210.210.190.17◌◌

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

More in this sector

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Provenance

Company facts, as filed

How we verify · 0 failures in 33 reconciliationsAUDITED

Reconciled in 7 of the 7 fiscal years we could check. 26 checks were skipped: the balance sheet is not tagged before 2020. 12 checks were skipped: EPS is not tagged before 2019. 12 checks were skipped: revenue is not tagged before 2019.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures
ActivityMedicinal Chemicals & Botanical Products
Listed onOTC market
Incorporated inDelaware
Fiscal year endsDecember 31
SEC categoryemerging growth company
Data on record since2019

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