MariMed Reports Fourth Quarter and Full Year 2025 Earnings

Rhea-AI Summary

MariMed (CSE: MRMD, OTCQX: MRMD) reported fourth-quarter and full-year 2025 results: 2025 revenue $159.8M, sixth consecutive year of positive adjusted EBITDA, and wholesale sales up 11%. GAAP net loss widened to $14.5M while non-GAAP adjusted EBITDA was $16.9M. The company expanded distribution to 85% of dispensaries in core markets and completed a restructuring that extends Series B maturities to a weighted average of 4.6 years, improving near-term liquidity.

Positive

• Wholesale revenue +11% year-over-year
• Sixth consecutive year of positive adjusted EBITDA
• Distribution expanded to 85% of dispensaries in core markets
• Restructured Series B obligation; weighted maturity extended 4.6 years

Negative

• Non-GAAP adjusted EBITDA declined to $16.9M from $19.3M (YoY decrease >10%)
• GAAP net loss widened to $14.5M from $12.4M
• GAAP gross margin fell to 32% in 2025 from 40% in 2024 (decline >200 bps)

Delivered Revenue Growth in Challenging Environment, Sixth Consecutive Year of Positive Adjusted EBITDA, and Strengthened Balance Sheet

NORWOOD, Mass., March 11, 2026 (GLOBE NEWSWIRE) -- MariMed Inc. (“MariMed” or the “Company”) (CSE: MRMD) (OTCQX: MRMD), a leading multi-state cannabis operator focused on improving lives every day, today announced its financial results for the fourth quarter and year ended December 31, 2025.

Despite continued pricing pressure across many cannabis markets, the Company generated revenue growth and positive Adjusted EBITDA for the sixth consecutive year, reflecting the strength of its branded product portfolio and disciplined operational execution.

2025 Highlights

• Revenue of $159.8 million
• Sixth consecutive year of positive Adjusted EBITDA
• Wholesale revenue increased 11%
• Distribution expanded to 85% of dispensaries in core markets
• Betty’s Eddies ranked #1 edible across four states
• Completed restructuring of Series B obligation, extending maturity 4.6 years

MariMed CEO Jon Levine commented, “We’re pleased to report record revenues as well as positive adjusted EBITDA for the sixth consecutive year. Wholesale continued to be a growth engine for the Company in 2025, increasing sales by 11 percent and expanding our distribution footprint to 85 percent of the dispensaries in our core markets. Our brands continue to resonate with our customers, led by Betty’s Eddies™ fruit chews, which ranked as the top-selling edible across Massachusetts, Maryland, Delaware and Illinois, and Vibations™ drink mix, which ranked fourth among cannabis beverages of any kind sold across those states.”

“Looking ahead to 2026, we have a number of drivers to fuel our growth. These include: a full year of financial contribution following the launch of adult-use cannabis sales in Delaware last August and the launch of our brand distribution in Maine through a new licensing partner during the fourth quarter of 2025; and revenue generated by the new Columbus, Ohio, dispensary we intend to open during the year.”

MariMed CFO Mario Pinho added, ”MariMed was pleased to report revenue growth, protected margins, and stronger liquidity in 2025, reflecting disciplined execution across our platform against a broadly flat industry environment. Our successful brand distribution model, coupled with a clean balance sheet that contains no material debt maturities in the near-term, positions the Company to execute our growth strategy without near-term capital pressure. Our financial priorities remain consistent: protecting margins, deploying capital into the highest-return opportunities, and maintaining a strong liquidity profile. We believe this disciplined approach positions MariMed to continue generate long-term shareholder value while navigating near-term volatility across the sector.”

Financial Highlights¹

The following table summarizes the Company's consolidated financial highlights (in millions, except percentage amounts):

	Three months ended December 31,								Year ended December 31,
		2025				2024				2025				2024
	(unaudited)				(unaudited)				(unaudited)				(unaudited)
Revenue	$	41.7			$	38.9			$	159.8			$	157.7
GAAP Gross margin		25	%			32	%			36	%			40	%
Non-GAAP Gross margin		40	%			43	%			41	%			43	%
GAAP Net loss	$	(4.6	)		$	(8.3	)		$	(14.5	)		$	(12.4	)
Non-GAAP Net (loss) income	$	2.2			$	(3.1	)		$	(2.9	)		$	(3.6	)
Non-GAAP Adjusted EBITDA	$	4.4			$	5.9			$	16.9			$	19.3
Non-GAAP Adjusted EBITDA margin		11	%			15	%			11	%			12	%

¹ See the reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures and additional information about non-GAAP measures in the section entitled “Discussion of Non-GAAP Financial Measures” below and in the financials information included herewith.

CONFERENCE CALL

MariMed management will host a conference call on Thursday, March 12, 2026 at 8:00 a.m. Eastern time, to discuss these results. The conference call may be accessed through MariMed’s Investor Relations website, or by clicking the following link: https://app.webinar.net/4okRloNdnZ8.

FOURTH QUARTER 2025 OPERATIONAL HIGHLIGHTS

During the fourth quarter, the Company announced the following developments in the implementation of its strategic growth plan:

• October 23:   Announced a licensing agreement with Farm 2 Hand, LLC, a New York State cannabis license holder. The agreement will enable the Company to distribute its portfolio of products throughout New York upon completion of a kitchen it is building with Farm 2 Hand and receipt of regulatory approvals.
  
• October 28:   Announced the Company’s exit from the Missouri market, following a strategic review of its business in the state, allowing MariMed to focus resources on higher-return opportunities within its core markets.   
  
• November 3:   Announced manufacturing and distribution agreements to support the planned launch of the Company’s Vibations™ beverage brand into the hemp-derived THC market, beginning with Rhode Island in 2026.
  

OTHER DEVELOPMENTS

Subsequent to the end of the fourth quarter, the Company announced the following development:

• March 2:  Announced a Restructuring and Exchange Agreement with the holders of its $14.725 million Series B Convertible Preferred Stock. The Agreement eliminated the Company’s February 28. 2026 mandatory conversion date obligation and replaced it with a combination of long-dated instruments. The transaction extends the weighted average maturity of the obligation to 4.6 years, reducing near-term refinancing risk and enhancing the Company’s liquidity profile.
  

DISCUSSION OF NON-GAAP FINANCIAL MEASURES

MariMed’s management uses several different financial measures, both GAAP and non-GAAP, in analyzing and assessing the overall performance of its business, making operating decisions, and planning and forecasting future periods. The Company has provided in this release several non-GAAP financial measures: Non-GAAP Gross margin, Non-GAAP Net income (loss), Non-GAAP Adjusted EBITDA and non-GAAP Adjusted EBITDA margin, as supplements to Revenue, Gross margin, Net (loss) income and other financial measures prepared in accordance with GAAP.

Management believes these non-GAAP financial measures are useful in reviewing and assessing the performance of the Company, and when planning and forecasting future periods, as they provide meaningful operating results by excluding the effects of expenses that are not reflective of its operating business performance. In addition, the Company’s management uses these non-GAAP financial measures to understand and compare operating results across accounting periods and for financial and operational decision-making. The presentation of these non-GAAP measures is not intended to be considered in isolation or as a substitute for the financial information prepared in accordance with GAAP.

Management believes that investors and analysts benefit from considering non-GAAP financial measures in assessing the Company’s financial results and its ongoing business, as it allows for meaningful comparisons and analysis of trends in the business. In particular, non-GAAP adjusted EBITDA is used by many investors and analysts themselves, along with other metrics, to compare financial results across accounting periods and to those of peer companies.

As there are no standardized methods of calculating non-GAAP financial measures, the Company’s calculations may differ from those used by analysts, investors and other companies, even those within the cannabis industry, and therefore may not be directly comparable to similarly titled measures used by others.

Management defines non-GAAP Adjusted EBITDA as income (loss) from operations, determined in accordance with GAAP, excluding the following items:

• depreciation of fixed assets;
• amortization of acquired intangible assets;
• Impairment or write-downs of intangible assets;
• inventory revaluation;
• stock-based compensation;
• severance;
• legal settlements; and
• acquisition-related and other expenses.

For further information, please refer to the publicly available financial filings available on MariMed's Investor Relations website, as filed with the U.S. Securities and Exchange Commission, or as filed with the Canadian securities regulatory authorities on the SEDAR website.

ABOUT MARIMED

MariMed Inc. is a leading multi-state cannabis operator, known for developing and managing state-of-the-art cultivation, production, and retail facilities. Our award-winning portfolio of cannabis brands, including Betty's Eddies™, Bubby’s Baked™, Vibations™, InHouse™, and Nature’s Heritage™, sets us apart as an industry leader. These trusted brands, crafted with quality and innovation, are recognized and loved by consumers across the country. With a commitment to excellence, MariMed continues to drive growth and set new standards in the cannabis industry. For additional information, visit www.marimedinc.com.

IMPORTANT CAUTION REGARDING FORWARD-LOOKING STATEMENTS:

The information in this release contains “forward-looking” statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, which are subject to several risks and uncertainties.   All statements other than statements of historical facts contained in this release, including without limitation statements regarding projected financial results for 2023, including management’s belief that it will have its fourth consecutive year of positive operating cash flow, anticipated openings of dispensaries and facilities, timing of regulatory approvals, plans and objectives of management for future operations, are forward-looking statements.   Without limiting the foregoing, the words “anticipates”, “believes”, “estimates”, “expects”, “expectations”, “intends”, “may”, “plans”, and other similar language, whether in the negative or affirmative, are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.

Forward-looking statements are based on our current beliefs and assumptions regarding our business, timing of regulatory approvals, the ability to obtain new licenses, business prospects and strategic growth plan, and other future conditions.   Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict.   Our actual results may differ materially from those contemplated in these forward-looking statements due to various risks, uncertainties, and other important factors, including, among others, reductions in customer spending, our ability to recruit and retain key personnel, and disruptions from the integration efforts of acquired companies.

These factors are not intended to be an all-encompassing list of risks and uncertainties that may affect our business and results of operations.   These statements are not a guarantee of future performance and involve risk and uncertainties that are difficult to predict, including, among other factors, changes in demand for the Company’s services and products, changes in the law and its enforcement, and changes in the economic environment. Additional information regarding these and other factors can be found in our reports filed with the U.S. Securities and Exchange Commission.   In providing these forward-looking statements, the Company expressly disclaims any obligation to update these statements publicly or otherwise, whether as a result of new information, future events or otherwise, except as required by law.

All trademarks and service marks are the property of their respective owners.

Company Contact:
Howard Schacter, Chief Communications Officer
Email: hschacter@marimedinc.com
Phone: (781) 277-0007

MariMed Inc. Condensed Consolidated Balance Sheets (in thousands) (unaudited)
	December 31,
		2025				2024
Assets
Current assets:
Cash, cash equivalents and restricted cash	$	8,884			$	7,282
Accounts receivable, net		9,114				8,742
Inventory		36,601				33,488
Deferred rents receivable		—				556
Notes receivable, current portion		866				52
Other current assets		3,825				3,389
Total current assets		59,290				53,509
Property and equipment, net		89,385				94,167
Intangible assets, net		17,210				18,639
Goodwill		24,002				15,812
Notes receivable, net of current portion		—				840
Operating lease right-of-use assets		7,723				8,730
Finance lease right-of-use assets		4,024				4,073
Other assets		931				11,219
Total assets	$	202,565			$	206,989
Liabilities, mezzanine equity and stockholders’ equity
Current liabilities:
Mortgages and notes payable, current portion	$	2,553			$	5,126
Accounts payable		14,586				13,189
Accrued expenses and other		9,509				4,435
Deferred revenue		1,394				1,329
Income taxes payable		26,981				21,922
Operating lease liabilities, current portion		1,952				1,988
Finance lease liabilities, current portion		2,092				2,018
Total current liabilities		59,067				50,007
Mortgages and notes payable, net of current portion		70,192				69,860
Operating lease liabilities, net of current portion		6,616				7,549
Finance lease liabilities, net of current portion		1,956				1,926
Other liabilities		—				100
Total liabilities		137,831				129,442
Commitments and contingencies
Mezzanine equity:
Series B convertible preferred stock		14,725				14,725
Series C convertible preferred stock		—				4,275
Total mezzanine equity		14,725				19,000
Stockholders’ equity:
Common stock		397				381
Additional paid-in capital		179,405				173,366
Accumulated deficit		(127,932	)			(113,448	)
Noncontrolling interests		(1,861	)			(1,752	)
Total stockholders’ equity		50,009				58,547
Total liabilities, mezzanine equity, and stockholders’ equity	$	202,565			$	206,989

MariMed Inc. Condensed Consolidated Statements of Operations (in thousands, except percentages and per share amounts) (unaudited)
	Three months ended								Year ended
	December 31,								December 31,
		2025				2024				2025				2024
Revenue	$	41,650			$	38,949			$	159,826			$	157,709
Cost of revenue		31,148				26,293				101,945				95,096
Gross profit		10,502				12,656				57,881				62,613
Gross margin		25.2	%			32.5	%			36.2	%			39.7	%
Operating expenses:
Personnel		6,754				6,381				28,515				27,059
Marketing and promotion		1,166				1,228				3,976				6,712
General and administrative		6,957				6,574				26,142				25,618
Acquisition-related and other		90				146				486				951
Bad debt		60				(205	)			1,582				(336	)
Total operating expenses		15,027				14,124				60,701				60,004
(Loss) income from operations		(4,525	)			(1,468	)			(2,820	)			2,609
Interest and other (expense) income:
Interest expense		(2,153	)			(1,886	)			(7,502	)			(6,944	)
Interest income		103				38				177				114
Other expense, net		(753	)			—				(717	)			(50	)
Total interest and other expense, net		(2,803	)			(1,848	)			(8,042	)			(6,880	)
Loss before income taxes		(7,328	)			(3,316	)			(10,862	)			(4,271	)
(Benefit) provision for income taxes		(2,687	)			4,948				3,594				8,159
Net loss		(4,641	)			(8,264	)			(14,456	)			(12,430	)
Less: Net (loss) income attributable to noncontrolling interests		(10	)			3				28				37
Net loss attributable to common stockholders	$	(4,631	)		$	(8,267	)		$	(14,484	)		$	(12,467	)
Net loss per share attributable to common stockholders:
Basic	$	(0.01	)		$	(0.02	)		$	(0.04	)		$	(0.03	)
Diluted	$	(0.01	)		$	(0.02	)		$	(0.04	)		$	(0.03	)
Weighted average common shares outstanding:
Basic		395,299				381,249				390,135				379,153
Diluted		395,299				381,249				390,135				379,153

MariMed Inc. Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited)
	Year ended
	December 31,
		2025				2024
Cash flows from operating activities:
Net loss attributable to common stockholders	$	(14,484	)		$	(12,467	)
Net income attributable to noncontrolling interests		28				37
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization of property and equipment		8,109				7,910
Amortization of intangible assets		3,401				2,948
Stock-based compensation		1,860				1,050
Amortization of warrants issued as payment for services received		—				218
Amortization of debt discount		459				358
Amortization of debt issuance costs		73				73
Payment-in-kind interest		30				104
Bad debt expense (income)		1,582				(336	)
Obligations settled with common stock		3				10
Loss on disposal of assets		834				13
Loss on changes in fair value of investments		—				145
Changes in operating assets and liabilities:
Accounts receivable, net		(429	)			(1,207	)
Inventory		(6	)			(8,182	)
Deferred rents receivable		12				74
Other current assets		1,035				883
Other assets		(2,606	)			1,421
Accounts payable		841				4,188
Accrued expenses and other		3,162				1,754
Deferred revenue		65				303
Income taxes payable		3,726				7,488
Net cash provided by operating activities		7,695				6,785
Cash flows from investing activities:
Purchases of property and equipment		(1,167	)			(11,960	)
Business acquisitions, net of cash acquired		231				(4,250	)
Advances toward future business acquisitions		(50	)			(100	)
Purchases and renewals of cannabis licenses		(465	)			(712	)
Proceeds from notes receivable		26				50
Return on investment		—				44
Proceeds from disposal of assets		45				22
Due from third party		—				(227	)
Net cash used in investing activities		(1,380	)			(17,133	)
Cash flows from financing activities:
Proceeds from Construction to Permanent Commercial Real Estate Mortgage Loan		—				5,077
Proceeds from mortgages		2,000				1,163
Payment of third-party debt issuance costs in connection with debt		(9	)			—
Principal payments of mortgages		(1,495	)			(382	)
Repayment and retirement of mortgages		(689	)			—
Principal payments of promissory notes		(3,066	)			(1,177	)
Principal payments of finance leases		(1,317	)			(1,557	)
Distributions		(137	)			(139	)
Net cash (used in) provided by financing activities		(4,713	)			2,985
Net increase (decrease) to cash, cash equivalents and restricted cash		1,602				(7,363	)
Cash, cash equivalents and restricted cash at beginning of year		7,282				14,645
Cash, cash equivalents and restricted cash at end of year	$	8,884			$	7,282

MariMed Inc. Reconciliation of Non-GAAP and GAAP Financial Measures (in thousands, except percentages) (unaudited)
	Three months ended								Year ended
	December 31,								December 31,
		2025				2024				2025				2024
Non-GAAP Adjusted EBITDA
GAAP (Loss) income from operations	$	(4,525	)		$	(1,468	)		$	(2,820	)		$	2,609
Depreciation and amortization of property and equipment		2,073				2,161				8,109				7,910
Amortization of acquired intangible assets		809				883				3,401				2,948
Inventory revaluation		5,559				3,667				5,559				3,667
Stock-based compensation		382				278				1,860				1,050
Severance		42				211				266				211
Acquisition-related and other		90				146				486				951
Adjusted EBITDA	$	4,430			$	5,878			$	16,861			$	19,346
Non-GAAP Adjusted EBITDA Margin (Non-GAAP adjusted EBITDA as a percentage of revenue)
GAAP (Loss) Income from operations		(10.9	%)			(3.8	%)			(1.8	%)			1.7	%
Depreciation and amortization of property and equipment		5.1	%			5.5	%			5.0	%			5.0	%
Amortization of acquired intangible assets		1.9	%			2.3	%			2.1	%			1.9	%
Inventory revaluation		13.3	%			9.5	%			3.5	%			2.3	%
Stock-based compensation		0.9	%			0.7	%			1.2	%			0.7	%
Severance		0.1	%			0.5	%			0.2	%			0.1	%
Acquisition-related and other		0.2	%			0.4	%			0.3	%			0.6	%
Adjusted EBITDA margin		10.6	%			15.1	%			10.5	%			12.3	%

GAAP Gross margin	25.2	%		32.5	%		36.2	%		39.7	%
Inventory revaluation	13.4	%		9.4	%		3.5	%		2.4	%
Amortization of acquired intangible assets	1.3	%		1.3	%		1.4	%		1.0	%
Non-GAAP Gross margin	39.9	%		43.2	%		41.1	%		43.1	%

GAAP Net loss	$	(4,641	)		$	(8,264	)		$	(14,456	)		$	(12,430	)
Inventory revaluation		5,559				3,667				5,559				3,667
Stock-based compensation		382				278				1,860				1,050
Amortization of acquired intangible assets		809				883				3,401				2,948
Severance		42				211				266				211
Acquisition-related and other		90				146				486				951
Non-GAAP Net income (loss)	$	2,241			$	(3,079	)		$	(2,884	)		$	(3,603	)

MariMed Inc. Supplemental Information Revenue Components (in thousands) (unaudited)
	Three months ended						Year ended
	December 31,						December 31,
		2025			2024			2025			2024
Product revenue:
Product revenue - retail		23,387			22,124			89,024			91,275
Product revenue - wholesale		17,631			16,212			69,579			62,895
Total product revenue		41,018			38,336			158,603			154,170
Other revenue		632			613			1,223			3,539
Total revenue	$	41,650		$	38,949		$	159,826		$	157,709

FAQ

What were MariMed (MRMD) full-year 2025 revenues and adjusted EBITDA?

MariMed reported $159.8 million in revenue for 2025 and $16.9 million in non-GAAP adjusted EBITDA. According to the company, revenue grew amid pricing pressure while adjusted EBITDA remained positive for a sixth straight year.

How did MariMed's (MRMD) wholesale business perform in 2025?

Wholesale revenue increased by 11% in 2025 compared with the prior year. According to the company, wholesale expansion drove growth and extended brand distribution across core markets, reaching 85% of dispensaries.

What changed with MariMed's (MRMD) Series B obligation in March 2026?

MariMed completed a restructuring that extended the weighted average maturity to 4.6 years. According to the company, the exchange reduces near-term refinancing risk and improves liquidity.

Did MariMed (MRMD) report a GAAP profit in 2025?

No—MariMed reported a GAAP net loss of $14.5 million for 2025. According to the company, non-GAAP measures show positive adjusted EBITDA while GAAP results reflect non-cash and other adjustments.

What operational expansions did MariMed (MRMD) announce in Q4 2025?

In Q4 2025 MariMed announced a New York licensing agreement, exit from Missouri, and Vibations beverage agreements for hemp-THC. According to the company, these moves focus resources on higher-return markets and distribution growth.

How might MariMed's (MRMD) 2025 results affect 2026 outlook?

MariMed expects growth drivers in 2026 including full-year Delaware adult-use sales, new Maine distribution, and a planned Columbus dispensary opening. According to the company, these initiatives should contribute incremental revenue and expand market presence.