MariMed Reports Second Quarter 2026 Earnings

Rhea-AI Summary

MariMed (CSE/OTCQB: MRMD) reported second quarter 2026 revenue of $41.9 million, up from $39.5 million a year earlier and the highest quarterly revenue in its history. GAAP gross margin was 39%, while non-GAAP gross margin was 40%. The Company posted a GAAP net loss of $3.6 million versus a $1.4 million loss in Q2 2025, and non-GAAP net loss of $2.4 million versus non-GAAP net income of $0.3 million. Non-GAAP adjusted EBITDA was $3.9 million with a 9% margin, compared with $4.8 million and a 12% margin last year. For the first half of 2026, revenue reached $81.4 million and operating cash flow was $3.2 million, up from $1.6 million in the prior-year period.

Wholesale revenue grew 6% sequentially and retail revenue 7% sequentially, with branded product distribution expanding to 85% of available storefronts on a trailing 12‑month basis. Cash, cash equivalents and restricted cash totaled $8.4 million at June 30, 2026, total assets were $197.2 million, and total liabilities $147.1 million.

Positive

• Q2 2026 revenue $41.9M, up from $39.5M in Q2 2025
• First-half 2026 revenue $81.4M versus $77.4M in first-half 2025
• Operating cash flow $3.2M first-half 2026 versus $1.6M in 2025
• Wholesale revenue up 6% sequentially in Q2 2026
• Retail revenue up 7% sequentially; transactions up 7% sequentially
• Branded products distribution reached 85% of available storefronts TTM

Negative

• GAAP net loss $3.6M in Q2 2026 versus $1.4M in Q2 2025
• Non-GAAP net result $2.4M loss versus $0.3M income in Q2 2025
• Adjusted EBITDA $3.9M, margin 9% versus $4.8M and 12% in Q2 2025
• Income taxes payable $31.5M at June 30, 2026 versus $27.0M year-end 2025
• Total liabilities $147.1M at June 30, 2026 versus $137.8M at year-end 2025
• Total stockholders’ equity $43.2M at June 30, 2026, down from $50.0M

News Explained

The release adds reported capitalization detail: 399,597 thousand weighted-average common shares and $6,933 thousand of New Series B convertible preferred stock at June 30.

The MariMed release reports second-quarter results for June 30, 2026 and adds capitalization detail: weighted-average basic common shares were 399,597 thousand, versus 389,903 thousand in the year-earlier quarter.

The balance sheet also reports $6,933 thousand of New Series B convertible preferred stock at June 30, 2026, versus $14,725 thousand of Series B convertible preferred stock at December 31, 2025.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

NORWOOD, Mass., Aug. 12, 2026 (GLOBE NEWSWIRE) -- MariMed Inc. (“MariMed” or the “Company”) (CSE: MRMD) (OTCQB: MRMD), a leading multi-state cannabis operator focused on improving lives every day, today announced its financial results for the second quarter ended June 30, 2026.

Financial Highlights¹

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

	Three months ended June 30,								Six months ended June 30,
		2026				2025				2026				2025
	(unaudited)								(unaudited)
Revenue	$	41.9			$	39.5			$	81.4			$	77.4
GAAP Gross margin		39	%			40	%			39	%			40	%
Non-GAAP Gross margin		40	%			42	%			40	%			42	%
GAAP Net loss	$	(3.6	)		$	(1.4	)		$	(7.3	)		$	(6.9	)
Non-GAAP Net loss	$	(2.4	)		$	0.3			$	(5.5	)		$	(3.6	)
Non-GAAP Adjusted EBITDA	$	3.9			$	4.8			$	7.5			$	7.3
Non-GAAP Adjusted EBITDA margin		9	%			12	%			9	%			9	%

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.

Management Commentary

“The second quarter represented meaningful progress for MariMed. Revenue increased in both our wholesale and retail businesses sequentially and year over year, resulting in the highest quarterly revenue in our history. These results also reflect a substantial increase in sequential adjusted EBITDA and another quarter in which we generated positive cash flow from operations,” said Jon Levine, MariMed's Chief Executive Officer.

“Our stronger financial performance was driven by a continued focus on our priorities: operational discipline, product innovation and quality, customer experience and thoughtful capital allocation. Our balance sheet remains healthy, our brands keep resonating with consumers, and our operating model gives us the flexibility to respond quickly as markets and new opportunities evolve.”

“Looking ahead, we will build on this quarter’s results by continuing to implement our ‘Expand the Brand’ growth strategy, centered on building a leading cannabis consumer packaged goods company that owns top-selling national brands in the most popular categories. To achieve that goal, we will keep investing in product innovation, while broadening our depth in existing states. We will also pursue opportunities to enter new markets through capital-light strategies, including brand licensing.”

“Our innovation, brand portfolio, operating model, healthy balance sheet and tremendous team keep positioning us for long-term, sustainable value creation. We will also keep a close eye on the positive momentum behind additional Federal cannabis reform following this spring’s rescheduling of medical cannabis. The potential rescheduling of recreational cannabis, the implementation of 280E tax relief and broader banking reform are all catalysts that would improve the operating environment for our industry, and we are positioned to capitalize on these new opportunities if and when they emerge.”

Second Quarter 2026 Operational Highlights

• Wholesale revenue increased 6% sequentially
  • MariMed’s branded products portfolio grew 70 basis points faster than the broader industry across the Company’s core markets, according to industry data sources
  • Distribution of the Company’s branded products increased sequentially to 85% of available storefronts on a trailing 12-month basis
  • Betty’s Eddies™ fruit chews remained the #1-selling edible brand across MariMed’s core states of Massachusetts, Maryland, Illinois and Delaware, and Vibations drink mix remained a top 10 brand across the same states, according to industry data sources
• Retail revenue increased 7% sequentially
  • Revenue increased sequentially at 12 of 13 Thrive Dispensary retail locations
  • Transactions across the retail network increased 7% sequentially
  • Thrive Perks Loyalty Program membership increased 14% since the beginning of the year
    
• Adjusted gross margin held flat sequentially at 40%, a sign of stabilizing profitability
  
  

Conference Call

MariMed management will host a conference call on Thursday, August 13, 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: Q226 MRMD Earnings Call.

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 Adjusted EBITDA and non-GAAP Adjusted EBITDA margin, Non-GAAP Gross margin, Non-GAAP Operating expenses and Non-GAAP Net income (loss), as supplements to Revenue, Gross margin, Operating expenses, Income (loss) from operations, Net income (loss) 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 and amortization of property and equipment;
• amortization of acquired intangible assets;
• impairment or write-downs of acquired 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 2026, including 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.

Neither the CSE nor its Regulation Services accepts responsibility for the adequacy or accuracy of this release.

For More Information Contact:

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

MariMed Inc. Condensed Consolidated Balance Sheets (in thousands) (unaudited)
	June 30, 2026				December 31, 2025
Assets
Current assets:
Cash, cash equivalents and restricted cash	$	8,437			$	8,884
Accounts receivable, net		9,358				9,114
Inventory		36,675				36,601
Notes receivable, current portion		9				866
Other current assets		3,954				3,825
Total current assets		58,433				59,290
Property and equipment, net		86,411				89,385
Intangible assets, net		15,683				17,210
Goodwill		24,002				24,002
Notes receivable, net of current portion		866				—
Operating lease right-of-use assets		7,662				7,723
Finance lease right-of-use assets		3,247				4,024
Other assets		929				931
Total assets	$	197,233			$	202,565
Liabilities, mezzanine equity and stockholders’ equity
Current liabilities:
Mortgages and notes payable, current portion	$	3,417			$	2,553
Accounts payable		13,147				14,586
Accrued expenses and other		9,972				9,509
Deferred revenue		1,711				1,394
Income taxes payable		31,547				26,981
Operating lease liabilities, current portion		2,025				1,952
Finance lease liabilities, current portion		1,934				2,092
Total current liabilities		63,753				59,067
Mortgages and notes payable, net of current portion		75,399				70,192
Operating lease liabilities, net of current portion		6,484				6,616
Finance lease liabilities, net of current portion		1,420				1,956
Total liabilities		147,056				137,831
Commitments and contingencies
Mezzanine equity
Series B convertible preferred stock		—				14,725
New Series B convertible preferred stock		6,933				—
Total mezzanine equity		6,933				14,725
Stockholders’ equity
Common stock		401				397
Additional paid-in capital		180,054				179,405
Accumulated deficit		(135,306	)			(127,932	)
Noncontrolling interests		(1,905	)			(1,861	)
Total stockholders’ equity		43,244				50,009
Total liabilities, mezzanine equity and stockholders’ equity	$	197,233			$	202,565

MariMed Inc. Condensed Consolidated Statements of Operations (in thousands, except percentages and per share amounts) (unaudited)
	Three months ended								Six months ended
	June 30,								June 30,
		2026				2025				2026				2025
Revenue	$	41,925			$	39,506			$	81,406			$	77,412
Cost of revenue		25,700				23,579				49,905				46,396
Gross profit		16,225				15,927				31,501				31,016
Gross margin		38.7	%			40.3	%			38.7	%			40.1	%
Operating expenses:
Personnel		7,475				7,392				14,729				14,733
Marketing and promotion		847				781				1,612				1,689
General and administrative		6,864				6,343				13,751				12,593
Acquisition-related and other		116				139				285				251
Bad debt		505				256				581				1,644
Total operating expenses		15,807				14,911				30,958				30,910
Income from operations		418				1,016				543				106
Interest and other (expense) income:
Interest expense		(2,007	)			(1,762	)			(3,983	)			(3,524	)
Interest income		36				25				72				49
Gain on extinguishment of debt		—				—				699				—
Other income, net		—				17				—				17
Total interest and other expense, net		(1,971	)			(1,720	)			(3,212	)			(3,458	)
Loss before income taxes		(1,553	)			(704	)			(2,669	)			(3,352	)
Provision for income taxes		2,018				691				4,669				3,522
Net loss		(3,571	)			(1,395	)			(7,338	)			(6,874	)
Net income (loss) attributable to noncontrolling interests		18				(1	)			36				31
Net loss attributable to common stockholders	$	(3,589	)		$	(1,394	)		$	(7,374	)		$	(6,905	)
Net loss per share attributable to common stockholders:
Basic	$	(0.01	)		$	(0.00	)		$	(0.02	)		$	(0.02	)
Diluted	$	(0.01	)		$	(0.00	)		$	(0.02	)		$	(0.02	)
Weighted average common shares outstanding:
Basic		399,597				389,903				398,529				386,250
Diluted		399,597				389,903				398,529				386,250

MariMed Inc. Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited)
	Six months ended
	June 30,
		2026				2025
Cash flows from operating activities:
Net loss attributable to common stockholders	$	(7,374	)		$	(6,905	)
Net income attributable to noncontrolling interests		36				31
Adjustments to reconcile net loss to cash provided by operating activities:
Depreciation and amortization of property and equipment		4,484				3,921
Amortization of intangible assets		1,527				1,918
Stock-based compensation		675				1,096
Amortization of debt discount		311				222
Amortization of debt issuance costs		37				36
Payment-in-kind interest		—				30
Bad debt expense		581				1,644
Obligations settled with common stock		—				2
Loss on disposal of assets		—				256
Gain on extinguishment of debt		(699	)			—
Changes in operating assets and liabilities:
Accounts receivable, net		(1,030	)			1,301
Deferred rents receivable		—				12
Inventory		(74	)			(1,718	)
Other current assets		500				51
Other assets		2				(2,905	)
Accounts payable		(1,439	)			(2,713	)
Accrued expenses and other		748				1,607
Deferred revenue		317				184
Income taxes payable		4,566				3,520
Net cash provided by operating activities		3,168				1,590
Cash flows from investing activities:
Purchases of property and equipment		(671	)			(575	)
Business combinations, net of cash acquired, and asset purchases		—				231
Advances toward future business combinations and asset purchases		—				(50	)
Purchases and renewals of cannabis licenses		(580	)			(301	)
Proceeds from notes receivable		—				26
Interest receivable on notes receivable		(9	)			—
Net cash used in investing activities		(1,260	)			(669	)
Cash flows from financing activities:
Proceeds from mortgages		—				2,000
Payment of third-party debt issuance costs in connection with debt		—				(9	)
Principal payments of mortgages		(805	)			(741	)
Repayment and retirement of mortgages		—				(689	)
Principal payments of promissory notes		(591	)			(1,919	)
Principal payments of finance leases		(879	)			(626	)
Distributions		(80	)			(81	)
Net cash used in financing activities		(2,355	)			(2,065	)
Net decrease in cash and cash equivalents		(447	)			(1,144	)
Cash and equivalents, beginning of year		8,884				7,282
Cash and cash equivalents, end of period	$	8,437			$	6,138

MariMed Inc. Reconciliation of Non-GAAP and GAAP Financial Measures (in thousands, except percentages) (unaudited)
	Three months ended								Six months ended
	June 30,								June 30,
		2026				2025				2026				2025
Non-GAAP Adjusted EBITDA
GAAP Income from operations	$	418			$	1,016			$	543			$	106
Depreciation and amortization of property and equipment		2,331				2,114				4,484				3,921
Amortization of acquired intangible assets		717				969				1,527				1,918
Stock-based compensation		350				549				675				1,096
Severance		16				—				16				—
Acquisition-related and other		116				139				285				251
Adjusted EBITDA	$	3,948			$	4,787			$	7,530			$	7,292
Non-GAAP Adjusted EBITDA Margin (Non-GAAP adjusted EBITDA as a percentage of revenue)
GAAP Income from operations		1.0	%			2.6	%			0.7	%			0.1	%
Depreciation and amortization of property and equipment		5.6	%			5.3	%			5.4	%			5.1	%
Amortization of acquired intangible assets		1.7	%			2.4	%			1.9	%			2.5	%
Stock-based compensation		0.8	%			1.4	%			0.8	%			1.4	%
Severance		—	%			—	%			—	%			—	%
Acquisition-related and other		0.3	%			0.4	%			0.4	%			0.3	%
Adjusted EBITDA margin		9.4	%			12.1	%			9.2	%			9.4	%

GAAP Gross margin	38.7	%		40.3	%		38.7	%		40.1	%
Amortization of acquired intangible assets	1.3	%		1.5	%		1.3	%		1.4	%
Non-GAAP Gross margin	40.0	%		41.8	%		40.0	%		41.5	%

GAAP Operating expenses	$	15,807			$	14,911			$	30,958			$	30,910
Amortization of acquired intangible assets		(171	)			(397	)			(434	)			(808	)
Stock-based compensation		(350	)			(549	)			(675	)			(1,096	)
Severance		(16	)			—				(16	)			—
Acquisition-related and other		(116	)			(139	)			(285	)			(251	)
Non-GAAP Operating expenses	$	15,154			$	13,826			$	29,548			$	28,755

GAAP Net loss	$	(3,571	)		$	(1,395	)		$	(7,338	)		$	(6,874	)
Amortization of acquired intangible assets		717				969				1,527				1,918
Stock-based compensation		350				549				675				1,096
Severance		16				—				16				—
Acquisition-related and other		116				139				285				251
Gain on extinguishment of debt		—				—				(699	)			—
Non-GAAP net (loss) income	$	(2,372	)		$	262			$	(5,534	)		$	(3,609	)

MariMed Inc. Supplemental Information Revenue Components (in thousands) (unaudited)
	Three months ended						Six months ended
	June 30,						June 30,
	2026			2025			2026			2025
Product sales - retail	$	23,218		$	22,334		$	44,945		$	43,064
Product sales - wholesale		18,514			17,131			36,031			33,917
Other revenue		193			41			430			431
Total revenue	$	41,925		$	39,506		$	81,406		$	77,412

FAQ

How did MariMed (MRMD) perform financially in Q2 2026?

MariMed reported Q2 2026 revenue of $41.9 million and a GAAP net loss of $3.6 million. According to MariMed, non-GAAP adjusted EBITDA was $3.9 million with a 9% margin, and non-GAAP net loss was $2.4 million for the quarter.

Did MariMed (MRMD) grow revenue year over year in Q2 2026?

Yes, MariMed’s Q2 2026 revenue rose to $41.9 million from $39.5 million in Q2 2025. According to MariMed, first-half 2026 revenue also increased to $81.4 million compared with $77.4 million in the first half of 2025.

What happened to MariMed’s profitability and margins in Q2 2026?

MariMed recorded a GAAP net loss of $3.6 million and non-GAAP net loss of $2.4 million in Q2 2026. According to MariMed, GAAP gross margin was 39%, non-GAAP gross margin 40%, and non-GAAP adjusted EBITDA margin declined to 9% from 12% a year earlier.

How much cash did MariMed (MRMD) generate from operations in the first half of 2026?

MariMed generated $3.2 million of net cash from operating activities in the first half of 2026. According to MariMed, this compared with $1.6 million of operating cash flow in the first half of 2025, reflecting stronger cash generation despite continued net losses.

What were MariMed’s key wholesale and retail operating metrics in Q2 2026?

According to MariMed, wholesale revenue increased 6% sequentially and retail revenue rose 7% sequentially in Q2 2026. Transactions across the Thrive retail network grew 7% sequentially, and branded product distribution reached 85% of available storefronts on a trailing 12‑month basis.

What does MariMed’s balance sheet look like as of June 30, 2026?

MariMed reported $197.2 million in total assets and $147.1 million in total liabilities at June 30, 2026. According to MariMed, cash, cash equivalents and restricted cash were $8.4 million, while total stockholders’ equity stood at $43.2 million at quarter-end.

How did MariMed’s non-GAAP adjusted EBITDA change in Q2 2026 versus Q2 2025?

Non-GAAP adjusted EBITDA declined to $3.9 million in Q2 2026 from $4.8 million in Q2 2025. According to MariMed, the adjusted EBITDA margin decreased to 9% from 12%, reflecting higher operating expenses and other costs relative to revenue growth.