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Ascend Wellness Holdings, Inc. reported continued net losses while modestly improving profitability for the six months ended June 30, 2026. Net revenue was $243.1 million versus $255.3 million a year earlier, with a quarterly gross profit of $45.5 million and operating profit of $5.3 million, compared with an operating loss in the prior-year quarter.
The company recorded a six‑month net loss of $39.3 million, slightly better than the $43.7 million loss in 2025, and a quarterly net loss of $9.8 million versus $24.4 million. Interest expense increased to $41.1 million year‑to‑date, contributing to a deeper accumulated deficit of $557.8 million and a total stockholders’ deficit of $85.1 million. Cash and cash equivalents were $67.0 million, and operating cash flow for the six months was $3.0 million, down from $23.7 million.
Ascend continued to expand its retail footprint through multiple business combinations and asset acquisitions of adult‑use dispensaries and licenses in Midwest and Northeast markets, adding $14.6 million of license value and $7.0 million of goodwill in 2026. Management states existing liquidity and expected operating cash flows are adequate for at least twelve months, while acknowledging potential needs for future debt or equity financing.
Ascend Wellness Holdings, Inc. reported Q2 2026 net revenue of $126.1 million, up from $116.9 million in Q1 2026, driven by an 11.5% sequential increase in retail revenue to $92.7 million as new and partner stores ramped. Wholesale revenue was $33.4 million, roughly flat sequentially amid pricing pressure, particularly in New Jersey.
Gross profit was $45.5 million (36.1% margin), while Adjusted Gross Profit reached $58.3 million, a 46.2% margin. Adjusted EBITDA rose to $29.1 million with a 23.1% margin, and net loss narrowed to $9.8 million from $29.5 million in Q1 2026 and $24.4 million a year earlier. The company generated $22.5 million of operating cash flow and $19.5 million of Free Cash Flow, ending the quarter with $67.0 million in cash and Net Debt of $251.8 million.
Ascend expanded its retail footprint to 55 locations (including partners), up from 48 in Q1 and 39 in August 2024, and reported ~5% combined market share growth across seven states with ~7% more retail transactions. It filed a definitive proxy for a reverse stock split to support a planned uplisting to a major U.S. exchange, submitted DEA registration applications under the Schedule III pathway, and resolved a work stoppage at its Barry, Illinois facility. For Q3 2026, it anticipates a 2–4% revenue increase and Adjusted EBITDA margin consistent with Q2.
Ascend Wellness Holdings, Inc. is asking stockholders to approve a reverse stock split of its Class A common stock at a ratio between 1‑for‑10 and 1‑for‑50, with the exact ratio to be chosen later by the board. The reverse split is intended to raise the trading price of the shares in connection with a potential application to list on NYSE American or Nasdaq and to broaden institutional and analyst interest. As of July 7, 2026, the company had 203,033,639 Class A shares outstanding, and examples show that a 1‑for‑10 split would reduce this to 20,303,364 shares, while a 1‑for‑50 split would reduce it to 4,060,673 shares. No fractional shares would be issued; any fractional entitlements would be rounded up to the nearest whole share. Stockholders are also being asked to approve a proposal allowing adjournment of the virtual special meeting, scheduled for August 28, 2026, if additional time is needed to gather sufficient votes for the reverse split.
Ascend Wellness Holdings (AAWH) is soliciting shareholder approval to amend its Certificate of Incorporation to permit the Board to effect a reverse stock split of Class A common shares at a ratio between 1-for-10 and 1-for-50. The special meeting will be held virtually by live audio webcast on August 28, 2026, with a record date of July 7, 2026.
If approved, the Board may choose any whole-number ratio in the authorized range and may abandon the action before filing the Certificate of Amendment. The authorization would remain effective until the shares are listed on a national securities exchange or one year from the meeting date, whichever is earlier. The filing notes potential effects, risks, and procedural details, including rounding of fractional shares, adjustments to outstanding equity awards, and tax considerations for U.S. holders.
Ascend Wellness Holdings, Inc. changed its corporate bylaws to make it easier to reach a quorum at shareholder meetings. Effective June 24, 2026, the required quorum was reduced from a majority of voting power to one third (1/3) of the company’s voting power issued and outstanding and entitled to vote. This lower threshold applies to stockholders present in person, by permitted remote communication, or by proxy, unless a higher requirement is set by law or the certificate of incorporation. The full text of the amended and restated bylaws is attached as an exhibit.
Ascend Wellness Holdings, Inc. is soliciting shareholder approval at a virtual special meeting on August 28, 2026 to amend its Certificate of Incorporation to permit the Board to effect a reverse stock split of Class A common shares at a ratio between 1-for-10 and 1-for-50. The Board would decide the final ratio, timing and whether to implement the split; the authorization would remain effective until the shares are listed on a national securities exchange or one year from the Meeting, whichever is earlier. The record date for voting is July 7, 2026. The Company says the split is intended to increase the per-share market price to pursue a listing on the NYSE American or Nasdaq and to potentially broaden institutional and analyst interest, but notes listing remains subject to exchange policies and federal-law constraints related to U.S. cannabis operations.
Ascend Wellness Holdings reported another quarterly loss while continuing to grow its U.S. cannabis footprint. For the three months ended March 31, 2026, net revenue was $116.9 million, down from $128.0 million a year earlier, as wholesale revenue declined. Retail revenue was relatively stable at $83.1 million, while third‑party wholesale revenue fell to $33.8 million.
Gross profit improved to $44.9 million from $39.6 million as cost of goods sold dropped, but higher general and administrative expenses and sharply higher interest expense of $20.3 million led to a net loss of $29.5 million, versus a $19.3 million loss in 2025. Basic and diluted net loss per share widened to $0.15 from $0.09.
Operating cash flow swung from an inflow of $5.9 million to an outflow of $19.4 million, driven largely by reductions in accounts payable and accrued liabilities. Cash and cash equivalents decreased to $60.9 million from $85.7 million at year‑end. Total assets were $872.1 million and total liabilities were $947.9 million, resulting in stockholders’ deficit of $75.8 million as of March 31, 2026.
The company continued executing acquisitions and asset deals, including multiple dispensary transactions structured through variable interest entities and earn‑out arrangements, and an asset swap of an Ohio cultivation license that generated a small gain. Ascend also remains highly leveraged, with $300.0 million of senior secured term notes outstanding bearing interest at 12.75% and overall debt of $318.9 million. Management states that current cash plus anticipated operating cash flows are expected to support operations for at least the next twelve months, while also acknowledging potential needs to access debt or equity markets. As of May 11, 2026, there were 202,973,284 Class A shares outstanding.
Ascend Wellness Holdings reported Q1 2026 results with net revenue of $116.9 million and a net loss of $29.5 million. Revenue declined 3.0% sequentially as both retail and wholesale sales softened due to seasonality, pricing pressure, competition, and weather-related store closures.
Gross profit was $44.9 million, while Adjusted Gross Margin improved to 46.1% on greater vertical integration and better retail margins. Adjusted EBITDA was $26.3 million with a 22.5% margin. Cash and cash equivalents were $60.9 million and Net Debt was $241.2 million as of March 31, 2026.
The company added five new dispensaries year-to-date to reach 51 locations and expects about 2–3% revenue growth in Q2 2026 with Adjusted EBITDA Margin in the low‑20% range. Management highlighted strong brand performance, growing loyalty program engagement, and potential future benefits from U.S. cannabis rescheduling and related tax changes.
Ascend Wellness Holdings, Inc. converted its entire dual-class, high-vote stock and simplified its capital structure. On May 4, 2026, all 65,000 issued and outstanding shares of Class B common stock, which carried 1,000 votes per share, automatically converted into an equal number of Class A common shares.
On May 5, 2026, the company filed a Certificate of Retirement to retire those Class B shares, reducing authorized common stock by 65,000 to 750,035,000 and authorized Class B shares to 35,000. At its 2026 annual meeting, stockholders elected six directors, overwhelmingly ratified WithumSmith+Brown, PC as auditor, and reapproved the stock incentive plan, with Proposal 3 receiving 98,316,897 votes for and 339,972 against.