Every 10-Q that ASCEND WELLNESS HOLDNGS A (AAWH) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow AAWH and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full AAWH filings page.
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 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 (AAWH) reported softer results for the quarter ended September 30, 2025. Revenue was $124.7 million, down from $141.6 million a year ago, as both retail and third‑party wholesale sales declined. Gross profit held roughly steady, but operating expenses kept the business near break‑even at the operating line, and interest expense weighed on results. The company posted a net loss of $25.8 million, versus a $28.3 million loss last year.
For the first nine months of 2025, revenue totaled $380.0 million with a net loss of $69.5 million. AAWH ended the quarter with cash of $87.3 million, long‑term debt of $343.7 million, and stockholders’ equity of $2.6 million. Management disclosed indicators raising substantial doubt about going concern, but said this was alleviated by cash on hand and $21.7 million of net cash provided by operating activities year‑to‑date. The company completed several tuck‑in transactions for dispensaries and licenses during 2025. As of November 6, 2025, Class A shares outstanding were 202,269,004, with 65,000 Class B shares.