Welcome to our dedicated page for Ascend Wellness SEC filings (Ticker: AAWH), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
Ascend Wellness Holdings filings document the regulatory record of a multi-state, vertically integrated cannabis operator with Class A common stock quoted on OTCQX and listed on the CSE. Its 8-K reports furnish operating results, preliminary financial results, liquidity and debt disclosures, retail-footprint updates, and material-event records tied to its cannabis retail, wholesale, and consumer packaged goods business.
Proxy and governance filings cover director elections, auditor ratification, stock incentive plan matters, and annual meeting voting. Other filings document capital-structure changes, including the automatic conversion of Class B common stock into Class A common stock and the related retirement of Class B shares, as well as arbitration-related disclosures and settlement of a previously reported award.
Ascend Wellness Holdings reported Q4 2025 net revenue of $120.5 million and full-year 2025 revenue of $500.6 million, down from $561.6 million in 2024. The company posted a 2025 net loss of $118.2 million, wider than $85.0 million a year earlier, including a $17.0 million arbitration settlement expense in Q4.
Profitability metrics improved, with 2025 Adjusted EBITDA of $116.9 million and a 23.4% Adjusted EBITDA Margin, slightly above 2024. Cash and cash equivalents were $85.7 million as of December 31, 2025, with Net Debt of $215.8 million. The retail footprint reached 48 locations and a buyback retired about 15.8 million shares at an average $0.32 per share.
Ascend Wellness Holdings, Inc. resolved an arbitration dispute with Green Thumb Industries Inc. and TWD18, LLC stemming from a June 2018 side letter agreement. An arbitrator had issued a net award of approximately $19.7 million in favor of Green Thumb.
The parties then entered into a settlement agreement dated February 11, 2026, under which the matter was fully resolved for a negotiated payment of $17.0 million. Ascend Wellness has paid this amount, the award has been fully satisfied and extinguished, all arbitration claims have been resolved, and the company states it does not expect any material disruption to its ongoing operations.
Ascend Wellness Holdings released preliminary, unaudited results for Q4 and full year 2025, showing net revenue of approximately $120 million for Q4 and $500 million for the year. Q4 Adjusted EBITDA is projected at about $30 million, with a ~25% margin, and full-year Adjusted EBITDA at roughly $117 million, a ~23% margin.
The company reported cash and cash equivalents of about $86 million as of December 31, 2025 and no significant debt maturities until 2029. Management highlighted expansion to 47 retail stores and a broader branded product portfolio. An arbitration award was issued in favor of Green Thumb Industries related to a 2018 side letter; Ascend disagrees and is evaluating its options but states it can satisfy the award while maintaining planned operations and loan covenant compliance. A Q4 and full-year earnings call is scheduled for March 12, 2026 at 5:00 p.m. ET.
Ascend Wellness Holdings, Inc. disclosed an adverse arbitration outcome related to a 2018 side letter with Green Thumb Industries. The arbitrator found that both parties breached the agreement’s purchase obligations and awarded Green Thumb about $22 million in damages and Ascend about $2.3 million, resulting in a net award to Green Thumb of roughly $19.7 million. Ascend disagrees with the decision and is evaluating its options but does not currently expect the award to cause any material disruption to its ongoing operations.
Ascend Wellness Holdings, Inc. has filed a shelf registration covering up to $100,000,000 of securities it may offer and sell from time to time. The company can issue Class A common stock, preferred stock, warrants, debt securities, subscription rights, or units in one or more future offerings, with final terms for each sale to be detailed in a separate prospectus supplement.
Ascend is a vertically integrated multi-state cannabis operator focused on limited-license adult-use markets. As of December 18, 2025, it operates 46 dispensaries, including 8 partner locations, across Illinois, Maryland, Massachusetts, Michigan, New Jersey, Ohio, and Pennsylvania, and runs cultivation facilities in six states with about 258,000 square feet of canopy. Its Class A common stock trades on the CSE under “AAWH.U” and on the OTCQX under “AAWH.”
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.
Ascend Wellness Holdings (AAWH) furnished quarterly results. The company reported that it issued a press release announcing financial results for the quarter ended September 30, 2025, and furnished it as Exhibit 99.1 to an 8-K.
The information was provided under Item 2.02 and is designated as “furnished,” not “filed,” which limits its use under the Exchange Act. The press release is dated November 10, 2025, and the 8-K was signed by Chief Financial Officer Roman Nemchenko.