MariMed (MRMD) Q2 2026: revenue rises to $41.9M as net loss widens
Rhea-AI Filing Summary
MariMed Inc. reported second quarter 2026 revenue of $41.9 million, up from $39.5 million a year earlier, driven by growth in both retail and wholesale product sales. GAAP gross margin was 38.7%, with non-GAAP gross margin of 40.0%.
The company recorded a GAAP net loss of $3.6 million for the quarter compared with a loss of $1.4 million in 2025. Non-GAAP net loss was $2.4 million, versus non-GAAP net income of $0.3 million a year earlier. Non-GAAP Adjusted EBITDA was $3.9 million, down from $4.8 million, and the Adjusted EBITDA margin declined to 9.4% from 12.1%.
For the first six months of 2026, revenue was $81.4 million and net cash provided by operating activities increased to $3.2 million from $1.6 million. As of June 30, 2026, MariMed reported total assets of $197.2 million, cash of $8.4 million, total liabilities of $147.1 million, income taxes payable of $31.5 million, mezzanine equity of $6.9 million and stockholders’ equity of $43.2 million.
Positive
- Operating cash flow nearly doubled: Net cash provided by operating activities for the first six months of 2026 was $3.2 million, up from $1.6 million in the prior-year period, indicating improved cash generation from operations.
Negative
- GAAP net loss widened significantly: Second quarter 2026 GAAP net loss was $3.6 million versus $1.4 million a year earlier, and non-GAAP net result deteriorated from $0.3 million income to a $2.4 million loss.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q2 2026 Revenue: $41.9 million
Q2 2026 GAAP Net Loss: $3.6 million
Q2 2026 Non-GAAP Adjusted EBITDA: $3.9 million
+5 more
8 metrics
Q2 2026 Revenue
$41.9 million
Three months ended June 30, 2026; compared with $39.5 million in 2025
Q2 2026 GAAP Net Loss
$3.6 million
Three months ended June 30, 2026; compared with $1.4 million in 2025
Q2 2026 Non-GAAP Adjusted EBITDA
$3.9 million
Three months ended June 30, 2026; down from $4.8 million a year earlier
First-Half 2026 Operating Cash Flow
$3.2 million
Net cash provided by operating activities for six months ended June 30, 2026
Total Assets
$197.2 million
Total assets as of June 30, 2026
Stockholders’ Equity
$43.2 million
Stockholders’ equity as of June 30, 2026; down from $50.0 million at December 31, 2025
Income Taxes Payable
$31.5 million
Income taxes payable as of June 30, 2026; compared with $27.0 million at year-end 2025
Q2 2026 GAAP Gross Margin
38.7%
GAAP gross margin for the three months ended June 30, 2026
Key Terms
Non-GAAP Adjusted EBITDA, mezzanine equity, Series B convertible preferred stock, Non-GAAP Gross margin, +2 more
6 terms
Non-GAAP Adjusted EBITDA financial
"The Company has provided in this release several non-GAAP financial measures: Non-GAAP Adjusted EBITDA"
Non-GAAP adjusted EBITDA is a measure of a company's profitability that shows earnings before interest, taxes, depreciation, and amortization, with certain adjustments made to exclude irregular or non-recurring expenses and income. It provides a clearer picture of ongoing operational performance by filtering out items that might distort the core business results. Investors use it to better compare how well different companies are performing without the noise of one-time events.
mezzanine equity financial
"Mezzanine equity | Series B convertible preferred stock | — | 14,725"
Mezzanine equity is a layer of financing that sits between bank loans and full ownership, combining elements of borrowed money and equity. It often gives lenders higher potential returns in exchange for taking more risk, sometimes with the option to convert into ownership or receive extra payments; think of it as a middle seat that pays more because it’s less secure than front-row debt. Investors watch it because it affects a company’s debt risk, potential dilution of ownership, and expected returns.
Series B convertible preferred stock financial
"Mezzanine equity | Series B convertible preferred stock | — | 14,725 | New Series B convertible preferred stock"
Series B convertible preferred stock is a class of shares sold during a later-stage private financing that combines features of a loan and common stock: it usually pays priority dividends or has a priority claim if the company is sold, and it can be converted into common shares under predefined rules. Investors care because these shares affect ownership stakes and payout order—like having a reserved place in line and a ticket that can turn into regular ownership—so they influence potential returns and dilution for other shareholders.
Non-GAAP Gross margin financial
"Non-GAAP Gross margin | 40.0 % | 41.8 % | 40.0 % | 41.5 %"
Non-GAAP gross margin is a measure of a company's profitability that shows how much money it makes from sales after subtracting the direct costs of producing its products or services, but without applying certain accounting adjustments required by standard rules. It helps investors understand the company's core earning ability by excluding items like one-time expenses or accounting changes. This metric provides a clearer picture of ongoing business performance beyond official financial reports.
gain on extinguishment of debt financial
"Gain on extinguishment of debt | 699 | —"
280E tax relief regulatory
"implementation of 280E tax relief and broader banking reform are all catalysts"
Earnings Snapshot
Revenue (Q2 2026): $41.9 million
Three and six months ended June 30, 2026
Revenue (Q2 2026)
$41.9 million
Increased from $39.5 million in Q2 2025
GAAP Net Loss (Q2 2026)
$3.6 million
Widened from $1.4 million in Q2 2025
Non-GAAP Adjusted EBITDA (Q2 2026)
$3.9 million
Decreased from $4.8 million in Q2 2025
Operating Cash Flow (First-Half 2026)
$3.2 million
Increased from $1.6 million in first-half 2025
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
How did MariMed (MRMD) perform financially in Q2 2026?
MariMed reported Q2 2026 revenue of $41.9 million, up from $39.5 million in Q2 2025. GAAP net loss widened to $3.6 million, while non-GAAP Adjusted EBITDA fell to $3.9 million from $4.8 million.
What were MariMed (MRMD)’s margins in the second quarter of 2026?
In Q2 2026, MariMed’s GAAP gross margin was 38.7%, down from 40.3% a year earlier. Non-GAAP gross margin was 40.0%, compared with 41.8% in Q2 2025, and Adjusted EBITDA margin was 9.4%.
How much revenue did MariMed (MRMD) generate in the first half of 2026?
For the six months ended June 30, 2026, MariMed generated revenue of $81.4 million, compared with $77.4 million in the same period of 2025. Retail product sales were $44.9 million and wholesale product sales were $36.0 million.
What does MariMed (MRMD)’s balance sheet look like as of June 30, 2026?
As of June 30, 2026, MariMed reported total assets of $197.2 million and cash of $8.4 million. Total liabilities were $147.1 million, mezzanine equity was $6.9 million, and stockholders’ equity stood at $43.2 million.
How did MariMed (MRMD)’s operating cash flow change in the first half of 2026?
Net cash provided by operating activities for the first six months of 2026 was $3.2 million, compared with $1.6 million in the same period of 2025. This reflects stronger cash generation despite reported net losses.
What were MariMed (MRMD)’s non-GAAP Adjusted EBITDA results?
MariMed reported Q2 2026 non-GAAP Adjusted EBITDA of $3.9 million versus $4.8 million a year earlier. For the first six months of 2026, Adjusted EBITDA was $7.5 million, slightly above $7.3 million in the first half of 2025.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 12, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
(Address of Principal Executive Offices)
Registrant’s telephone number, including area code: (781) 277-0007
| (Former Name or Former Address, if Changed Since Last Report) | ||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act: None.
| Title of each class | Ticker symbol(s) | Name of each exchange on which registered | ||||||||||||
| Not Applicable. | Not Applicable. | Not Applicable. | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company x
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 2.02. Results of Operations and Financial Condition.
On August 12, 2026, MariMed Inc. (the “Company”) issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference, announcing its financial results for the three- and six-month periods ended June 30, 2026.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Description | |||||||
| 99.1 | Press release, dated August 12, 2026, announcing financial results for the three- and six-month periods ended June 30, 2026. | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||||||
In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, furnished pursuant to Item 2.02, including Exhibit 99.1 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
**********
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| MARIMED INC. | ||||||||
| Dated: August 12, 2026 | ||||||||
| By: | /s/ Mario Pinho | |||||||
| Mario Pinho | ||||||||
| Chief Financial Officer | ||||||||
Exhibit 99.1
MariMed Reports Second Quarter 2026 Earnings
NORWOOD, MA, August 12, 2026 - 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) | |||||||||
| Six months ended | |||||||||||
| June 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| 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 | |||||||||||||||