Ascend Wellness Holdings Inc. reported net revenue of $124.7 million for the third quarter of 2025, a 2.0% sequential increase. Adjusted EBITDA reached $31.1 million, representing a 24.9% margin. The company achieved a 300-basis point increase in adjusted gross margin to 46.4%. Cash and cash equivalents at the end of the quarter were $87.3 million, with net debt at $281.8 million. Net cash used in operations was $2.0 million, including a $19.1 million biannual interest payment. Year-to-date, Ascend added seven new retail stores, expanding its nationwide footprint to 46 locations, including company-owned and partner sites. The company also received approval for its first partner dispensary in New Jersey and completed a $9.3 million mortgage financing secured by Ohio assets at an 8.5% interest rate.