Ascend Wellness Holdings Inc. $(AWH)$, a multi-state, vertically integrated cannabis operator, reported its financial results for the second quarter of 2025, ending June 30. The company posted net revenue of $127.3 million, representing a slight 0.5% decrease from the previous quarter. This was due to a 6.4% decline in third-party wholesale revenue, totaling $40.8 million, partially offset by a 2.5% increase in retail revenue, which reached $86.5 million. The retail growth was primarily attributed to the addition of five new stores in the first half of 2025 and strong performance in Ohio's adult-use market, despite ongoing pricing pressures. AWH reported a net loss of $24.4 million for Q2 2025, compared to a net loss of $19.3 million in Q1 2025. This increase in net loss was mainly driven by higher general and administrative expenses, although it was partially mitigated by improved margins and cost-saving initiatives. The company achieved an Adjusted EBITDA of $28.6 million in Q2 2025, up from $27.0 million in Q1 2025, with an Adjusted EBITDA Margin of 22.4%, a 130-basis point increase. This was supported by a 260-basis point improvement in adjusted gross profit and ongoing cost-savings measures. AWH ended the quarter with a robust cash position of $95.3 million and generated $17.8 million in operating cash flow. The company also fully retired a $60 million term loan through strategic refinancing. In terms of business updates, AWH launched a new, fully integrated e-commerce ecosystem post-quarter, featuring a redesigned digital shopping platform and app powered by Dutchie, offering AI-driven personalized product recommendations and pay-by-bank functionality. Additionally, the Company's revamped loyalty program, Ascenders Club, now includes a tiered structure with enhanced rewards and benefits for members.