Marimed Inc. reported third quarter 2025 revenue of $40.8 million, a slight increase from $40.6 million in the same period in 2024. GAAP gross margin was 40%, compared to 41% last year. The company recorded a GAAP net loss of $2.9 million, widening from a $1.0 million net loss in the prior year period. Non-GAAP gross margin was 41%, down from 43%, while Non-GAAP adjusted EBITDA was $5.1 million, up from $4.7 million. Key business developments included sequential growth in both wholesale and retail revenues, expansion of wholesale sales in Massachusetts and Illinois, the launch of adult-use sales in Delaware, and new distribution agreements for the company's brands in Maine, Pennsylvania, and New York.
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