NORWOOD, Mass., Nov. 05, 2025 (GLOBE NEWSWIRE) -- MariMed Inc. ("MariMed" or the "Company") (CSE: MRMD) (OTCQX: MRMD), a leading multi-state cannabis operator focused on improving lives every day, today announced its financial results for the third quarter ended September 30, 2025.
Management Commentary
"During the third quarter, we continued to make progress on our plan to own top-selling, national consumer cannabis brands, while also delivering sequential increases in revenue, adjusted EBIDTA, and operating cash flow," said Jon Levine, MariMed Chief Executive Officer. "We had another strong quarter of wholesale sales, which is a core component of our 'Expand the Brand' growth strategy. Another critical part of the strategy is to bring our innovative, top-selling brand portfolio to new markets in high-growth states. New agreements we announced during and after the third quarter will widen distribution of our brands to Maine, Pennsylvania, and New York."
"We delivered sequential growth in both wholesale and retail revenues for the third quarter, and reported a substantial increase in adjusted net income," said Mario Pinho, MariMed Chief Financial Officer. ""Wholesale expansion in Massachusetts and Illinois, the launch of adult-use sales in Delaware, and higher retail transactions across our network fueled topline growth. While new competition impacted our Metropolis, Illinois location, we improved profitability through disciplined cost management and operational efficiencies, without compromising product quality or the customer experience."
Financial Highlights(1)
The following table summarizes the Company's consolidated financial highlights (in millions, except percentage amounts):
Three months ended Nine months ended
September 30, September30,
-------------------------- -------------------------
2025 2024 2025 2024
----- -----
(unaudited) (unaudited)
Revenue $ 40.8 $ 40.6 $ 118.2 $118.8
GAAP Gross
margin 40% 41% 40% 42%
Non-GAAP
Gross
margin 41% 43% 42% 43%
GAAP Net loss $ (2.9) $ (1.0) $ (9.8) $ (4.2)
Non-GAAP Net
(loss)
income $ (1.5) $ 0.5 $ (5.1) $ (0.5)
Non-GAAP
Adjusted
EBITDA $ 5.1 $ 4.7 $ 12.4 $ 13.5
Non-GAAP
Adjusted
EBITDA
margin 13% 12% 11% 11%
(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.
CONFERENCE CALL
MariMed management will host a conference call on Thursday, November 6, 2025 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: Q325 MRMD Earnings Call.
THIRD QUARTER 2025 OPERATIONAL HIGHLIGHTS
During the third quarter, the Company announced the following developments in the implementation of its strategic growth plan:
-- July 14: Expanded the distribution of Betty's Eddies$(TM)$ to Maine for both adult-use cannabis consumers and medical patients through a new licensing partnership. -- July 31: Announced a Managed Services Agreement ("MSA") to assume day-to-day management of a cultivation and processing facility in Pennsylvania owned by a division of multi-state cannabis operator TILT Holdings. In addition, the companies announced a licensing agreement that will enable MariMed to distribute its award-winning, branded products in Pennsylvania, which is anticipated to become the next state to expand its legal cannabis program to include adult-use sales. The Company anticipates distribution to begin in 2026 following regulatory approval.
OTHER DEVELOPMENTS
Subsequent to the end of the third quarter, the Company announced the following further developments:
-- October 23: Signed a licensing agreement with a licensed, vertically
integrated cannabis operator in New York that will enable the Company to
expand distribution of its branded products in that state. The Company
anticipates distribution to begin in 2026, following the build-out of a
new kitchen at the licensee's production facility as well as regulatory
approval.
-- October 28: Completed a strategic review and exited the Missouri market,
ceasing management of a third-party licensed cannabis operator.
-- November 3: Entered into manufacturing, wholesale distribution, and
marketing agreements to launch hemp-derived THC products. A hemp-derived
THC version of the Company's Vibations(TM) hydrating drink mix is
expected to be the first product available to consumers, with anticipated
distribution in Rhode Island by early 2026.
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(TM), Bubby's Baked(TM), Vibations(TM), InHouse(TM), and Nature's Heritage(TM), 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 2025, 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)
September 30, December 31,
2025 2024
--------------- ----------------
Assets
Current assets:
Cash and cash equivalents $ 6,596 $ 7,282
Accounts receivable, net 7,955 8,742
Inventory 40,040 33,488
Deferred rents receivable -- 556
Notes receivable, current portion 866 52
Other current assets 4,636 3,389
---------- ---------
Total current assets 60,093 53,509
Property and equipment, net 91,253 94,167
Intangible assets, net 18,019 18,639
Goodwill 22,655 15,812
Notes receivable, net of current
portion -- 840
Operating lease right-of-use assets 7,973 8,730
Finance lease right-of-use assets 4,551 4,073
Other assets 1,055 11,219
---------- ---------
Total assets $ 205,599 $ 206,989
========== =========
Liabilities, mezzanine equity and
stockholders' equity
Current liabilities:
Mortgages and notes payable,
current portion $ 2,323 $ 5,126
Accounts payable 11,241 13,189
Accrued expenses and other 9,026 4,435
Deferred revenue 1,654 1,329
Income taxes payable 28,133 21,922
Operating lease liabilities,
current portion 1,982 1,988
Finance lease liabilities, current
portion 2,225 2,018
---------- ---------
Total current liabilities 56,584 50,007
Mortgages and notes payable, net of
current portion 70,863 69,860
Operating lease liabilities, net of
current portion 6,833 7,549
Finance lease liabilities, net of
current portion 2,173 1,926
Other liabilities 100 100
---------- ---------
Total liabilities 136,553 129,442
---------- ---------
Commitments and contingencies
Mezzanine equity
Series B convertible preferred
stock 14,725 14,725
Series C convertible preferred
stock -- 4,275
---------- ---------
Total mezzanine equity 14,725 19,000
---------- ---------
Stockholders' equity
Common stock 394 381
Additional paid-in capital 179,057 173,366
Accumulated deficit (123,301) (113,448)
Noncontrolling interests (1,829) (1,752)
---------- ---------
Total stockholders' equity 54,321 58,547
---------- ---------
Total liabilities, mezzanine
equity and stockholders' equity $ 205,599 $ 206,989
========== =========
MariMed Inc.
Condensed Consolidated Statements of Operations
(in thousands, except percentages and per share amounts)
(unaudited)
Three months ended Nine months ended
September 30, September 30,
-------------------------- --------------------------
2025 2024 2025 2024
------- -------
Revenue $ 40,764 $ 40,595 $118,176 $118,760
Cost of revenue 24,401 23,813 70,797 68,803
------- ------- ------- -------
Gross profit 16,363 16,782 47,379 49,957
------- ------- ------- -------
Gross margin 40.1% 41.3% 40.1% 42.1%
Operating expenses:
Personnel 7,028 7,255 21,761 20,678
Marketing and
promotion 1,121 1,827 2,810 5,484
General and
administrative 6,592 6,100 19,185 19,044
Acquisition-related
and other 145 371 396 805
Bad debt (122) (116) 1,522 (131)
------- ------- ------- -------
Total operating
expenses 14,764 15,437 45,674 45,880
------- ------- ------- -------
Income from operations 1,599 1,345 1,705 4,077
Interest and other
(expense) income:
Interest expense (1,825) (1,705) (5,349) (5,058)
Interest income 25 25 74 76
Other income
(expense), net 19 -- 36 (50)
------- ------- ------- -------
Total interest and
other expense,
net (1,781) (1,680) (5,239) (5,032)
------- ------- ------- -------
Loss before income taxes (182) (335) (3,534) (955)
Provision for income
taxes 2,759 655 6,281 3,211
------- ------- ------- -------
Net loss (2,941) (990) (9,815) (4,166)
Less: Net income
attributable to
noncontrolling
interests 7 16 38 34
------- ------- ------- -------
Net loss attributable to
common stockholders $ (2,948) $ (1,006) $ (9,853) $ (4,200)
======= ======= ======= =======
Net loss per share
attributable to common
stockholders:
Basic $ (0.01) $ (0.00) $ (0.03) $ (0.01)
Diluted $ (0.01) $ (0.00) $ (0.03) $ (0.01)
Weighted average common
shares outstanding:
Basic 392,613 380,599 388,394 378,449
Diluted 392,613 380,599 388,394 378,449
MariMed Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Nine months ended
September 30,
2025 2024
-------
Cash flows from operating activities:
Net loss attributable to common stockholders $(9,853) $ (4,200)
Net income attributable to noncontrolling
interests 38 34
Adjustments to reconcile net loss to cash
provided by operating activities:
Depreciation and amortization of property
and equipment 6,036 5,749
Amortization of intangible assets 2,592 2,065
Stock-based compensation 1,478 772
Amortization of warrants issued as payment
for services received -- 218
Amortization of debt discount 339 265
Amortization of debt issuance costs 54 55
Payment-in-kind interest 30 151
Bad debt expense (income) 1,522 (131)
Obligations settled with common stock 3 7
Loss (gain) on disposal of assets 245 (20)
Loss on changes in fair value of investments -- 145
Changes in operating assets and liabilities:
Accounts receivable, net 973 9
Deferred rents receivable 12 55
Inventory (2,933) (9,669)
Other current assets (270) 404
Other assets (2,707) 1,434
Accounts payable (2,690) 4,220
Accrued expenses and other 2,903 2,786
Deferred revenue 283 240
Income taxes payable 6,211 2,609
Net cash provided by operating activities 4,266 7,198
------ -------
Cash flows from investing activities:
Purchases of property and equipment (1,134) (10,902)
Business combinations, net of cash acquired,
and asset purchases 231 (4,250)
Advances toward future business combinations
and asset purchases (50) --
Purchases and renewals of cannabis licenses (301) (663)
Proceeds from notes receivable 26 13
Return on investment -- 44
Proceeds from disposal of assets 45 22
Due from third party -- (197)
Net cash used in investing activities (1,183) (15,933)
------ -------
Cash flows from financing activities:
Proceeds from Construction to Permanent
Commercial Real Estate Mortgage Loan -- 5,077
Proceeds from mortgages 2,000 1,163
Payment of third-party debt issuance costs in
connection with debt (9) --
Principal payments of mortgages (1,105) (207)
Repayment and retirement of mortgages (689) --
Principal payments of promissory notes (2,876) (783)
Principal payments of finance leases (975) (1,252)
Distributions (115) (120)
Net cash (used in) provided by financing
activities (3,769) 3,878
------ -------
Net decrease in cash and cash equivalents (686) (4,857)
Cash and equivalents, beginning of year 7,282 14,645
Cash and cash equivalents, end of period $ 6,596 $ 9,788
====== =======
MariMed Inc.
Reconciliation of Non-GAAP and GAAP Financial Measures
(in thousands, except percentages)
(unaudited)
Three months ended Nine months ended
September 30, September 30,
---------------------- ------------------------
2025 2024 2025 2024
----- ------
Non-GAAP Adjusted EBITDA
GAAP Income from
operations $1,599 $1,345 $ 1,705 $ 4,077
Depreciation and
amortization of
property and
equipment 2,115 1,803 6,036 5,749
Amortization of
acquired intangible
assets 674 882 2,592 2,065
Stock-based
compensation 382 280 1,478 772
Severance 224 -- 224 --
Acquisition-related
and other 145 371 396 805
----- ----- ------ ------
Adjusted EBITDA $5,139 $4,681 $12,431 $13,468
===== ===== ====== ======
Non-GAAP Adjusted EBITDA
Margin (Non-GAAP
adjusted EBITDA as a
percentage of revenue)
GAAP Income from
operations 3.9% 3.3% 1.4% 3.4%
Depreciation and
amortization of
property and
equipment 5.2% 4.4% 5.1% 4.8%
Amortization of
acquired intangible
assets 1.7% 2.2% 2.2% 1.7%
Stock-based
compensation 0.9% 0.7% 1.3% 0.7%
Severance 0.5% --% 0.2% --%
Acquisition-related
and other 0.4% 0.9% 0.3% 0.7%
----- ----- ------ ------
Adjusted EBITDA
margin 12.6% 11.5% 10.5% 11.3%
===== ===== ====== ======
GAAP Gross
margin 40.1% 41.3% 40.1% 42.1%
Amortization
of acquired
intangible
assets 1.3% 1.3% 1.4% 0.9%
------------ ------------ ------------ ------------
Non-GAAP
Gross
margin 41.4% 42.6% 41.5% 43.0%
============ ============ ============ ============
GAAP Operating
expenses $14,764 $15,437 $45,674 $45,880
Amortization of
acquired intangible
assets (161) (360) (969) (965)
Stock-based
compensation (382) (280) (1,478) (772)
Severance (224) -- (224) --
Acquisition-related
and other (145) (371) (396) (805)
------ ------ ------ ------
Non-GAAP Operating
expenses $13,852 $14,426 $42,607 $43,338
====== ====== ====== ======
GAAP Net loss $(2,941) $(990) $(9,815) $(4,166)
Amortization of
acquired intangible
assets 674 882 2,592 2,065
Stock-based
compensation 382 280 1,478 772
Severance 224 -- 224 --
Acquisition-related
and other 145 371 396 805
------ ---- ------ ------
Non-GAAP net (loss)
income $(1,516) $ 543 $(5,125) $ (524)
====== ==== ====== ======
MariMed Inc.
Supplemental Information
Revenue Components
(in thousands)
(unaudited)
Three months ended Nine months ended
September 30, September 30,
---------------------- ---------------------
2025 2024 2025 2024
------- -------
Product sales -
retail $ 22,573 $ 23,388 $ 65,637 $ 69,151
Product sales -
wholesale 18,031 16,310 51,948 46,683
Other revenue 160 897 591 2,926
-------- ------- ------- -------
Total revenue $ 40,764 $ 40,595 $ 118,176 $118,760
======== ======= ======= =======
(END) Dow Jones Newswires
November 05, 2025 18:48 ET (23:48 GMT)