Filing Flows › Ascend Wellness Holdings (AAWH) › Q1 2026
Ascend Wellness Holdings (AAWH) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 13, 2026
Ascend Wellness Holdings (AAWH) reported revenue of $117M for the first quarter 2026 (Q1 2026), -9% from a year earlier and -3% from the quarter before. Operating margin was 2.2%, net loss $29.5M (25.2% of revenue).
Ascend Wellness Holdings, Q1 2026: revenue $117M (-9% year over year), operating margin 2.2%, net loss $29.5M, operating cash flow −$19.4M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $117M | -3% | -9% |
| Operating profit | $2.5M | — | +2% |
| Net earnings | −$29.5M | — | — |
| Operating cash flow | −$19.4M | -219% | -427% |
What changed
Revenue was $116.9M in Q1 2026, down 9% year over year and down 3% from the previous quarter. Retail revenue was the largest line at 71% of revenue. Third-party wholesale revenue lost $9.8M year over year (down 23%), 89% of the total change.
Gross margin was 38.4%, up 7.5 points from Q1 2025. Operating profit was $2.5M, a 2.2% margin (up 0.2 points year over year). Operating expenses grew 14% against a revenue fall of 9%. The quarter ended with a net loss of $29.5M, narrower than the previous quarter's $48.7M loss. Net interest and other expense of $20.1M was the main reason.
Operating cash flow was −$19.4M. Non-cash charges added back $18.3M of depreciation and amortization and $450K of share-based compensation. Working capital and other items used $8.6M. Capital expenditures of $5.2M exceeded it, leaving free cash flow of −$24.6M.
Questions
What was Ascend Wellness Holdings' revenue in the first quarter 2026?
Ascend Wellness Holdings (AAWH) reported revenue of $117M for the first quarter 2026 (Q1 2026), -9% from a year earlier and -3% from the quarter before.
Was Ascend Wellness Holdings profitable in the first quarter 2026?
Operating profit was $2.5M (2.2% of revenue) and net loss $29.5M.