Filing Flows › Ascend Wellness Holdings (AAWH) › Q2 2025
Ascend Wellness Holdings (AAWH) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 7, 2025
Ascend Wellness Holdings (AAWH) reported revenue of $127M for the second quarter 2025 (Q2 2025), -10% from a year earlier and -0.5% from the quarter before. Operating margin was -0.8%, net loss $24.4M (19.2% of revenue).
Ascend Wellness Holdings, Q2 2025: revenue $127M (-10% year over year), operating margin -0.8%, net loss $24.4M, operating cash flow $17.8M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $127M | -0.5% | -10% |
| Operating profit | −$1.0M | -140% | — |
| Net earnings | −$24.4M | — | — |
| Operating cash flow | $17.8M | +200% | -45% |
| Free cash flow | $11.6M | — | -57% |
What changed
Revenue was $127.3M in Q2 2025, down 10% year over year and down 1% from the previous quarter.
Gross margin was 32.5%, up 3.1 points from a year earlier. Operating costs exceeded revenue by $1.0M, an operating margin of -0.8%. Operating expenses fell 2% while revenue fell 10%. The quarter ended with a net loss of $24.4M, wider than the previous quarter's $19.3M loss.
Operating cash flow was $17.8M (down 45% year over year). Non-cash charges added back $17.8M of depreciation and amortization and $511K of share-based compensation. Working capital and other items added $23.9M. Capital expenditures of $6.2M left free cash flow of $11.6M.
Questions
What was Ascend Wellness Holdings' revenue in the second quarter 2025?
Ascend Wellness Holdings (AAWH) reported revenue of $127M for the second quarter 2025 (Q2 2025), -10% from a year earlier and -0.5% from the quarter before.
Was Ascend Wellness Holdings profitable in the second quarter 2025?
Operating loss was $1.0M (-0.8% of revenue) and net loss $24.4M.