Filing Flows › Ascend Wellness Holdings (AAWH) › Q3 2025
Ascend Wellness Holdings (AAWH) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 10, 2025
Ascend Wellness Holdings (AAWH) reported revenue of $125M for the third quarter 2025 (Q3 2025), -12% from a year earlier and -2% from the quarter before. Operating margin was -1.1%, net loss $25.8M (20.7% of revenue).
Ascend Wellness Holdings, Q3 2025: revenue $125M (-12% year over year), operating margin -1.1%, net loss $25.8M, operating cash flow −$2.0M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $125M | -2% | -12% |
| Operating profit | −$1.3M | — | — |
| Net earnings | −$25.8M | — | — |
| Operating cash flow | −$2.0M | -111% | — |
What changed
Revenue was $124.7M in Q3 2025, down 12% year over year and down 2% from the previous quarter.
Gross margin was 35.0%, up 4.1 points from a year earlier. Operating costs exceeded revenue by $1.3M, an operating margin of -1.1%. Operating expenses fell 3% while revenue fell 12%. The quarter ended with a net loss of $25.8M, wider than the previous quarter's $24.4M loss.
Operating cash flow was −$2.0M. Non-cash charges added back $16.8M of depreciation and amortization and $806K of share-based compensation. Working capital and other items added $6.2M. Capital expenditures of $6.4M exceeded it, leaving free cash flow of −$8.5M.
Questions
What was Ascend Wellness Holdings' revenue in the third quarter 2025?
Ascend Wellness Holdings (AAWH) reported revenue of $125M for the third quarter 2025 (Q3 2025), -12% from a year earlier and -2% from the quarter before.
Was Ascend Wellness Holdings profitable in the third quarter 2025?
Operating loss was $1.3M (-1.1% of revenue) and net loss $25.8M.