Filing Flows › Marimed (MRMD) › Q3 2025
Marimed (MRMD) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
Marimed (MRMD) reported revenue of $40.8M for the third quarter 2025 (Q3 2025), +0.4% from a year earlier and +3% from the quarter before. Operating margin was 3.9%, net loss $2.9M (7.2% of revenue).
Marimed, Q3 2025: revenue $40.8M (+0.4% year over year), operating margin 3.9%, net loss $2.9M, operating cash flow $2.7M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $40.8M | +3% | +0.4% |
| Operating profit | $1.6M | +40% | — |
| Net earnings | −$2.9M | — | — |
| Operating cash flow | $2.7M | +801% | +233% |
| Free cash flow | $2.1M | — | — |
What changed
Revenue was $40.8M in Q3 2025, roughly flat year over year and up 3% from the previous quarter. Product sales - retail was the largest line at 55% of revenue. Product sales - wholesale added $1.7M year over year (up 11%), 1018% of the total change. Other revenue declined 82%.
Gross margin was 40.1%, down 1.2 points from a year earlier. Operating profit was $1.6M, a 3.9% margin (up 0.6 points year over year). Of the extra revenue versus a year earlier, 150% reached operating profit, above the 3% margin then. Operating expenses fell 4% while revenue was flat. The quarter ended with a net loss of $2.9M, wider than the previous quarter's $1.4M loss. Net interest and other expense of $1.8M was the main reason.
Operating cash flow was $2.7M (up 233% year over year). Non-cash charges added back $2.1M of depreciation and amortization and $382K of share-based compensation. Working capital and other items added $3.1M. Capital expenditures of $559K left free cash flow of $2.1M.
Questions
What was Marimed's revenue in the third quarter 2025?
Marimed (MRMD) reported revenue of $40.8M for the third quarter 2025 (Q3 2025), +0.4% from a year earlier and +3% from the quarter before.
Was Marimed profitable in the third quarter 2025?
Operating profit was $1.6M (3.9% of revenue) and net loss $2.9M.
Source: Marimed 10-Q on SEC EDGAR.