Marimed Stock Earnings Reports

Key points for investors: MariMed reported Q3 2025 consolidated revenue of $40.8M, up 3% sequentially, driven by a 5% sequential increase in wholesale (now ~44% of product revenue) and a slight retail uptick. Adjusted EBITDA improved to $5.1M and the company generated $2.7M in operating cash flow; cash on hand was $6.6M. Wholesale strength was led by Illinois and Massachusetts, and Delaware retail/wholesale ramp materially outperformed early expectations following the August 1 adult-use launch. Management emphasized a strategic pivot toward scaling national branded CPG distribution via two pillars: (1) deepen wholesale penetration in existing states and (2) expand into new high-growth states through licensing partnerships and M&A. MariMed began managing TILT’s PA cultivation/processing facility (with distribution expected under license next year) and announced a licensing partnership for New York and other deals to broaden brand reach. The company also entered the hemp-derived THC beverage opportunity, naming manufacturing and marketing partners and planning an initial hemp-THC Vibations launch in Rhode Island in early Q1 2026. Margin pressure occurred: adjusted gross margin fell to 41.4% (down ~400 bps Q/Q) due to higher wholesale mix, pricing/discounting to defend share, and a accounting change for the loyalty program that deferred some revenue (a timing effect). Management expects margins to be stable in Q4 with modest expansion into next year as efficiencies scale. MariMed continues cost-discipline (OpEx flat Q/Q, down 4% Y/Y) and exited the Missouri market to redeploy capital to faster-return opportunities; expected exit-related loss is small and largely non-cash. Overall, investors should focus on (a) wholesale/brand expansion execution (licensing/M&A pipeline and state rollouts), (b) hemp beverage commercialization progress, (c) margin recovery into 2026, and (d) Delaware/Pennsylvania/New York market ramps as near-term growth catalysts.