MariMed Reports Fourth Quarter and Full Year 2025 Earnings
Delivered Revenue Growth in Challenging Environment, Sixth Consecutive Year of Positive Adjusted EBITDA, and Strengthened Balance Sheet
NORWOOD, Mass., March 11, 2026 (GLOBE NEWSWIRE) -- MariMed Inc. (“MariMed” or the “Company”) (CSE: MRMD) (OTCQX: MRMD), a leading multi-state cannabis operator focused on improving lives every day, today announced its financial results for the fourth quarter and year ended December 31, 2025.
Despite continued pricing pressure across many cannabis markets, the Company generated revenue growth and positive Adjusted EBITDA for the sixth consecutive year, reflecting the strength of its branded product portfolio and disciplined operational execution.
2025 Highlights
- Revenue of $159.8 million
- Sixth consecutive year of positive Adjusted EBITDA
- Wholesale revenue increased 11%
- Distribution expanded to 85% of dispensaries in core markets
- Betty’s Eddies ranked #1 edible across four states
- Completed restructuring of Series B obligation, extending maturity 4.6 years
MariMed CEO Jon Levine commented, “We’re pleased to report record revenues as well as positive adjusted EBITDA for the sixth consecutive year. Wholesale continued to be a growth engine for the Company in 2025, increasing sales by 11 percent and expanding our distribution footprint to 85 percent of the dispensaries in our core markets. Our brands continue to resonate with our customers, led by Betty’s Eddies™ fruit chews, which ranked as the top-selling edible across Massachusetts, Maryland, Delaware and Illinois, and Vibations™ drink mix, which ranked fourth among cannabis beverages of any kind sold across those states.”
“Looking ahead to 2026, we have a number of drivers to fuel our growth. These include: a full year of financial contribution following the launch of adult-use cannabis sales in Delaware last August and the launch of our brand distribution in Maine through a new licensing partner during the fourth quarter of 2025; and revenue generated by the new Columbus, Ohio, dispensary we intend to open during the year.”
MariMed CFO Mario Pinho added, ”MariMed was pleased to report revenue growth, protected margins, and stronger liquidity in 2025, reflecting disciplined execution across our platform against a broadly flat industry environment. Our successful brand distribution model, coupled with a clean balance sheet that contains no material debt maturities in the near-term, positions the Company to execute our growth strategy without near-term capital pressure. Our financial priorities remain consistent: protecting margins, deploying capital into the highest-return opportunities, and maintaining a strong liquidity profile. We believe this disciplined approach positions MariMed to continue generate long-term shareholder value while navigating near-term volatility across the sector.”
Financial Highlights1
The following table summarizes the Company 's consolidated financial highlights (in millions, except percentage amounts):
| Three months ended December 31, | Year ended December 31, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||||||||
| Revenue | $ | 41.7 | $ | 38.9 | $ | 159.8 | $ | 157.7 | |||||||
| GAAP Gross margin | 25 | % | 32 | % | 36 | % | 40 | % | |||||||
| Non-GAAP Gross margin | 40 | % | 43 | % | 41 | % | 43 | % | |||||||
| GAAP Net loss | $ | (4.6 | ) | $ | (8.3 | ) | $ | (14.5 | ) | $ | (12.4 | ) | |||
| Non-GAAP Net (loss) income | $ | 2.2 | $ | (3.1 | ) | $ | (2.9 | ) | $ | (3.6 | ) | ||||
| Non-GAAP Adjusted EBITDA | $ | 4.4 | $ | 5.9 | $ | 16.9 | $ | 19.3 | |||||||
| Non-GAAP Adjusted EBITDA margin | 11 | % | 15 | % | 11 | % | 12 | % | |||||||
1 See the reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures and additional information about non-GAAP measures in the section entitled “Discussion of Non-GAAP Financial Measures” below and in the financials information included herewith.
CONFERENCE CALL
MariMed management will host a conference call on Thursday, March 12, 2026 at 8:00 a.m. Eastern time, to discuss these results. The conference call may be accessed through MariMed’s Investor Relations website, or by clicking the following link: https://app.webinar.net/4okRloNdnZ8.
FOURTH QUARTER 2025 OPERATIONAL HIGHLIGHTS
During the fourth quarter, the Company announced the following developments in the implementation of its strategic growth plan:
- October 23: Announced a licensing agreement with Farm 2 Hand, LLC, a New York State cannabis license holder. The agreement will enable the Company to distribute its portfolio of products throughout New York upon completion of a kitchen it is building with Farm 2 Hand and receipt of regulatory approvals.
- October 28: Announced the Company’s exit from the Missouri market, following a strategic review of its business in the state, allowing MariMed to focus resources on higher-return opportunities within its core markets.
- November 3: Announced manufacturing and distribution agreements to support the planned launch of the Company’s Vibations™ beverage brand into the hemp-derived THC market, beginning with Rhode Island in 2026.
OTHER DEVELOPMENTS
Subsequent to the end of the fourth quarter, the Company announced the following development:
- March 2: Announced a Restructuring and Exchange Agreement with the holders of its $14.725 million Series B Convertible Preferred Stock. The Agreement eliminated the Company’s February 28. 2026 mandatory conversion date obligation and replaced it with a combination of long-dated instruments. The transaction extends the weighted average maturity of the obligation to 4.6 years, reducing near-term refinancing risk and enhancing the Company’s liquidity profile.
DISCUSSION OF NON-GAAP FINANCIAL MEASURES
MariMed’s management uses several different financial measures, both GAAP and non-GAAP, in analyzing and assessing the overall performance of its business, making operating decisions, and planning and forecasting future periods. The Company has provided in this release several non-GAAP financial measures: Non-GAAP Gross margin, Non-GAAP Net income (loss), Non-GAAP Adjusted EBITDA and non-GAAP Adjusted EBITDA margin, as supplements to Revenue, Gross margin, Net (loss) income and other financial measures prepared in accordance with GAAP.
Management believes these non-GAAP financial measures are useful in reviewing and assessing the performance of the Company, and when planning and forecasting future periods, as they provide meaningful operating results by excluding the effects of expenses that are not reflective of its operating business performance. In addition, the Company’s management uses these non-GAAP financial measures to understand and compare operating results across accounting periods and for financial and operational decision-making. The presentation of these non-GAAP measures is not intended to be considered in isolation or as a substitute for the financial information prepared in accordance with GAAP.
Management believes that investors and analysts benefit from considering non-GAAP financial measures in assessing the Company’s financial results and its ongoing business, as it allows for meaningful comparisons and analysis of trends in the business. In particular, non-GAAP adjusted EBITDA is used by many investors and analysts themselves, along with other metrics, to compare financial results across accounting periods and to those of peer companies.
As there are no standardized methods of calculating non-GAAP financial measures, the Company’s calculations may differ from those used by analysts, investors and other companies, even those within the cannabis industry, and therefore may not be directly comparable to similarly titled measures used by others.
Management defines non-GAAP Adjusted EBITDA as income (loss) from operations, determined in accordance with GAAP, excluding the following items:
- depreciation of fixed assets;
- amortization of acquired intangible assets;
- Impairment or write-downs of intangible assets;
- inventory revaluation;
- stock-based compensation;
- severance;
- legal settlements; and
- acquisition-related and other expenses.
For further information, please refer to the publicly available financial filings available on MariMed 's Investor Relations website, as filed with the U.S. Securities and Exchange Commission, or as filed with the Canadian securities regulatory authorities on the SEDAR website.
ABOUT MARIMED
MariMed Inc. is a leading multi-state cannabis operator, known for developing and managing state-of-the-art cultivation, production, and retail facilities. Our award-winning portfolio of cannabis brands, including Betty 's Eddies™, Bubby’s Baked™, Vibations™, InHouse™, and Nature’s Heritage™, sets us apart as an industry leader. These trusted brands, crafted with quality and innovation, are recognized and loved by consumers across the country. With a commitment to excellence, MariMed continues to drive growth and set new standards in the cannabis industry. For additional information, visit www.marimedinc.com.
IMPORTANT CAUTION REGARDING FORWARD-LOOKING STATEMENTS:
The information in this release contains “forward-looking” statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, which are subject to several risks and uncertainties. All statements other than statements of historical facts contained in this release, including without limitation statements regarding projected financial results for 2023, including management’s belief that it will have its fourth consecutive year of positive operating cash flow, anticipated openings of dispensaries and facilities, timing of regulatory approvals, plans and objectives of management for future operations, are forward-looking statements. Without limiting the foregoing, the words “anticipates”, “believes”, “estimates”, “expects”, “expectations”, “intends”, “may”, “plans”, and other similar language, whether in the negative or affirmative, are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.
Forward-looking statements are based on our current beliefs and assumptions regarding our business, timing of regulatory approvals, the ability to obtain new licenses, business prospects and strategic growth plan, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated in these forward-looking statements due to various risks, uncertainties, and other important factors, including, among others, reductions in customer spending, our ability to recruit and retain key personnel, and disruptions from the integration efforts of acquired companies.
These factors are not intended to be an all-encompassing list of risks and uncertainties that may affect our business and results of operations. These statements are not a guarantee of future performance and involve risk and uncertainties that are difficult to predict, including, among other factors, changes in demand for the Company’s services and products, changes in the law and its enforcement, and changes in the economic environment. Additional information regarding these and other factors can be found in our reports filed with the U.S. Securities and Exchange Commission. In providing these forward-looking statements, the Company expressly disclaims any obligation to update these statements publicly or otherwise, whether as a result of new information, future events or otherwise, except as required by law.
All trademarks and service marks are the property of their respective owners.
Company Contact:
Howard Schacter, Chief Communications Officer
Email: hschacter@marimedinc.com
Phone: (781) 277-0007
| MariMed Inc. Condensed Consolidated Balance Sheets (in thousands) (unaudited) | |||||||
| December 31, | |||||||
| 2025 | 2024 | ||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash, cash equivalents and restricted cash | $ | 8,884 | $ | 7,282 | |||
| Accounts receivable, net | 9,114 | 8,742 | |||||
| Inventory | 36,601 | 33,488 | |||||
| Deferred rents receivable | — | 556 | |||||
| Notes receivable, current portion | 866 | 52 | |||||
| Other current assets | 3,825 | 3,389 | |||||
| Total current assets | 59,290 | 53,509 | |||||
| Property and equipment, net | 89,385 | 94,167 | |||||
| Intangible assets, net | 17,210 | 18,639 | |||||
| Goodwill | 24,002 | 15,812 | |||||
| Notes receivable, net of current portion | — | 840 | |||||
| Operating lease right-of-use assets | 7,723 | 8,730 | |||||
| Finance lease right-of-use assets | 4,024 | 4,073 | |||||
| Other assets | 931 | 11,219 | |||||
| Total assets | $ | 202,565 | $ | 206,989 | |||
| Liabilities, mezzanine equity and stockholders’ equity | |||||||
| Current liabilities: | |||||||
| Mortgages and notes payable, current portion | $ | 2,553 | $ | 5,126 | |||
| Accounts payable | 14,586 | 13,189 | |||||
| Accrued expenses and other | 9,509 | 4,435 | |||||
| Deferred revenue | 1,394 | 1,329 | |||||
| Income taxes payable | 26,981 | 21,922 | |||||
| Operating lease liabilities, current portion | 1,952 | 1,988 | |||||
| Finance lease liabilities, current portion | 2,092 | 2,018 | |||||
| Total current liabilities | 59,067 | 50,007 | |||||
| Mortgages and notes payable, net of current portion | 70,192 | 69,860 | |||||
| Operating lease liabilities, net of current portion | 6,616 | 7,549 | |||||
| Finance lease liabilities, net of current portion | 1,956 | 1,926 | |||||
| Other liabilities | — | 100 | |||||
| Total liabilities | 137,831 | 129,442 | |||||
| Commitments and contingencies | |||||||
| Mezzanine equity: | |||||||
| Series B convertible preferred stock | 14,725 | 14,725 | |||||
| Series C convertible preferred stock | — | 4,275 | |||||
| Total mezzanine equity | 14,725 | 19,000 | |||||
| Stockholders’ equity: | |||||||
| Common stock | 397 | 381 | |||||
| Additional paid-in capital | 179,405 | 173,366 | |||||
| Accumulated deficit | (127,932 | ) | (113,448 | ) | |||
| Noncontrolling interests | (1,861 | ) | (1,752 | ) | |||
| Total stockholders’ equity | 50,009 | 58,547 | |||||
| Total liabilities, mezzanine equity, and stockholders’ equity | $ | 202,565 | $ | 206,989 |
| MariMed Inc. Condensed Consolidated Statements of Operations (in thousands, except percentages and per share amounts) (unaudited) | |||||||||||||||
| Three months ended | Year ended | ||||||||||||||
| December 31, | December 31, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Revenue | $ | 41,650 | $ | 38,949 | $ | 159,826 | $ | 157,709 | |||||||
| Cost of revenue | 31,148 | 26,293 | 101,945 | 95,096 | |||||||||||
| Gross profit | 10,502 | 12,656 | 57,881 | 62,613 | |||||||||||
| Gross margin | 25.2 | % | 32.5 | % | 36.2 | % | 39.7 | % | |||||||
| Operating expenses: | |||||||||||||||
| Personnel | 6,754 | 6,381 | 28,515 | 27,059 | |||||||||||
| Marketing and promotion | 1,166 | 1,228 | 3,976 | 6,712 | |||||||||||
| General and administrative | 6,957 | 6,574 | 26,142 | 25,618 | |||||||||||
| Acquisition-related and other | 90 | 146 | 486 | 951 | |||||||||||
| Bad debt | 60 | (205 | ) | 1,582 | (336 | ) | |||||||||
| Total operating expenses | 15,027 | 14,124 | 60,701 | 60,004 | |||||||||||
| (Loss) income from operations | (4,525 | ) | (1,468 | ) | (2,820 | ) | 2,609 | ||||||||
| Interest and other (expense) income: | |||||||||||||||
| Interest expense | (2,153 | ) | (1,886 | ) | (7,502 | ) | (6,944 | ) | |||||||
| Interest income | 103 | 38 | 177 | 114 | |||||||||||
| Other expense, net | (753 | ) | — | (717 | ) | (50 | ) | ||||||||
| Total interest and other expense, net | (2,803 | ) | (1,848 | ) | (8,042 | ) | (6,880 | ) | |||||||
| Loss before income taxes | (7,328 | ) | (3,316 | ) | (10,862 | ) | (4,271 | ) | |||||||
| (Benefit) provision for income taxes | (2,687 | ) | 4,948 | 3,594 | 8,159 | ||||||||||
| Net loss | (4,641 | ) | (8,264 | ) | (14,456 | ) | (12,430 | ) | |||||||
| Less: Net (loss) income attributable to noncontrolling interests | (10 | ) | 3 | 28 | 37 | ||||||||||
| Net loss attributable to common stockholders | $ | (4,631 | ) | $ | (8,267 | ) | $ | (14,484 | ) | $ | (12,467 | ) | |||
| Net loss per share attributable to common stockholders: | |||||||||||||||
| Basic | $ | (0.01 | ) | $ | (0.02 | ) | $ | (0.04 | ) | $ | (0.03 | ) | |||
| Diluted | $ | (0.01 | ) | $ | (0.02 | ) | $ | (0.04 | ) | $ | (0.03 | ) | |||
| Weighted average common shares outstanding: | |||||||||||||||
| Basic | 395,299 | 381,249 | 390,135 | 379,153 | |||||||||||
| Diluted | 395,299 | 381,249 | 390,135 | 379,153 |
| MariMed Inc. Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited) | |||||||
| Year ended | |||||||
| December 31, | |||||||
| 2025 | 2024 | ||||||
| Cash flows from operating activities: | |||||||
| Net loss attributable to common stockholders | $ | (14,484 | ) | $ | (12,467 | ) | |
| Net income attributable to noncontrolling interests | 28 | 37 | |||||
| Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||
| Depreciation and amortization of property and equipment | 8,109 | 7,910 | |||||
| Amortization of intangible assets | 3,401 | 2,948 | |||||
| Stock-based compensation | 1,860 | 1,050 | |||||
| Amortization of warrants issued as payment for services received | — | 218 | |||||
| Amortization of debt discount | 459 | 358 | |||||
| Amortization of debt issuance costs | 73 | 73 | |||||
| Payment-in-kind interest | 30 | 104 | |||||
| Bad debt expense (income) | 1,582 | (336 | ) | ||||
| Obligations settled with common stock | 3 | 10 | |||||
| Loss on disposal of assets | 834 | 13 | |||||
| Loss on changes in fair value of investments | — | 145 | |||||
| Changes in operating assets and liabilities: | |||||||
| Accounts receivable, net | (429 | ) | (1,207 | ) | |||
| Inventory | (6 | ) | (8,182 | ) | |||
| Deferred rents receivable | 12 | 74 | |||||
| Other current assets | 1,035 | 883 | |||||
| Other assets | (2,606 | ) | 1,421 | ||||
| Accounts payable | 841 | 4,188 | |||||
| Accrued expenses and other | 3,162 | 1,754 | |||||
| Deferred revenue | 65 | 303 | |||||
| Income taxes payable | 3,726 | 7,488 | |||||
| Net cash provided by operating activities | 7,695 | 6,785 | |||||
| Cash flows from investing activities: | |||||||
| Purchases of property and equipment | (1,167 | ) | (11,960 | ) | |||
| Business acquisitions, net of cash acquired | 231 | (4,250 | ) | ||||
| Advances toward future business acquisitions | (50 | ) | (100 | ) | |||
| Purchases and renewals of cannabis licenses | (465 | ) | (712 | ) | |||
| Proceeds from notes receivable | 26 | 50 | |||||
| Return on investment | — | 44 | |||||
| Proceeds from disposal of assets | 45 | 22 | |||||
| Due from third party | — | (227 | ) | ||||
| Net cash used in investing activities | (1,380 | ) | (17,133 | ) | |||
| Cash flows from financing activities: | |||||||
| Proceeds from Construction to Permanent Commercial Real Estate Mortgage Loan | — | 5,077 | |||||
| Proceeds from mortgages | 2,000 | 1,163 | |||||
| Payment of third-party debt issuance costs in connection with debt | (9 | ) | — | ||||
| Principal payments of mortgages | (1,495 | ) | (382 | ) | |||
| Repayment and retirement of mortgages | (689 | ) | — | ||||
| Principal payments of promissory notes | (3,066 | ) | (1,177 | ) | |||
| Principal payments of finance leases | (1,317 | ) | (1,557 | ) | |||
| Distributions | (137 | ) | (139 | ) | |||
| Net cash (used in) provided by financing activities | (4,713 | ) | 2,985 | ||||
| Net increase (decrease) to cash, cash equivalents and restricted cash | 1,602 | (7,363 | ) | ||||
| Cash, cash equivalents and restricted cash at beginning of year | 7,282 | 14,645 | |||||
| Cash, cash equivalents and restricted cash at end of year | $ | 8,884 | $ | 7,282 |
| MariMed Inc. Reconciliation of Non-GAAP and GAAP Financial Measures (in thousands, except percentages) (unaudited) | |||||||||||||||
| Three months ended | Year ended | ||||||||||||||
| December 31, | December 31, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Non-GAAP Adjusted EBITDA | |||||||||||||||
| GAAP (Loss) income from operations | $ | (4,525 | ) | $ | (1,468 | ) | $ | (2,820 | ) | $ | 2,609 | ||||
| Depreciation and amortization of property and equipment | 2,073 | 2,161 | 8,109 | 7,910 | |||||||||||
| Amortization of acquired intangible assets | 809 | 883 | 3,401 | 2,948 | |||||||||||
| Inventory revaluation | 5,559 | 3,667 | 5,559 | 3,667 | |||||||||||
| Stock-based compensation | 382 | 278 | 1,860 | 1,050 | |||||||||||
| Severance | 42 | 211 | 266 | 211 | |||||||||||
| Acquisition-related and other | 90 | 146 | 486 | 951 | |||||||||||
| Adjusted EBITDA | $ | 4,430 | $ | 5,878 | $ | 16,861 | $ | 19,346 | |||||||
| Non-GAAP Adjusted EBITDA Margin (Non-GAAP adjusted EBITDA as a percentage of revenue) | |||||||||||||||
| GAAP (Loss) Income from operations | (10.9 | %) | (3.8 | %) | (1.8 | %) | 1.7 | % | |||||||
| Depreciation and amortization of property and equipment | 5.1 | % | 5.5 | % | 5.0 | % | 5.0 | % | |||||||
| Amortization of acquired intangible assets | 1.9 | % | 2.3 | % | 2.1 | % | 1.9 | % | |||||||
| Inventory revaluation | 13.3 | % | 9.5 | % | 3.5 | % | 2.3 | % | |||||||
| Stock-based compensation | 0.9 | % | 0.7 | % | 1.2 | % | 0.7 | % | |||||||
| Severance | 0.1 | % | 0.5 | % | 0.2 | % | 0.1 | % | |||||||
| Acquisition-related and other | 0.2 | % | 0.4 | % | 0.3 | % | 0.6 | % | |||||||
| Adjusted EBITDA margin | 10.6 | % | 15.1 | % | 10.5 | % | 12.3 | % |
| GAAP Gross margin | 25.2 | % | 32.5 | % | 36.2 | % | 39.7 | % | |||
| Inventory revaluation | 13.4 | % | 9.4 | % | 3.5 | % | 2.4 | % | |||
| Amortization of acquired intangible assets | 1.3 | % | 1.3 | % | 1.4 | % | 1.0 | % | |||
| Non-GAAP Gross margin | 39.9 | % | 43.2 | % | 41.1 | % | 43.1 | % |
| GAAP Net loss | $ | (4,641 | ) | $ | (8,264 | ) | $ | (14,456 | ) | $ | (12,430 | ) | |||
| Inventory revaluation | 5,559 | 3,667 | 5,559 | 3,667 | |||||||||||
| Stock-based compensation | 382 | 278 | 1,860 | 1,050 | |||||||||||
| Amortization of acquired intangible assets | 809 | 883 | 3,401 | 2,948 | |||||||||||
| Severance | 42 | 211 | 266 | 211 | |||||||||||
| Acquisition-related and other | 90 | 146 | 486 | 951 | |||||||||||
| Non-GAAP Net income (loss) | $ | 2,241 | $ | (3,079 | ) | $ | (2,884 | ) | $ | (3,603 | ) |
| MariMed Inc. Supplemental Information Revenue Components (in thousands) (unaudited) | |||||||||||
| Three months ended | Year ended | ||||||||||
| December 31, | December 31, | ||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||
| Product revenue: | |||||||||||
| Product revenue - retail | 23,387 | 22,124 | 89,024 | 91,275 | |||||||
| Product revenue - wholesale | 17,631 | 16,212 | 69,579 | 62,895 | |||||||
| Total product revenue | 41,018 | 38,336 | 158,603 | 154,170 | |||||||
| Other revenue | 632 | 613 | 1,223 | 3,539 | |||||||
| Total revenue | $ | 41,650 | $ | 38,949 | $ | 159,826 | $ | 157,709 |
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