MariMed Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw 4% revenue growth year-over-year, stable gross margins, and improved profitability, driven by strong wholesale and retail performance in core markets. Expansion is planned in Massachusetts and Ohio, with immediate tax benefits expected from medical cannabis rescheduling.
Fiscal Year 2025
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Revenue grew 7% to $160M in 2025, with strong wholesale gains and expanded brand reach via licensing. Margin discipline, positive cash flow, and a strengthened balance sheet position the company for further growth, despite ongoing price compression in mature markets.
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Q3 saw sequential growth in wholesale and retail revenue, with strong brand performance in core markets and a shift toward wholesale driving margin stability. Expansion into hemp and new licensing deals support long-term growth, while cost discipline improved cash flow and EBITDA.
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Sequential revenue and EBITDA growth were driven by strong wholesale and retail performance, especially in Massachusetts and Delaware, while new market entries and product innovation support future expansion. Missouri operations are under review, and the balance sheet remains healthy.
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Q1 2025 revenue was flat year-over-year at $38 million, with wholesale growth offsetting retail softness and margin pressure from price compression. Adjusted EBITDA declined to $2.6 million, and Q2 revenue is expected to rise by high single digits quarter-over-quarter.
Fiscal Year 2024
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Q4 and full-year revenue reached $39M and $158M, respectively, with wholesale growth offsetting retail softness amid industry headwinds. Margins improved sequentially, and the company expanded its brand presence and completed key acquisitions, positioning for further growth in 2025.
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Q3 2024 saw revenue and operating cash flow growth, led by strong wholesale performance and brand expansion, despite margin pressures from inflation and startup costs. Updated guidance raises revenue targets but lowers EBITDA outlook, with margin improvements expected as new assets mature.
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Q2 revenue rose 11% year-over-year to $40.4M, led by strong wholesale and retail growth. Margin pressure from investments and higher costs is expected to ease as new assets ramp up, with guidance for 5%-7% revenue growth in 2024 reaffirmed.