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MariMed Reports Second Quarter 2025 Earnings

Written by Customer Service on . Posted in Public Companies.

NORWOOD, Mass., Aug. 06, 2025 (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 second quarter ended June 30, 2025.

Management Commentary

“We delivered growth and expanded operations across our business during the second quarter, continuing our progress of building a leading cannabis consumer packaged goods company,” said Jon Levine, MariMed Chief Executive Officer. “Our ‘Expand the Brand’ strategy is working. Our innovative, high-quality portfolio of brands grew or maintained their market share across our core markets. We remain confident in delivering the shareholder value our investors deserve by leveraging our brands as the primary growth engine of our company. Looking ahead, we anticipate increasing product distribution through the addition of adult-use sales in Delaware, a new licensing agreement in Maine, and our recently announced entry into Pennsylvania. In addition, the strength of our balance sheet affords us optionality with respect to M&A and licensing opportunities.”

“We delivered sequential growth in both wholesale and retail revenues for the second quarter, a substantial increase in adjusted EBITDA, and we were cash flow positive,” said Mario Pinho, MariMed Chief Financial Officer. “Our performance reflects strong execution in Massachusetts, full-quarter contributions from Delaware, and a solid retail strategy. With the METRC system migration in Illinois behind us and Missouri under active review, we remain confident in the revenue catalysts we have built for the second half of the year, including adult use in Delaware, entry into Pennsylvania, and expanded wholesale.”

Financial Highlights1

The following table summarizes the Company’s consolidated financial highlights (in millions, except percentage amounts):

 Three months ended
June 30,		 Six months ended
June 30,
  2025   2024   2025   2024 
 (unaudited) (unaudited)
Revenue$39.6  $40.4  $77.6  $78.4 
GAAP Gross margin 40%  42%  40%  43%
Non-GAAP Gross margin 42%  43%  42%  43%
GAAP Net loss$(1.3) $(1.6) $(6.7) $(2.9)
Non-GAAP Net income (loss)$0.4  $(0.2) $(3.4) $(0.8)
Non-GAAP Adjusted EBITDA$4.9  $4.4  $7.5  $9.0 
Non-GAAP Adjusted EBITDA margin 12%  11%  10%  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, August 7, 2025 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: Q2 2025 MRMD Earnings Call.

SECOND QUARTER 2025 OPERATIONAL HIGHLIGHTS

During the second quarter, the Company announced the following development in the implementation of its strategic growth plan:

  • April 1: Launched its Nature’s Heritage™-branded cannabis flower, pre-rolls, and vapes in Illinois, marking the first time the brand’s premium products are available in the state.
  • April 3: Expanded the line-up of its top-selling Betty’s Eddies™-branded cannabis chews with the introduction of a new caramel chew, Betty’s Caramelt Away.
  • April 8: Promoted Ryan Crandall to Chief Commercial Officer to lead the Company’s commercial strategy and activities, including Sales, Marketing, Product Development, and Retail Operations. He had served as the Company’s Chief Revenue Officer since July 2022, and previously was its Chief Products Officer and SVP, Sales for four years.
  • May 29: Expended its branded product line-up with the introduction of MycroDose by Nature’s Heritage, a vegan pill that combines full-spectrum cannabis with the added benefits of functional mushrooms.

OTHER DEVELOPMENTS

Subsequent to the end of the second quarter, the Company announced the following further developments:

  • July 14: Expanded the distribution of Betty’s Eddies to Maine for both adult-use cannabis consumers and medical patients through a new licensing partnership.
  • July 31: Announced a Managed Services Agreement (“MSA”) to assume day-to-day management of a cultivation and processing facility in Pennsylvania owned by a division of multi-state cannabis operator TILT Holdings. In addition, a licensing agreement will enable the Company to distribute its award-winning, branded products in Pennsylvania, which is anticipated to become the next state to expand its legal cannabis program to include adult-use sales.

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 Adjusted EBITDA and non-GAAP Adjusted EBITDA margin, Non-GAAP Gross margin, Non-GAAP Operating expenses and Non-GAAP Net income (loss), as supplements to Revenue, Gross margin, Operating expenses, Income (loss) from operations, Net income (loss) 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 and amortization of property and equipment;
  • amortization of acquired intangible assets;
  • impairment or write-downs of acquired 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 2025, including 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.

Neither the CSE nor its Regulation Services accepts responsibility for the adequacy or accuracy of this release.

For More Information Contact:

Howard Schacter, Chief Communications Officer
Email: hschacter@marimedinc.com
Phone: (781) 277-0007

 
MariMed Inc.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
 
 June 30,
2025		 December 31,
2024
Assets   
Current assets:   
Cash and cash equivalents$6,138  $7,282 
Accounts receivable, net 7,688   8,742 
Inventory 38,825   33,488 
Deferred rents receivable —   556 
Notes receivable, current portion 39   52 
Other current assets 4,440   3,389 
Total current assets 57,130   53,509 
Property and equipment, net 92,646   94,167 
Intangible assets, net 20,721   18,639 
Goodwill 20,051   15,812 
Notes receivable, net of current portion 827   840 
Operating lease right-of-use assets 8,252   8,730 
Finance lease right-of-use assets 3,676   4,073 
Other assets 1,070   11,219 
Total assets$204,373  $206,989 
    
Liabilities, mezzanine equity and stockholders’ equity   
Current liabilities:   
Mortgages and notes payable, current portion$3,419  $5,126 
Accounts payable 11,218   13,189 
Accrued expenses and other 7,412   4,435 
Income taxes payable 25,442   21,922 
Operating lease liabilities, current portion 2,040   1,988 
Finance lease liabilities, current portion 1,413   2,018 
Total current liabilities 50,944   48,678 
Mortgages and notes payable, net of current portion 70,899   69,860 
Operating lease liabilities, net of current portion 7,045   7,549 
Finance lease liabilities, net of current portion 2,212   1,926 
Other liabilities 100   100 
Total liabilities 131,200   128,113 
    
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 392   381 
Additional paid-in capital 178,698   173,366 
Accumulated deficit (118,840)  (112,119)
Noncontrolling interests (1,802)  (1,752)
Total stockholders’ equity 58,448   59,876 
Total liabilities, mezzanine equity and stockholders’ equity$204,373  $206,989 
 

MariMed Inc.
Condensed Consolidated Statements of Operations
(in thousands, except percentages and per share amounts)
(unaudited)
 
 Three months ended Six months ended
 June 30, June 30
  2025   2024   2025   2024 
        
Revenue$39,611  $40,438  $77,566  $78,371 
Cost of revenue 23,579   23,529   46,396   44,990 
Gross profit 16,032   16,909   31,170   33,381 
        
Gross margin 40.5%  41.8%  40.2%  42.6%
        
Operating expenses:       
Personnel 7,392   6,958   14,733   13,423 
Marketing and promotion 761   1,856   1,659   3,618 
General and administrative 6,343   6,804   12,593   12,944 
Acquisition-related and other 139   350   251   434 
Bad debt 256   (15)  1,644   (15)
Total operating expenses 14,891   15,953   30,880   30,404 
        
Income from operations 1,141   956   290   2,977 
        
Interest and other (expense) income:       
Interest expense (1,762)  (1,724)  (3,524)  (3,353)
Interest income 25   25   49   51 
Other income (expense), net 17   (30)  17   (50)
Total interest and other expense, net (1,720)  (1,729)  (3,458)  (3,352)
        
Loss before income taxes (579)  (773)  (3,168)  (375)
Provision for income taxes 691   866   3,522   2,556 
        
Net loss (1,270)  (1,639)  (6,690)  (2,931)
Less: Net (loss) income attributable to noncontrolling interests (1)  12   31   18 
Net loss attributable to common stockholders$(1,269) $(1,651) $(6,721) $(2,949)
        
Net loss per share attributable to common stockholders:       
Basic$(0.00) $(0.00) $(0.02) $(0.01)
Diluted$(0.00) $(0.00) $(0.02) $(0.01)
        
Weighted average common shares outstanding:       
Basic 389,903   379,514   386,250   377,362 
Diluted 389,903   379,514   386,250   377,362 
 

MariMed Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
 
 Six months ended
 June 30,
  2025   2024 
Cash flows from operating activities:   
Net loss attributable to common stockholders$(6,721) $(2,949)
Net income attributable to noncontrolling interests 31   18 
Adjustments to reconcile net loss to cash provided by operating activities:   
Depreciation and amortization of property and equipment 3,921   3,946 
Amortization of intangible assets 1,918   1,183 
Stock-based compensation 1,096   492 
Amortization of warrants issued as payment for services received —   218 
Amortization of debt discount 222   175 
Amortization of debt issuance costs 36   37 
Payment-in-kind interest 30   69 
Bad debt expense 1,644   (15)
Obligations settled with common stock 2   2 
Loss on disposal of assets 256   36 
Loss on changes in fair value of investments —   144 
Changes in operating assets and liabilities:   
Accounts receivable, net 1,301   (530)
Deferred rents receivable 12   37 
Inventory (1,718)  (5,833)
Other current assets 51   930 
Other assets (2,905)  1,919 
Accounts payable (2,713)  3,607 
Accrued expenses and other 1,607   955 
Income taxes payable 3,520   1,954 
Net cash provided by operating activities 1,590   6,395 
    
Cash flows from investing activities:   
Purchases of property and equipment (575)  (8,336)
Business combinations, net of cash acquired, and asset purchases 231   (4,250)
Advances toward future business combinations and asset purchases (50)  (485)
Purchases and renewals of cannabis licenses (301)  (623)
Proceeds from notes receivable 26   13 
Due from third party —   (128)
Net cash used in investing activities (669)  (13,809)
    
Cash flows from financing activities:   
Proceeds from Construction to Permanent Commercial Real Estate Mortgage Loan —   2,948 
Proceeds from mortgages 2,000   1,163 
Payment of third-party debt issuance costs in connection with debt (9)  — 
Principal payments of mortgages (741)  (138)
Repayment and retirement of mortgages (689)  — 
Principal payments of promissory notes (1,919)  (253)
Principal payments of finance leases (626)  (676)
Distributions (81)  (83)
Net cash (used in) provided by financing activities (2,065)  2,961 
    
Net decrease in cash and cash equivalents (1,144)  (4,453)
Cash and equivalents, beginning of year 7,282   14,645 
Cash and cash equivalents, end of period$6,138  $10,192 
 

MariMed Inc.
Reconciliation of Non-GAAP and GAAP Financial Measures
(in thousands, except percentages)
(unaudited)
 
 Three months ended Six months ended
 June 30, June 30,
  2025   2024   2025   2024 
Non-GAAP Adjusted EBITDA       
GAAP Income from operations$1,141  $956  $290  $2,977 
Depreciation and amortization of property and equipment 2,114   2,008   3,921   3,946 
Amortization of acquired intangible assets 969   809   1,918   1,183 
Stock-based compensation 549   248   1,096   492 
Acquisition-related and other 139   350   251   434 
Adjusted EBITDA$4,912  $4,371  $7,476  $9,032 
        
Non-GAAP Adjusted EBITDA Margin (Non-GAAP adjusted EBITDA as a percentage of revenue)       
GAAP Income from operations 2.9%  2.4%  0.4%  3.8%
Depreciation and amortization of property and equipment 5.3%  4.9%  5.0%  5.0%
Amortization of acquired intangible assets 2.4%  2.0%  2.5%  1.5%
Stock-based compensation 1.4%  0.6%  1.4%  0.6%
Acquisition-related and other 0.4%  0.9%  0.3%  0.6%
Adjusted EBITDA margin 12.4%  10.8%  9.6%  11.5%
 

GAAP Gross margin 40.5%  41.8%  40.2%  42.6%
Amortization of acquired intangible assets 1.4%  1.1%  1.4%  0.7%
Non-GAAP Gross margin 41.9%  42.9%  41.6%  43.3%
 

GAAP Operating expenses$14,891  $15,953  $30,880  $30,404 
Amortization of acquired intangible assets (397)  (362)  (808)  (605)
Stock-based compensation (549)  (248)  (1,096)  (492)
Acquisition-related and other (139)  (350)  (251)  (434)
Non-GAAP Operating expenses$13,806  $14,993  $28,725  $28,873 
 

GAAP Net loss$(1,270) $(1,639) $(6,690) $(2,931)
Amortization of acquired intangible assets 969   809   1,918   1,183 
Stock-based compensation 549   248   1,096   492 
Acquisition-related and other 139   350   251   434 
Non-GAAP net income (loss)$387  $(232) $(3,425) $(822)
 

MariMed Inc.
Supplemental Information
Revenue Components
(in thousands)
(unaudited)
 
 Three months ended Six months ended
 June 30, June 30,
  2025   2024   2025   2024 
Product sales – retail$22,439  $23,623  $43,218  $45,969 
Product sales – wholesale 17,131   15,868   33,917   30,373 
Other revenue 41   947   431   2,029 
Total revenue$39,611  $40,438  $77,566  $78,371 
 

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