Ascend Wellness (AAWH) Q2 2026 earnings summary

Executive summary

• Net revenue for Q2 2026 reached $126.1 million, up 7.9% sequentially, with retail sales comprising 73.5% of total revenue.

• Adjusted EBITDA was $29.1 million (23.1% margin), up from $26.3 million in Q1 2026.

• Retail footprint expanded to 56 stores, a 45% increase in under two years, with continued densification in core markets.

• Filed for a reverse stock split to enable uplisting to a major U.S. exchange, with a shareholder vote scheduled for August 28, 2026.

• Achieved sequential market share growth across seven states.

Financial highlights

• Retail revenue was $92.7 million, up 11.5% sequentially; wholesale revenue was $33.4 million, down 1% from Q1 2026.

• Adjusted gross profit was $58.3 million, up 8% sequentially, with a margin of 46.2%.

• Net loss for Q2 2026 was $9.8 million, a significant improvement from $29.5 million in Q1 2026.

• Ended Q2 with $67 million in cash, up $6.1 million from Q1.

• Free cash flow was $19.5 million, with $22.5 million generated from operating activities.

Outlook and guidance

• Q3 2026 revenue expected to grow 2%-4% sequentially, driven by new store ramp and M&A pipeline.

• Adjusted EBITDA margin anticipated to remain similar to Q2, with cash expected to grow in H2 2026 and into 2027.

• Expects to meet or exceed year-end target of 60 stores.

• Guidance reflects some softness from the Illinois union strike and conservative assumptions on hemp ban timing.