Ascend Wellness Holdings reported net revenue of $141.6 million for the third quarter of 2024, marking a 0.3% increase year-over-year and a 0.1% increase quarter-over-quarter. Retail revenue reached $93.6 million, showing a 0.6% sequential increase driven by adult-use sales in Ohio and new store openings in Pennsylvania and Illinois.
The company's gross profit for Q3 2024 was $43.7 million, or 30.9% of revenue, an increase from $41.6 million, or 29.4% of revenue, in the prior quarter. Adjusted EBITDA was $25.1 million, representing a 14.9% decline year-over-year and an 11.4% decline quarter-over-quarter.
Ascend reported a net loss of $28.3 million, compared to a net loss of $11.2 million in Q3 2023, primarily due to refinancing transaction costs and severance expenses. Despite the net loss, the company generated approximately $2 million in cash from operations, marking its seventh consecutive quarter of positive operating cash flow. Management anticipates $30 million in annualized savings from transformation initiatives.
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