Ascend Wellness Holdings Llc Class A · CSE:AAWH.U
Ascend Wellness Holdings Llc Class A — Q1 2025 Earnings Presentation
24 slides from Ascend Wellness Holdings Llc Class A's earnings presentation, May 12, 2025
Slide 1: Q1 2025 Earnings
OTCQX: AAWH | CSE: AAWH-U.CN | ASCEND WELLNESS HOLDINGS INC. Q1 2025 Earnings Ascend Wellness Holdings WWW.AWHOLDINGS.COM/INVESTORS
Slide 2: Cautionary Statement Regarding Forward-Looking Statements
Cautionary Statement Regarding Forward-Looking Statements OTCQX: AAWH This presentation includes forward-looking information and statements (together, “forward-looking statements”), which may include, but are not limited to, the plans, intentions, expectations, estimates, and beliefs of Ascend Welln
Slide 3: Sam Brill, Chief Executive Officer
ASCEND WELLNESS HOLDINGS INC. | CSE: AAWH-U.CN | OTCQX: AAWH Sam Brill Chief Executive Officer
Slide 4: Key Priorities Progress
Key Priorities Progress OTCQX: AAWHFireside Chat PROFITABILITY1 SUSTAINABILITY Customer| Experience • Q1 2025 Adjusted EBITDA2 of $27.0M. • Achieved 9th consecutive quarter of positive Maintained Adjusted EBITDA2 margin at 21.1% operating cash generation. AAWH-U.CN • • Revamped loyalty program drivi
Slide 5: Densification Strategy
Densification Strategy OTCQX: AAWHFireside Chat Q1 2025 PROGRESS Customer| Experience • Three partner stores open in Illinois: • Markham opened in Q1, and North Riverside and Lynwood opened subsequent to quarter-end. • Identified an additional partner store opportunity, bringing Illinois total to si
Slide 6: Q1 2025 Overview
Q1 2025 Overview OTCQX: AAWHFireside Chat • Next-generation e-commerce platform rollout has elevated the customer experience to drive basket Customer| Experience growth, improve retention, and optimize product positioning. • Ohio adult-use ramp-up continues to be strong; AWH retail stores continue t
Slide 7: Frank Perullo, President & Co-Founder
ASCEND WELLNESS HOLDINGS INC. | CSE: AAWH-U.CN | OTCQX: AAWH President & Co-Founder Frank Perullo
Slide 8: Operational Update
Operational Update OTCQX: AAWH Strong Retail Presence & Wholesale Capabilities Driving Success: • While overall market contracted by 3.4% in Q1, AWH grew market share by 4% compared to Q4. • Introducing new automation technologies to drive innovation and improve efficiency. | CSE: AAWH-U.CN • Target
Slide 9: Retail Update
Retail Update ELEVATING CUSTOMER EXPERIENCES & INCREASING ENGAGEMENT: OTCQX: AAWH • Implemented processes and technology aimed at improving revenue, margins, and customer experience, including an updated assortment guide to drive store traffic. | • Introduced new pricing and promotion processes to e
Slide 10: Wholesale Update
Wholesale Update • AWH brands rose to the #2 position in sales and units across IL, MA, and NJ, combined. OTCQX: AAWH • Launched 100 new products across top four markets during Q1 2025. | BRAND STRENGTH OPERATIONAL IMPROVEMENTS CSE: AAWH-U.CN • Ozone brand ranks #1 in sales and units across • Contin
Slide 11: Roman Nemchenko, Chief Financial Officer
ASCEND WELLNESS HOLDINGS INC. | CSE: AAWH-U.CN | OTCQX: AAWH Chief Financial Officer Roman Nemchenko
Slide 12: Financial Highlights
Financial Highlights Q/Q: Q4’24 VS. Q1’25 OTCQX: AAWH Q/Q • Decline in revenue primarily due to the Net Revenue Adj. EBITDA / Margin1 softening of retail sales in IL, MI, NJ, and MA US$ Millions US$ Millions resulting from a combination of pricing pressure and volume, partially offset by the 22.2% c
Slide 13: Q1 Balance Sheet & Cash Flow
Q1 Balance Sheet & Cash Flow Q1 Cash & Equivalents 03/31/25 ($ in millions) OTCQX: AAWH 120 Cash & Equivalents $100.0M 5.9 13.7 100.0 100 88.3 +35.2 80 -7.9 Fully Diluted Shares | 60 CSE: AAWH-U.CN Outstanding Basic & 216.1 40 Diluted( 1 ) 20 0 Total Debt, net( 2 ) $333M 12/31/24 Cash inflow Cash Ca
Slide 14: Appendix
ASCEND WELLNESS HOLDINGS INC. | CSE: AAWH-U.CN | OTCQX: AAWH Appendix
Slide 15: Our Vision
Our We envision a future where cannabis is a part of everyday life for consumers of all kind to make their life better. Vision Better fun. Better health. Better being. 15 https://vimeo.com/1008828511?share=copy
Slide 16: Non-GAAP Reconciliations
Non-GAAP Reconciliations OTCQX: AAWH | CSE: AAWH-U.CN | ASCEND WELLNESS HOLDINGS INC. (1) Incremental expenses associated with the expansion of activities at our cultivation facilities that are not yet operating at scale, including excess overhead expenses resulting in delays from regulatory approva
Slide 17: Use of Non-GAAP Financial Metrics
Use of Non-GAAP Financial Metrics Financial results are reported in accordance with U.S. generally accepted accounting principles (“GAAP”) and all currency is in U.S. dollars. This presentation includes certain non-GAAP OTCQX: AAWH financial measures, as defined by the SEC, including Adjusted Gross
Slide 18: Overview
Overview Vertically integrated operator with assets in Illinois, Massachusetts, Maryland, Michigan, New Jersey, Ohio, and Pennsylvania. Owns and operates state-of-the-art cultivation facilities; grows award-winning strains and produces a curated selection of products. OTCQX: AAWH FOUNDED 2018 Revenu
Slide 19: Investment Highlights
Investment Highlights STRONG OTCQX: AAWH • Ninth consecutive quarter of positive Cash from Operations BALANCE SHEET • Recently refinanced term loan; providing 5 years until maturity on new Senior Secured Note | • Continued upside in existing business as medical markets switch to adult-use (OH full y
Slide 20: Our Timeline
Our Timeline $562M OTCQX: AAWHFireside Chat $519M Adj. EBITDA Revenue (M) $406M $332M Customer| Experience 116% CAGR Revenue 2019-2024 YTD $144M AAWH-U.CN $79M $93M $107M $116M $31M $0M $12M Shelf | toCSE: Founded 2018 2019 2019 2020 2021 2022 2023 2024 Seed About INC. 245K 245K 255K Welcome HOLDING
Slide 21: Expanding Dispensary Densification
Expanding Dispensary Densification OTCQX: AAWHFireside Chat Target6: 7 2 60 7 Footprint 41 3 ~50% Customer| Experience 40 Growth Current Ohio Illinois New Jersey Other Target AAWH-U.CN Operating In Progress Operating Cultivation State Dispensaries Dispensaries4 & Processing5 Shelf | toCSE: IL 13 rec
Slide 22: Brand Value Spectrum
Brand Value Spectrum National portfolio of branded products satisfying consumers across the value spectrum OTCQX: AAWH | CSE: AAWH-U.CN #1 Flower in MA1 #3 in IL, NJ, MA1 Grab n’ Go, When You Want a Gummies for every Crafted for smokers, The Easy Way Up Curated Fire Phenos Ready to Rip Great Smoke
Slide 23: Compelling Core Strengths
Compelling Core Strengths Uniquely positioned to lead as realigned focus and cash generation initiatives take effect OTCQX: AAWH • Industry-leading revenue per dispensary demonstrates the Company’s ability to identify great SUPERIOR FOOTPRINT locations in premiere markets. | CSE: AAWH-U.CN • Ascend
Slide 24: Investor Relations Contact
https://awholdings.com/investors IR@awholdings.com
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