24 slides from Ascend Wellness Holdings Llc Class A's earnings presentation, Aug 7, 2025
Slide 1: Ascend Wellness Holdings, Inc. Q2 2025 Earnings
ASCEND WELLNESS HOLDINGS INC. | CSE: AAWH-U.CN | OTCQX: AAWH ASCEND WELLNESS HOLDINGS, INC. Q2 2025 EARNINGS
Slide 2: Cautionary Statements Regarding Forward-Looking Statements
CAUTIONARY STATEMENTS 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 Well
Slide 3: Sam Brill, Chief Executive Officer
ASCEND WELLNESS HOLDINGS INC. | CSE: AAWH-U.CN | OTCQX: AAWH SAM BRILL CHIEF EXECUTIVE OFFICER
Slide 4: Advancing Strategic Priorities
ADVANCING STRATEGIC PRIORITIES OTCQX: AAWHFireside Chat TRANSFORMATION EFFORTS GAINING TRACTION Customer| Experience PROFITABILITY(1) SUSTAINABILITY AAWH-U.CN • $3.1M increase in Q2 2025 Adj. Gross Profit(2) to • 10th consecutive quarter of positive operating $55.3M vs. Q1 2025 cash flow Shelf | toC
Slide 5: Densification Strategy
DENSIFICIATION STRATEGY Fireside Chat MEDIUM-TERM TARGET OF 60 NEW LOCATIONS ACROSS SEVEN STATES AAWH OTCQX: AAWH DISPENSARY DENSIFICATION TARGET(1) : Customer||Experience Added five new stores in H1 2025 OTCQX: +50% • Regulatory delays have stalled GROWTH New Jersey openings, actively EXPECTED IN A
Slide 6: Q2 2025 Highlights
Q2 2025 HIGHLIGHTS OTCQX: AAWHFireside Chat ENHANCING COMPETITIVE ADVANTAGE TO DELIVER GREATER VALUE Customer| Experience SCALED PRODUCT PORTFOLIO Commercialized 225 total SKUs across all product formats in H1 2025, demonstrating strong AAWH-U.CN execution and commitment to innovation STRENGTHENED B
Slide 7: Frank Perullo, President & Co-Founder
ASCEND WELLNESS HOLDINGS INC. | CSE: AAWH-U.CN | OTCQX: AAWH PRESIDENT & CO-FOUNDER FRANK PERULLO
Slide 8: Q2 2025 Operational Overview
Q2 2025 OPERATIONAL OVERVIEW STRONG RETAIL PRESENCE & WHOLESALE CAPABILITIES DRIVING SUCCESS OTCQX: AAWH #2 +14% | CSE: AAWH-U.CN BRAND HOUSE BY SALES & UNITS MARKET SHARE GROWTH IN ACROSS IL, MA, NJ MD, MI, OH, PA COMBINED COMBINED | ASCEND WELLNESS HOLDINGS INC. FOCUSED ON OPERATIONAL EXECUTION &
Slide 9: Retail Update
RETAIL UPDATE ELEVATING CUSTOMER EXPERIENCE, DRIVING ENGAGEMENT LOYALTY & RETENTION OTCQX: AAWH • LAUNCHED NEW FULLY INTEGRATED DIGITAL E-COMMERCE PLATFORM, powered by Dutchie and featuring an AI-powered recommendation engine | • Footprint wide rollout following successful MI pilot: +6% increase in
Slide 10: Wholesale & Operations Update
WHOLESALE & OPERATIONS UPDATE DRIVING INNOVATION AND EFFICIENCY TO STRENGTHEN MARKET POSITION OTCQX: AAWH 134 ~300 | CSE: AAWH-U.CN SKUs SKUs ONGOING LAUNCHED IN FLIGHT OPERATIONAL IMPROVEMENTS Q2 2025 H2 2025 Network wide automation rollout underway | Flower packaging, vape filling, edibles, and AS
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 QOQ: Q1’25 VS. Q2’25 QoQ OTCQX: AAWH • Modest decrease in revenue driven by NET REVENUE ADJ. EBITDA / MARGIN(1) lower third-party wholesale sales, along US$ MILLIONS US$ MILLIONS with continued pricing pressure across footprint, largely offset by the opening and 21.1% 22.4% ramp
Slide 13: Q2 Balance Sheet & Cash Flow
Q2 BALANCE SHEET & CASH FLOW 6/30/25 Q2 CASH & EQUIVALENTS ($ IN MILLIONS) OTCQX: AAWH 140.0 CASH & EQUIVALENTS $95.3M 17.8 120.0 100.0 100.0 +35.2 95.3 -8.6 80.0 -13.9 FULLY DILUTED SHARES | OUTSTANDING BASIC & 213.6 60.0 CSE: AAWH-U.CN DILUTED(1) 40.0 20.0 0.0 TOTAL DEBT, NET(2) $350M 3/31/25 CASH
Slide 14: Appendix
ASCEND WELLNESS HOLDINGS INC. | CSE: AAWH-U.CN | OTCQX: AAWH APPENDIX
Slide 15: Our Vision
OUR We envision a future where cannabis seamlessly enriches everyday life for all. VISION Better fun. Better health. Better being. 15 https://vimeo.com/1008828511?share=copy
Slide 16: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS OTCQX: AAWH | CSE: AAWH-U.CN | ASCEND WELLNESS HOLDINGS INC. (1) Incremental expenses associated with the expansion of activities at our cultivation facilities that are not yet operating at scale, including excess overhead expenses resulting in delays from regulatory approva
Slide 17: Use of Non-GAAP Financial Metrics
USE OF NON-GAAP FINANCIAL METRICS Financial results are reported in accordance with U.S. generally accepted accounting principles (“GAAP”) and all currency is in U.S. dollars. This presentation includes certain non-GAAP financial OTCQX: AAWH measures, as defined by the SEC, including Adjusted Gross
Slide 18: Overview
OVERVIEW Vertically integrated operator with assets in Illinois, Massachusetts, Maryland, Michigan, New Jersey, Ohio, and Pennsylvania. Owns and operates state-of-the-art cultivation facilities, grows award-winning strains, & produces a curated selection of products. OTCQX: AAWH REVENUE ($M) FOUNDED
Slide 19: Investment Highlights
INVESTMENT HIGHLIGHTS STRONG • Ten consecutive quarters of positive cash from operations Fully repaid $60M term loan using $10M cash on hand and $50M through a private placement of OTCQX: AAWH • BALANCE SHEET 12.75% Senior Secured Notes(1) due 2029 • Continued upside in existing business as medical
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 $93M $107M $116M $79M $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 Target
EXPANDING DISPENSARY DENSIFICATION TARGET(1) AAWHFireside Chat +50% GROWTH EXPECTED IN MEDIUM-TERM FROM END OF FY2024 FOOTPRINT OTCQX: AAWH +50% 60 Customer|| Experience OTCQX: 44 39 About INC. HOLDINGS Welcome HOLDINGS || to Seed INC. AAWH-U.CN AAWH-U.CN Shelf CSE: CSE: FY2024 CURRENT TARGET WELLNE
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 #2 in sales in IL, MA, NJ #1 infused flower combined SKU in IL Grab n’ Go, When You Want a Gummies for every Crafted for smokers, The Easy Way Up Curated Fire Phen
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 premier markets | CSE: AAWH-U.CN • Ascend cu
Slide 24: www.awholdings.com/investors
WWW.AWHOLDINGS.COM/INVESTORS IR@AWHOLDINGS.COM