Ascend Wellness Holdings, Inc. (AAWH) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good afternoon, and thank you for standing by. Welcome to the Ascend Wellness Holdings third quarter 2025 earnings call. Before proceeding, AWH would like to remind you that the following discussion and presentation contains various forward-looking statements or information. These forward-looking statements or information are subject to risks and uncertainties that may cause actual results to differ from historical or anticipated results. For more information on the risks and uncertainties, please refer to today's earnings release and AWH's SEC and CEDAR filings, including their most recent report on Form 10-K. During today's call, the company will be referring to non-GAAP financial measures, such as adjusted EBITDA. Reconciliations to the most directly comparable GAAP measures are in an appendix to the presentation and in the company's earnings release. I'm pleased to introduce the Ascend management team joining us on today's call. We will begin with Sam Brill, Chief Executive Officer and Director, who will discuss the company's strategic priorities and provide an overview of key operational developments from the quarter. After that, Roman Nemchenko, Chief Financial Officer, will review the company's financial results for the period. With that, I'd like to turn the call over to our first speaker, Sam Brill. Sam, please go ahead. Thank you, operator. Good afternoon, everyone, and thank you for joining our third quarter 2025 earnings call. As we approach year end, the industry landscape remains consistent with last quarter. Federal regulatory reform continues to attract attention and speculation, though material progress has been limited. Meanwhile, intensified competition and ongoing sector-wide price compression continue to create challenging market conditions for e...