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Ascend Wellness (CSE:AAWH) (OTCQX:AAWH) reported its financial results for the three months ended June 30, 2024, revealing revenue of $141.54 million, compared to $122.99 million in the same period of 2023.
“As I reflect on the quarter, I am grateful to our stakeholders, including our valued patients and customers, our dedicated employees, and our supportive lenders and investors," stated CEO John Hartmann. "In Q2, we achieved robust year-over-year growth for several of our key metrics, including a 15% increase in revenue and a 33% rise in Adjusted EBITDA."
Hartmann attributed the growth to an increase in the number of wholesale customers, the launch of seven retail dispensaries and acquisition of four. "In addition to the growth compared to last year, the team delivered in generating positive cash flow from operations for the sixth consecutive quarter and the successful refinancing of our term loan, which transaction included securing the option to refinance the remaining," he continued. "While I am proud of the team for delivering these achievements, we must focus on driving continuous improvement across the business."
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“Although we delivered solid growth compared to last year, our performance this quarter did not meet our expectations," said Mark Cassebaum, chief financial officer. "Consequently, we are actively managing costs and optimizing business functions to address this shortfall. In light of increased retail competition in select markets and the recent profitability trends of our wholesale business, we are revising our full-year guidance. We now anticipate net revenue to increase between 11% and 13% and Adjusted EBITDA to increase between 5% and 10% for the full year 2024 compared to the prior year. Additionally, we now anticipate cash from operations to be above $40 million, excluding the benefit of tax refunds. Despite recent challenges, we believe that with our strong asset base, combined with the commencement of non-medical sales in Ohio, our planned additional dispensaries, and purposeful cost actions we can achieve these significant year-over-year growth figures."
Ascend Wellness shares closed the Friday market session 3.88% higher at $1.07 per share.
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