Ascend Wellness Holdings reported $126.1 million in net revenue for the second quarter of 2026, an increase of 7.9% from the previous quarter, as the marijuana company continued expanding its retail footprint.
Retail revenue reached $92.7 million, up 11.5% sequentially from $83.1 million in the first quarter. Wholesale revenue totaled $33.4 million, down slightly from $33.8 million.
Compared with the same quarter in 2025, net revenue declined slightly from $127.3 million, while gross profit increased from $41.4 million to $45.5 million.
Ascend reported a net loss of $9.8 million for the quarter, improving considerably from a $24.4 million loss during the second quarter of 2025. Adjusted EBITDA totaled $29.1 million, compared with $28.6 million a year earlier, while the adjusted EBITDA margin increased to 23.1% from 22.4%.
The company generated $22.5 million in operating cash flow and $19.5 million in free cash flow during the quarter. Cash and cash equivalents stood at $67 million as of June 30, up $6.1 million from the end of the first quarter. Net debt totaled $251.8 million.
Ascend expanded its retail footprint from 48 locations at the end of the first quarter to 55 at the end of Q2, including partner-operated stores. The company said it expects to meet or exceed its goal of 60 locations by the end of the year.
The company also said its combined market share across its seven operating states increased by approximately 5% sequentially, while retail transactions rose about 7%. Ascend currently operates in Illinois, Maryland, Massachusetts, Michigan, New Jersey, Ohio and Pennsylvania.
“Last quarter, we said we believed we’d reached an important inflection point. This quarter’s performance confirms it,” said Ascend CEO Sam Brill. “Our growth strategy continues to demonstrate broad, system-wide results. We’re consistently adding retail doors, selling more of our own brands through them, and seeing strong financial performance as a result.”
Ascend has also filed a definitive proxy statement seeking shareholder approval for a reverse stock split intended to support a planned uplisting to a major U.S. stock exchange. The shareholder vote is scheduled for August 28. The company has additionally submitted applications to the Drug Enforcement Administration to register certain state-licensed medical marijuana operations under an expedited pathway tied to federal Schedule III rescheduling.
For the third quarter, Ascend said it expects revenue to increase another 2% to 4% sequentially, with its adjusted EBITDA margin remaining consistent with the second quarter.
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