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Ascend Wellness: Q2 'Solid Growth' But Did Not Meet Expectations, Net Loss Reaches $22M, Revises Full Year Guidance
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."
Q2 ...