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Ascend Wellness Holdings Inc Cl A (AAWH-1.85%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a net loss of $84,994,000 for the year, compared to a net loss of $48,214,000 the previous year. The increase in net loss is attributed to higher operating expenses and interest expenses.
Revenue for the year was $561,599,000, an increase from $518,590,000 in the prior year. The increase in revenue was driven by expansion in cultivation activities and acquisitions.
Cost of goods sold for the year was $377,389,000, leading to a gross profit of $184,210,000, up from $155,120,000 in the previous year. The gross profit margin improved to 32.8% from 29.9% due to expanded production and improved utilization.
General and administrative expenses increased to $179,476,000 from $158,739,000, primarily due to higher professional fees, depreciation, and other one-time costs.
Interest expense increased to $45,263,000 from $36,984,000, mainly due to a loss on extinguishment of debt and higher cash interest associated with new term notes.
Income tax expense was $45,172,000, up from $33,454,000, reflecting higher penalties and interest due on tax payments.
The company reported cash and cash equivalents of $88,254,000 as of December 31, 2024, compared to $72,508,000 at the end of the previous year.
The filing details the company's recent business developments, including acquisitions and expansion of retail and cultivation operations in various states.
Ascend Wellness Holdings Inc Cl A continues to focus on expanding its footprint in the cannabis market, with plans for additional dispensaries and cultivation facilities.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Ascend Wellness Holdings Inc Cl A annual 10-K report dated March 13, 2025. To report an error, please email earnings@qz.com.