This article first appeared on GuruFocus .
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Full Year Revenue:$160 million for 2025, a 1% increase over 2024.
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Fourth Quarter Revenue:$41.7 million, representing 1.3% sequential growth.
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Wholesale Revenue:Increased 11% in 2025, representing 44% of total revenue.
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Retail Revenue:$23.4 million for the fourth quarter, up 3.6% sequentially.
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Adjusted EBITDA:Positive for the sixth consecutive year.
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Non-GAAP Gross Margin:40% for the fourth quarter.
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Operating Expenses:$56.9 million for the year, a 0.7% increase compared to 2024.
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Operating Income:$2.4 million for the fourth quarter; $8.8 million for the full year.
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Cash and Cash Equivalents:$8.9 million at the end of 2025, up from $7.3 million at the end of 2024.
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Market Penetration:Brands sold in 85% of retail stores in operating markets.
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Delaware Wholesale Revenue:Increased 37% sequentially following adult use sales commencement.
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Illinois Wholesale Revenue:Increased 39% in 2025 versus 2024.
Release Date: March 12, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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MariMed Inc ( MRMD ) reported full year revenue of $160 million for 2025, marking a 1% increase over 2024 and the sixth consecutive year of positive adjusted EBITDA.
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The company successfully expanded its brand presence, with Betty's Eddies being the number one selling edible in its available markets and its vivacious powdered drink mix ranking fourth in the beverage category.
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MariMed Inc ( MRMD ) expanded into new markets, including Pennsylvania and New York, and launched Betty's Eddies in Maine through a new licensing agreement.
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The company maintained a strong balance sheet, successfully restructuring convertible stock to enhance financial flexibility and support growth initiatives.
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Retail initiatives, such as the Thrive loyalty program and the launch of a new retail app, contributed to increased transactions and customer engagement, with loyalty program membership growing 31% year over year.
Negative Points
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Despite revenue growth, MariMed Inc ( MRMD ) faced pricing pressure in mature markets, impacting gross profit margins.
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Retail revenue in Illinois decreased by 26% for the full year compared to 2024, primarily due to price compression in the market.
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Operating income for the full year declined to $8.8 million from $11.4 million in 2024, partly due to lower gross profit in certain markets and negative contributions from Missouri operations prior to exit.
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The company anticipates continued price compression in Illinois and other mature markets in 2026, which could further impact revenue and margins.
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Expansion into Pennsylvania and New York is not expected to significantly contribute to growth in 2026 due to construction and regulatory timelines.
Q & A Highlights
Q: With the rise in the number of stores in Illinois, do you expect revenue per store erosion in 2026? A: Ryan Crandall, Chief Commercial Officer: We still see some price compression happening in Illinois, but the market seems to be stabilizing. However, price compression is forecasted to continue in 2026.
Q: Can you provide details on total revenue for Illinois and Massachusetts, including retail and wholesale? A: Mario Pinho, Chief Financial Officer: Sequentially, in Illinois, we were down, primarily driven by the retail side. We can follow up in detail offline for more specifics.
Q: What are your expectations for the growth of the number of stores in Delaware? A: Ryan Crandall, Chief Commercial Officer: The rollout of new stores has been relatively slow, but we are increasing our sell-in to stores across the state. We are optimistic about supplying new stores and maintaining our leading brand positions.
Q: When do you expect the Ohio Columbus store to open, and is the growth pace at the Upper Marlboro store sustainable? A: Jon Levine, CEO: The Ohio store is expected to open this year. The Upper Marlboro store has been performing well, and we believe it will continue to grow due to its strategic location.
Q: Are acquisitions part of your strategy, or are you focusing on an asset-light model? A: Jon Levine, CEO: We are actively looking at M&A opportunities, but they must be beneficial for the company. We are cautious about acquisitions that could negatively impact our balance sheet.
Q: Is there a path to take control of assets in New York and Pennsylvania from your licensing agreements? A: Jon Levine, CEO: Currently, there is nothing on paper. We are using licensing to learn the markets and may negotiate with partners for potential acquisitions in the future.
Q: Will Pennsylvania and New York be significant contributors to growth in 2026? A: Jon Levine, CEO: We are hopeful to start operations in New York by the end of the year, but Pennsylvania's timing is out of our control. We are being conservative in our growth projections for these markets.
Q: With 85% penetration in core markets, how much more growth is available from additional penetration? A: Jon Levine, CEO: We see tremendous opportunity in going wider and deeper with existing customers. Increased penetration can help us if we have more products to offer.
Q: Will the refinancing increase annual interest costs? A: Jon Levine, CEO: The refinancing will increase interest costs by approximately $800,000 annually.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
