Thursday, November 06, 2025
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Overview. During the third quarter, MariMed continued to make progress on becoming a top-selling, national consumer cannabis brand. The Company had another strong quarter of wholesale sales, which is a core component of the ‘Expand the Brand’ growth strategy. Management improved profitability through disciplined cost management and operational efficiencies during the quarter.
3Q25 Results. Revenue came in at $40.8 million, up from $40.6 million in the year ago period, but below our $43 million estimate. MariMed delivered sequential growth in both wholesale and retail revenues in 3Q25. Adjusted gross margin was 41% versus 43% in 3Q24. Adjusted EBITDA increased to $5.1 million, or 13% margin, compared to $4.7 million and 12% in 3Q24. We were at $6 million. MariMed reported an adjusted net loss of $1.5 million in 3Q25 versus adjusted net income of $0.5 million in 3Q24.
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