AWH Reports Third Quarter 2026 Financial Results
PR Newswire•12/11/2026•16:00 ET
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Key Highlights
- ➤Q3 net revenue $130.0 million, up 4.2% year-over-year
- ➤Adjusted EBITDA $31.1 million; margin reached 23.9%
- ➤Operating cash flow $5.4 million after $19.1 million interest payment
- ➤Retail footprint reached 61 stores, exceeding year-end target of 60
- ➤Q4 revenue expected to increase 1% to 2%; EBITDA margin stable
Expert Statements
Sam Brill, CEO & Director of AWH
“Our growth strategy continues to drive results across the business, and that momentum carried through a strong third quarter as we delivered on the goals we set,”
Sam Brill, CEO & Director of AWH
“Net revenue returned to year-over-year growth despite continued pricing headwinds, and retail sales grew as a share of total revenue.”
Sam Brill, CEO & Director of AWH
“Since quarter end, we also exceeded our year-end target of 60 stores ahead of schedule.”
Sam Brill, CEO & Director of AWH
“That is a milestone, not a finish line, and we see ample room to keep growing our retail footprint through our densification strategy.”
Sam Brill, CEO & Director of AWH
“On the brand side, Ascend remains the number two brand house across Illinois, New Jersey, and Massachusetts, combined, and we recently signed a licensing agreement to bring our brands to Canada, our first market outside of the U.S. and one of the most sophisticated and competitive cannabis markets in the world.”
Frank Perullo, Founder, President & Director of AWH
“Sustained investment in our operations has meaningfully improved product quality across our portfolio, and it is showing up in our market share and in our revenue per gram.”
Frank Perullo, Founder, President & Director of AWH
“Each new retail door extends our consumer reach, strengthens our brands and market share positioning, and adds additional operating leverage by driving more vertical sales.”
Frank Perullo, Founder, President & Director of AWH
“All of that supports consistent cash flow generation, which remains a core goal for us in both the near term and the long term.”
Roman Nemchenko, Chief Financial Officer of AWH
“Scale and profitability are moving together, and our focus on cash discipline is showing up in the results,”
Roman Nemchenko, Chief Financial Officer of AWH
“We generated $5.4 million of cash flow from operations in the third quarter while also funding our $19.1 million semi-annual interest payment, a $7.4 million improvement from the third quarter of last year.”
Roman Nemchenko, Chief Financial Officer of AWH
“Lean working capital, continuous cost management, and driving more sales through our retail channel were the largest contributors, and we expect retail growth to be a meaningful source of Adjusted EBITDA(1) and cash flow growth into 2027.”
Net revenue grew 4.2% year-over-year and 3.1% sequentially to $130.0 million in Q3 2026
Generated Adjusted EBITDA(1) of $31.1 million and Adjusted EBITDA Margin(1) of 23.9%, as revenue growth drove operating leverage
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