Ascend Wellness Reports $116.9M Revenue In Q1 2026, Net Loss Narrows

Nicolás RodríguezBy , Managing Editor
Burn After Reading The 30-second intel for operators and investors

Ascend Wellness reports Q1 2026 revenue of $116.9 million, down 3% sequentially, as pricing pressure and weak seasonal demand persist. The net loss is $29.5 million and operating cash flow turns negative at $19.4 million.

  • Operators: Pricing pressure persists, but Ascend is leaning on in-house brands and retail density. Ozone lifted vertical sales 2.6% after its relaunch in three states, and its infused flower category grew share 37.5% sequentially.
  • Investors: Adjusted EBITDA is $26.3 million at a 22.5% margin, with $60.9 million in cash and about $241.2 million in net debt. Ascend guides to 2% to 3% revenue growth in Q2 2026.
  • Do now: Check how much of your own cash flow goes to interest and one-off settlements, and compare your brand share gains against Ascend's reported Ozone and infused flower results.
Short on time? You’re done. Want the numbers?Keep reading ↓

Ascend Wellness Holdings (OTC: AAWH) reported first-quarter 2026 revenue of $116.9 million, down 3% sequentially, as pricing pressure and weaker seasonal demand continued affecting cannabis markets across its footprint.

“Our Q1 performance reflects a resilient business in a challenging operating environment. Momentum in our CPG strategy is translating into share gains across our in-house brands in highly competitive states. In Illinois, Massachusetts, and New Jersey combined, Ozone delivered a 2.6% lift in vertical sales following its relaunch. High Wired ranked as the number one infused flower brand, and our infused flower category grew share 37.5% sequentially,” Sam Brill, CEO & Director of AWH, told IgniteIt.

“As we expand our retail footprint and continue to benefit from the operating leverage we have built over the past year, we see a clear path to renewed top-line growth. The Administration’s progress on rescheduling is also encouraging, and we look forward to exploring how that could help accelerate our progress,” Brill said.

The company reported:

  • Gross profit of $44.9 million
  • Gross margin of 38.4%
  • Net loss of $29.5 million
  • Adjusted EBITDA of $26.3 million
  • Adjusted EBITDA margin of 22.5%

Retail revenue declined to $83.1 million while wholesale revenue fell to $33.8 million during the quarter.

Ascend’s operating cash flow turned negative at $19.4 million, driven largely by:

  • a $19.1 million interest payment
  • a $17 million arbitration settlement payment

The company ended the quarter with:

  • $60.9 million in cash
  • approximately $241.2 million in net debt

Management said pricing pressure remained a challenge, but pointed to expanding retail density, stronger vertical integration, and growing brand performance across Illinois, Massachusetts, and New Jersey.

Ascend also said it expects:

  • 2% to 3% revenue growth in Q2 2026
  • Adjusted EBITDA margins to remain in the low-20% range

The company continues to evaluate potential benefits related to federal cannabis rescheduling and possible 280E tax relief.

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Nicolás Rodríguez
May 14, 2026
Managing Editor at IgniteIt, covering the business, finance and policy of cannabis. 1,500+ articles for High Times, Benzinga and El Planteo.
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