Marimed ( (MRMD) ) has released its Q3 earnings. Here is a breakdown of the information Marimed presented to its investors.
MariMed Inc. is a leading multi-state cannabis operator, specializing in cultivation, production, and retail of cannabis products, with a portfolio of award-winning brands known for quality and innovation in the cannabis industry.
In its latest earnings report for the third quarter of 2024, MariMed Inc. announced year-over-year and sequential revenue growth, along with improvements in EBITDA and net income. The company highlighted positive operating cash flow and significant growth in its wholesale business, achieving over 20% year-over-year growth despite consumer pressures.
MariMed’s financial performance in the third quarter of 2024 showed a revenue increase to $40.6 million from $38.8 million in the same period last year. However, the company reported a GAAP net loss of $1.0 million, an improvement from a $4.3 million loss the previous year. The EBITDA also saw a reduction, with a non-GAAP adjusted EBITDA of $4.7 million compared to $6.1 million in 2023. Strategic growth plans saw the opening of new dispensaries and facilities in various states, bolstering its retail and wholesale operations.
Looking ahead, MariMed remains optimistic about its growth prospects, citing operational efficiencies and expanded market presence as key drivers. While revising its financial guidance due to regulatory delays, the company expects to continue its revenue growth trajectory and improve margins, setting the stage for a strong financial performance in 2025.
