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MariMed Inc (MRMD)
OTHER OTC:MRMD
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MariMed
(OTC:MRMD)
Rating:61Neutral
Price Target:
$0.00
▼(-100.00%Downside)
MariMed (MRMD) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$37.72M
Dividend YieldN/A
Average Volume (3M)397.28K
Price to Earnings (P/E)―
Beta (1Y)1.09
Revenue Growth3.84%
EPS Growth4.04%
CountryUS
Employees715
SectorHealthcare
Sector Strength40
IndustryDrug Manufacturers - Specialty & Generic
Share Statistics
EPS (TTM)-0.01
Shares Outstanding389,229,830
10 Day Avg. Volume497,015
30 Day Avg. Volume397,280
Financial Highlights & Ratios
PEG Ratio0.11
Price to Book (P/B)2.44
Price to Sales (P/S)0.00
P/FCF Ratio112.23
Enterprise Value/Market Cap3.03
Enterprise Value/Revenue0.18
Enterprise Value/Gross Profit2.10
Enterprise Value/Ebitda2.92
Forecast
1Y Price Target
$0.25Price Target Upside177.78% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
MariMed Business Overview & Revenue Model
Company DescriptionMariMed Inc. (MRMD) is a vertically integrated cannabis company that operates across multiple states in the United States. The company is involved in various aspects of the cannabis industry, including cultivation, production, and distribution of cannabis and hemp products. MariMed offers a diverse portfolio of products, ranging from cannabis-infused edibles and oils to branded cannabis strains and concentrates. The company also provides advisory services for the development and management of state-licensed cannabis facilities.
How the Company Makes MoneyMariMed generates revenue primarily through the sale of cannabis and hemp products in both wholesale and retail markets. The company's revenue streams include direct sales of its branded cannabis products, such as edibles, oils, and concentrates. Additionally, MariMed earns income through its managed services division, which provides consulting and operational management services to cannabis businesses. This includes assistance with facility design, cultivation, and regulatory compliance. The company has also established strategic partnerships and licensing agreements to expand its product offerings and market reach, contributing to its revenue growth.
MariMed Earnings Call Summary
Earnings Call Date:May 07, 2025
(Q1-2025)
| % Change Since: -10.00%|
Next Earnings Date:Aug 06, 2025
Earnings Call Sentiment Neutral
The earnings call presented a mixed outlook with strong brand performance and strategic expansions offset by flat revenue growth, increased net loss, and retail revenue decline. The company's focus on wholesale growth and new product launches shows promise, but operational challenges remain.Q1-2025 Updates
Positive Updates
Expansion in Storefronts
MariMed's brands were sold into 70 new storefronts during the quarter, contributing to an increase in wholesale revenue, which now accounts for 44% of the company's revenue mix, up from 42% sequentially.
Wholesale Growth
Wholesale gross revenue increased 16% compared to the prior year quarter and 4% sequentially, driven by increased market penetration.
Strong Brand Performance
In Illinois, the company's products were sold into more than 180 stores, representing a 5% increase sequentially and 46% year-on-year. Betty's, Vibations, and Bubby's brands performed well in multiple states, with Betty's climbing to number 5 in Illinois and maintaining the number 1 position in Massachusetts.
Community Support Initiatives
MariMed's Help on the Homefront program raised funds to assist veterans with housing costs, highlighting the company's commitment to community support.
New Product Launch
The introduction of Microdose by Nature's Heritage, a new product format focusing on functional mushrooms, was launched in Massachusetts and is expected to gain traction.
Strategic M&A and Licensing Opportunities
The acquisition of First State Compassion was completed, and MariMed is in discussions for licensing opportunities in new markets, which could expand brand distribution and market share.
Negative Updates
Flat Revenue Growth
Revenue for the quarter was flat compared to the same period last year, with a sequential decrease of 2.7% from $39 million to $38 million.
Retail Revenue Decline
Retail revenue was down 7% versus the prior year period due to market challenges, including pricing pressures and increased competition.
Net Loss Increase
The company incurred a net loss of $5.4 million during the quarter, compared to a net loss of $1.3 million in the same period last year.
Gross Margin Decline
Non-GAAP adjusted gross margin for the first quarter was 41.3%, down from 43.8% in the same period last year, primarily due to price compression and ramp-up costs.
Operational Challenges in Missouri
The entry into the Missouri market was slower than expected due to reciprocity challenges, impacting revenue growth in that region.
Company Guidance
During MariMed Incorporated's First Quarter 2025 Financial Results Conference Call, the company provided several key metrics and strategic insights. Revenue for Q1 2025 was reported as flat year-over-year at $38 million, with a slight sequential decline of 2.7% due to seasonal impacts. The company's wholesale revenue grew by 16% year-over-year, now accounting for 44% of total revenue, up from 42% sequentially. Non-GAAP adjusted gross margin decreased to 41.3%, down from 43.8% the previous year, primarily due to price compression and increased costs from new facilities. MariMed reported a net loss of $5.4 million, compared to $1.3 million in the same period last year. Operating expenses rose to $16 million, partly due to a one-time receivable write-off. The company anticipates high single-digit revenue growth in Q2 2025 driven by wholesale expansion and promotional activities. They are also exploring new revenue sources, including a potential entry into the hemp market and the launch of new products like Microdose by Nature's Heritage, which leverages the growing trend of functional mushrooms.MariMed Financial Statement Overview
Summary
MariMed has shown revenue growth but struggles with profitability and cash flow consistency. Increasing debt levels are a concern, balanced by improved equity ratios.Income Statement
MariMed has demonstrated a steady revenue growth over the years, with Total Revenue increasing from $45.6M in 2019 to $158M in 2024. The Gross Profit Margin has been relatively stable, with the latest reported at around 39.8%. However, the company has faced challenges in maintaining profitability, as indicated by the negative Net Income in recent years and a declining EBIT margin. This suggests operational efficiency issues and increased costs impacting the bottom line.67
Positive
Balance Sheet
The company's balance sheet shows a moderate Debt-to-Equity Ratio of approximately 1.12, indicating a balanced use of debt and equity. However, the Total Debt has increased significantly over the years, potentially posing a risk. The Equity Ratio has seen an improvement, indicating better asset coverage by shareholders' equity. Despite these improvements, the increasing debt levels remain a concern for financial stability.55
Neutral
Cash Flow
MariMed's Cash Flow from Operations has been positive, showing stability in generating cash through core operations. However, Free Cash Flow has been inconsistent, with significant fluctuations due to capital expenditures and financing activities. The Free Cash Flow to Net Income Ratio shows challenges in converting net income into free cash flow, impacting the company's ability to reinvest or reduce debt.60
Neutral
| Breakdown | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 157.96M | 148.60M | 134.01M | 121.46M | 50.90M |
| Gross Profit | 62.87M | 65.92M | 63.96M | 66.26M | 31.32M |
| EBITDA | 13.83M | 11.16M | 25.91M | 28.96M | 16.49M |
| Net Income | -12.16M | -16.03M | 13.47M | 7.22M | 2.14M |
Balance Sheet | |||||
| Total Assets | 206.99M | 196.12M | 152.20M | 123.20M | 76.45M |
| Cash, Cash Equivalents and Short-Term Investments | 7.28M | 14.73M | 9.86M | 29.93M | 4.36M |
| Total Debt | 88.47M | 80.13M | 35.86M | 24.37M | 42.62M |
| Total Liabilities | 147.11M | 126.21M | 94.89M | 86.91M | 68.34M |
| Stockholders Equity | 61.63M | 71.56M | 58.82M | 37.86M | 8.68M |
Cash Flow | |||||
| Free Cash Flow | -5.89M | -12.85M | -5.43M | 17.29M | -1.56M |
| Operating Cash Flow | 6.79M | 7.91M | 7.31M | 35.85M | 3.38M |
| Investing Cash Flow | -17.13M | -25.98M | -26.24M | -16.62M | -4.46M |
| Financing Cash Flow | 2.98M | 22.98M | -1.01M | 7.45M | 3.34M |
MariMed Technical Analysis
Neutral
0.09
Price Trends
0.08
Positive
0.09
Negative
0.12
Negative
Market Momentum
<0.01
Negative
55.53
Neutral
53.71
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MRMD, the sentiment is Neutral. The current price of 0.09 is above the 20-day moving average (MA) of 0.08, above the 50-day MA of 0.08, and below the 200-day MA of 0.12, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 55.53 is Neutral, neither overbought nor oversold. The STOCH value of 53.71 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for MRMD.
MariMed Risk Analysis
MariMed disclosed 35 risk factors in its most recent earnings report. MariMed reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
MariMed Peers Comparison
Overall Rating
UnderperformOutperform
Sector (52)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $37.72M | ― | -24.82% | ― | 3.84% | 4.04% | |
61 Neutral | $38.62M | ― | -2.12% | ― | 12.82% | 96.46% | |
52 Neutral | $7.53B | 0.20 | -63.81% | 2.31% | 16.15% | 0.40% | |
45 Neutral | $31.96M | ― | -43.47% | ― | -98.13% | -129.06% | |
41 Neutral | $19.42M | ― | -203.11% | ― | -41.45% | 40.69% | |
31 Underperform | $37.75M | ― | -576.46% | ― | ― | 38.50% |
* Healthcare Sector Average
Performance Comparison
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MariMed
0.09
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RMTI
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1.09
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SCYX
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0.76
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KALA
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5.48
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.