Executive Summary

Q2 revenue of $39.6M declined 2.0% year over year but rose 4.4% sequentially; GAAP gross margin was 40.5% and Adjusted EBITDA improved to $4.9M with a 12.4% margin, driven by stronger wholesale and a full-quarter contribution from Delaware .
Retail revenue decreased YoY, but wholesale grew; management emphasized execution in Massachusetts, a full-quarter from Delaware, and indicated they were cash flow positive in Q2 .
Management highlighted H2 catalysts: Delaware adult-use commencement, Pennsylvania entry via a management and licensing agreement, and expanded wholesale distribution; METRC migration issues in Illinois are “behind us” and Missouri is “under active review” .
Wall Street consensus (S&P Global) for revenue and EPS was unavailable at time of retrieval, so beat/miss versus estimates cannot be assessed (see Estimates Context).*

What Went Well and What Went Wrong

What Went Well

Sequential acceleration: revenue up to $39.6M from $38.0M in Q1 and Adjusted EBITDA nearly doubled to $4.9M, with management citing strong execution in Massachusetts and a full-quarter from Delaware .
Wholesale strength: wholesale revenue rose to $17.1M vs $15.9M YoY (Q2’24), supporting mix resilience as retail softened .
Strategic expansion: concrete H2 catalysts include Delaware adult-use launch, a Pennsylvania MSA/licensing agreement (12.5% management fee on Standard Farms’ gross revenue), and Maine expansion of Betty’s Eddies into the medical channel—supporting brand-led growth .

What Went Wrong

Top-line softness YoY: total revenue declined 2.0% YoY; “Other revenue” fell sharply YoY ($0.04M vs $0.95M), and retail declined ($22.4M vs $23.6M) .
Continued net losses: GAAP net loss was $(1.27)M with diluted EPS of $(0.00), pressured by interest expense ($1.76M) and taxes ($0.69M) .
Margin compression YoY: GAAP gross margin slipped to 40.5% vs 41.8% in Q2’24; Adjusted EBITDA margin 12.4% improved sequentially but remains below recent peaks (e.g., 15.2% in Q4’24) .

Financial Results

Quarterly performance (oldest → newest):

Metric	Q2 2024	Q1 2025	Q2 2025
Revenue ($M)	$40.438	$37.955	$39.611
GAAP Gross Margin (%)	41.8%	39.9%	40.5%
Non-GAAP Gross Margin (%)	42.9%	41.3%	41.9%
Adjusted EBITDA ($M)	$4.371	$2.564	$4.912
Adjusted EBITDA Margin (%)	10.8%	6.8%	12.4%
GAAP Net Income (Loss) ($M)	$(1.639)	$(5.420)	$(1.270)
Diluted EPS ($)	$(0.00)	$(0.01)	$(0.00)

Revenue components (oldest → newest):

Revenue Component ($M)	Q2 2024	Q1 2025	Q2 2025
Product Sales – Retail	$23.623	$20.779	$22.439
Product Sales – Wholesale	$15.868	$16.786	$17.131
Other Revenue	$0.947	$0.390	$0.041
Total Revenue	$40.438	$37.955	$39.611

Consensus vs actual (Q2 2025):

Revenue: Consensus N/A* | Actual $39.611M
EPS (Diluted): Consensus N/A* | Actual $(0.00)

Note: “Consensus N/A” reflects that S&P Global consensus data for MRMD were unavailable at time of retrieval (see Estimates Context).*

Balance sheet snapshot (quarter-end):

Cash and equivalents: $6.138M at June 30, 2025 .
Mortgages and notes payable: $3.419M current and $70.899M long-term at June 30, 2025 .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Company financial guidance	FY 2025	Not provided numerically	Not provided numerically; management pointed to H2 catalysts (Delaware adult-use, Pennsylvania entry via MSA/licensing, expanded wholesale)	Maintained (directional only)
Capital deployment/M&A optionality	Ongoing	N/A	Management noted balance sheet strength affords optionality for M&A and licensing	Directional commentary

Management did not issue explicit numeric revenue, margin, or opex guidance in the Q2 materials reviewed -.

Earnings Call Themes & Trends

Note: A Q2 2025 earnings call transcript was not available in the document set searched; themes below reflect prepared remarks/press releases.

Topic	Q4 2024 (Prev-2)	Q1 2025 (Prev-1)	Q2 2025 (Current)	Trend
Brand-led growth/wholesale expansion	Record revenues with 29% YoY wholesale growth; brands gaining share (Betty’s Eddies top edible in MA/MD)	Wholesale 44% of mix; sold into 70 new storefronts; Illinois/Missouri ramps	Sequential wholesale and retail growth; expanded distribution; confident in H2 catalysts	Positive momentum
New market entry/licensing	Illinois cultivation start; Missouri manufacturing/wholesale launch	Continued Illinois launch for Nature’s Heritage	Maine licensing for Betty’s Eddies (adds medical channel) and Pennsylvania MSA/licensing planned for 9/1/25	Expanding footprint
Regulatory catalysts	Anticipated consolidation of Delaware FSCC ahead of adult-use	FSCC acquisition closed; positioned for DE adult-use	Delaware adult-use commencement; facilities scaled; FSC and Nature’s Heritage brands positioned	Catalyst imminent
Operations/process	—	Ramp-up costs in IL/MO mentioned	METRC migration in IL “behind us”; MO under review	Stabilizing ops
Balance sheet/optional M&A	Stronger balance sheet and achieved 2024 guidance	Focus on disciplined cost mgmt and efficiencies	“Strength of our balance sheet affords optionality” for M&A/licensing	Optionality maintained

Management Commentary

CEO Jon Levine: “Our ‘Expand the Brand’ strategy is working… We anticipate increasing product distribution through the addition of adult-use sales in Delaware, a new licensing agreement in Maine, and our recently announced entry into Pennsylvania.”
CFO Mario Pinho: “We delivered sequential growth in both wholesale and retail revenues… a substantial increase in adjusted EBITDA, and we were cash flow positive… strong execution in Massachusetts, full-quarter contributions from Delaware… METRC system migration in Illinois behind us and Missouri under active review.”
Delaware adult-use: “We are excited to participate… We have improved both FSC dispensaries and begun scaling production… Betty’s Eddies chews [#1 edible in the state], FSC and Nature’s Heritage flower [top-five sellers].”
Pennsylvania MSA/licensing: 4-year MSA to manage Standard Farms’ facility; MariMed to receive a 12.5% management fee on gross revenue; planned production and distribution of MariMed brands in PA .

Q&A Highlights

The Q2 2025 earnings call transcript was not available in the document set; no Q&A highlights or clarifications beyond the press release could be reviewed at this time (call scheduled Aug 7, 2025 per press notice) .

Estimates Context

S&P Global consensus estimates for MRMD (Revenue, EPS, EBITDA) for Q2 2025 and adjacent quarters were unavailable at time of retrieval, so beat/miss analysis versus Street is not possible currently.*
Implication: Sell-side models may need to adjust for sequential margin improvement (Adjusted EBITDA margin 12.4%) and H2 catalysts (DE adult-use, PA MSA/licensing), but lack of published consensus limits immediate benchmarking .

*Consensus data attempted via S&P Global; values were unavailable at time of retrieval.

Key Takeaways for Investors

Sequential improvement with wholesale-led growth: Revenue and Adjusted EBITDA rose QoQ, reflecting stronger execution and Delaware’s full-quarter contribution—an early sign that H1 operational friction (e.g., METRC migration) is easing .
Wholesale momentum offsets retail softness: YoY retail declined, but wholesale increased YoY; sustaining wholesale penetration is key to margin trajectory as the mix evolves .
H2 event path: Delaware adult-use launch and Pennsylvania entry (management fee plus brand licensing) are the primary catalysts to drive volume and mix in 2H25 and beyond .
Margin watch: GAAP and non-GAAP gross margins remain below prior-year levels; continued mix shift and operating efficiency gains will be critical to sustain the Q2 rebound in Adjusted EBITDA margin .
Balance sheet optionality: Management signals capacity for selective M&A/licensing; disciplined cost control and cash flow positive operations in Q2 support flexibility .
Lack of published Street estimates: With consensus unavailable, trading likely pivots on narrative momentum and visible catalysts (DE/PA rollout) rather than explicit beat/miss optics in the near term.*

Appendix: Source Documents

Q2 2025 press release and financials -
Q2 2025 Form 8-K (Item 2.02) with exhibits -
Delaware adult-use commencement statement
Pennsylvania MSA/licensing press release -
Maine licensing expansion press release -
Q1 2025 press release and financials -
Q4/FY 2024 press release and financials -

MARIMED INC. (MRMD)·Q2 2025 Earnings Summary