Thu, Nov 7, 10:12 PM (242 days ago)
For the quarter ending September 30, 2024, MariMed Inc. (MRMD) reported a revenue increase to $40,591,000, up 4.6% from $38,800,000 in Q3 2023. Product sales rose 5.1%, driven by a notable 19.5% increase in wholesale revenue, while retail sales decreased by 3.1%. Gross profit slightly declined to $16,778,000, reflecting a gross margin of 41.3%, down from 43.4% a year prior, primarily due to rising personnel and material costs. Operating expenses surged 14.0% to $15,438,000, mainly from increased personnel costs associated with acquisitions and enhanced marketing efforts. This led to an operating income of $1,340,000, a significant decrease from $3,292,000 in the previous year. Net loss attributable to common stockholders was $1,011,000. Cash and cash equivalents fell to $9,788,000 from $14,645,000 at the start of the year, influenced by higher operational costs and substantial capital expenditures. Notably, the company refinanced its debt, securing a $58.7 million loan with favorable terms, enhancing liquidity for future growth initiatives. Overall, while revenue trends are positive, increased costs and strategic acquisitions present ongoing challenges for profitability.