The quarter shows steady but unspectacular progress — revenue growth is modest and the company remains unprofitable on a GAAP basis. The key catalyst to watch is the Ohio dispensary opening and the full-year contribution from Delaware adult-use sales, which could accelerate growth in H2 2026. The Series B restructuring removes a near-term overhang, but without guidance, the stock lacks a clear catalyst.
Price Chart
Executive Summary
MariMed reported Q1 2026 revenue of $39.5M, up 4.2% YoY from $37.9M, and GAAP net loss narrowed to $3.8M from $5.5M. Adjusted EBITDA improved to $3.6M from $2.5M. EPS was $-0.01, in line with consensus. No formal guidance was provided, but management highlighted continued wholesale growth and the recent Series B restructuring that eliminated near-term refinancing risk.
Key Financial Metrics
Key Facts
- Q1 2026 revenue $39.5M vs $37.9M YoY (+4.2%)
- GAAP net loss narrowed to $3.8M from $5.5M YoY
- Adjusted EBITDA improved to $3.6M from $2.5M YoY
- EPS $-0.01, in line with consensus estimate
- No formal guidance provided
- Series B convertible preferred stock restructured in March, extending maturity 4.6 years and eliminating near-term conversion obligation
Financial Impact
Revenue growth of ~$1.6M YoY; net loss improvement of ~$1.7M; no material change in EPS
Risk Factors
- Continued pricing pressure in cannabis markets could compress margins further
- GAAP gross margin declined to 38.7% from 39.8% YoY
- Operating cash flow declined to $0.95M from $1.29M YoY
- No formal guidance provided, limiting visibility
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001522767-26-000070 |
| Document: mrmd-20260513.htm | 0001522767-26-000070 |
| Document: 0001522767-26-000070-index-headers.html | 0001522767-26-000070 |
| Document: 0001522767-26-000070-index.html | 0001522767-26-000070 |
| Document: 0001522767-26-000070.txt | 0001522767-26-000070 |
| 8-K Data (Synthetic) | 0001522767-26-000070 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
May 13, 2026 23w ago | 8-K | $0.0820 $0.0690 | ▼ −15.85% | ▼ −15.00% | $0.0535 (−34.76%) |
Mar 11, 2026 32w ago | 8-K | $0.0770 $0.0700 | ▼ −9.09% | ▼ −11.07% | $0.0535 (−30.52%) |
US Market Status
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