New York-based Ascend Wellness Holdings (CSE: AAWH.U) (OTCQX: AAWH) reported promising preliminary financial results for the third quarter ending Sept. 30, touting another period of growth and a reshuffling of some top brass.
The company announced a sixth consecutive record revenue, with an increase of nearly 15% this quarter, reaching approximately $140 million. Adjusted EBITDA was also up, ranging from $27 to $29 million. That marks the third straight quarter with positive cash flows for the firm. Potential losses were not mentioned.
“Based on our preliminary evaluation, Q3 2023 marks a noteworthy milestone for our company as our preliminary results have exceeded expectations,” Executive Chairman Abner Kurtin said in a statement Wednesday.
He added, “We are thrilled to report record-breaking revenue, accompanied by a significant increase in adjusted EBITDA and continued healthy cash flow generation. These achievements underscore our dedication to delivering exceptional value to our shareholders and solidify our position as a leader in the industry.”
In addition to financial results, Ascend Wellness revealed several leadership changes:
- Mark Cassebaum, formerly of Blackstone-owned Centric Brands and Ralph Lauren, will take over as Chief Financial Officer, succeeding Dan Neville.
- Chris Holzer, previously of Bayer Crop Science, is appointed as Chief of Operations.
- Denise Pedulla, from Conformis, Inc., steps in as Chief Legal Officer and Corporate Secretary.
- Rebecca Koar earns a promotion to Executive Vice President of Investor Relations and Strategy.
CEO John Hartmann expressed gratitude to Dan Neville, the outgoing CFO, for his dedication and service. “His leadership has been instrumental in many aspects of Ascend’s growth and overall financial success,” Hartmann said.
Hartmann introduced Cassebaum as the new CFO, noting his rich financial background with previous roles at Blackstone-owned Centric Brands, buybuyBaby, Bed Bath & Beyond, and over a 12-year tenure with Ralph Lauren Corporation.
The CEO further detailed the credentials of the new hires: Holzer, formerly of Bayer Crop Science, will manage cultivation, production, and supply chain. Pedulla, previously from Conformis, Inc., will lead legal, compliance, and governance.
“We are pleased to bring this caliber of talent from outside the industry into our organization to complement and strengthen our existing team,” Hartmann stated.
“We are confident that their expertise will propel us to new heights. We look forward to a promising future together as we navigate the exciting opportunities that lie ahead.”