MariMed Inc. (CSE/OTCQB: MRMD) reported second-quarter revenue of $41.9 million, the highest quarterly total in its history and a 6% increase from $39.5 million a year earlier. The multi-state cannabis operator also beat consensus revenue estimates by $2.13 million, according to the earnings release.
Despite the top-line strength, the stock traded down on the day of the report. Shares fell $0.01 to $0.06 on volume of 460,212, below the 508,118-share average, leaving the company with a market capitalization of roughly $25.7 million.
The divergence between revenue and the share-price reaction reflects a deterioration in profitability and balance-sheet metrics. GAAP net loss widened to $3.6 million from $1.4 million in Q2 2025, while non-GAAP net loss came in at $2.4 million versus non-GAAP net income of $0.3 million a year ago. Adjusted EBITDA declined to $3.9 million with a 9% margin, down from $4.8 million and a 12% margin in the prior-year quarter.
Operating trends offered some offset. Wholesale revenue grew 6% sequentially and retail revenue rose 7% sequentially, with retail transactions also up 7%. Branded products reached 85% of available storefronts on a trailing 12-month basis. First-half revenue reached $81.4 million, up from $77.4 million, and operating cash flow doubled to $3.2 million from $1.6 million in the prior-year period.