The balance sheet, however, showed mounting pressure. Total liabilities climbed to $147.1 million at June 30 from $137.8 million at year-end 2025. Income taxes payable rose to $31.5 million from $27.0 million. Total stockholders' equity fell to $43.2 million from $50.0 million. Cash, cash equivalents and restricted cash stood at $8.4 million against total assets of $197.2 million.
MariMed operates 13 Thrive Dispensary locations across five states and holds a portfolio that includes Betty's Eddies, Bubby's Baked, InHouse, Nature's Heritage and Vibations. The company has submitted DEA registration applications for certain state-licensed medical cannabis operations, a step tied to the federal rescheduling of medical marijuana to Schedule III effective April 28, 2026.
Analyst expectations heading into the quarter were for a loss of $0.01 per share on revenue of $39.8 million. The reported GAAP EPS of -$0.01 met that estimate, but the market's focus appeared to shift to the widening losses, declining EBITDA margin and rising liability base. Whether the record revenue trajectory can eventually translate into sustainable profitability — or whether the balance-sheet strain will require additional financing — remains the central question for investors.
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