MariMed Reports Second Quarter 2026 Earnings (Form 8-K)

MariMed Reports Second Quarter 2026 Earnings

NORWOOD, MA, August 12, 2026 - MariMed Inc. ("MariMed" or the "Company") (CSE: MRMD) (OTCQB: MRMD), a leading multi-state cannabis operator focused on improving lives every day, today announced its financial results for the second quarter ended June 30, 2026.

Financial Highlights1

The following table summarizes the Company's consolidated financial highlights (in millions, except percentage amounts):

			Three months ended June 30,												Six months ended June 30,
			2026						2025						2026						2025
			(unaudited)												(unaudited)
Revenue			$	41.9					$	39.5					$	81.4					$	77.4
GAAP Gross margin			39		%				40		%				39		%				40		%
Non-GAAP Gross margin			40		%				42		%				40		%				42		%
GAAP Net loss			$	(3.6)					$	(1.4)					$	(7.3)					$	(6.9)
Non-GAAP Net loss			$	(2.4)					$	0.3					$	(5.5)					$	(3.6)
Non-GAAP Adjusted EBITDA			$	3.9					$	4.8					$	7.5					$	7.3
Non-GAAP Adjusted EBITDA margin			9		%				12		%				9		%				9		%

1 See the reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures and additional information about non-GAAP measures in the section entitled "Discussion of Non-GAAP Financial Measures" below and in the financials information included herewith.

Management Commentary

"The second quarter represented meaningful progress for MariMed. Revenue increased in both our wholesale and retail businesses sequentially and year over year, resulting in the highest quarterly revenue in our history. These results also reflect a substantial increase in sequential adjusted EBITDA and another quarter in which we generated positive cash flow from operations," said Jon Levine, MariMed's Chief Executive Officer.

"Our stronger financial performance was driven by a continued focus on our priorities: operational discipline, product innovation and quality, customer experience and thoughtful capital allocation. Our balance sheet remains healthy, our brands keep resonating with consumers, and our operating model gives us the flexibility to respond quickly as markets and new opportunities evolve."

"Looking ahead, we will build on this quarter's results by continuing to implement our 'Expand the Brand' growth strategy, centered on building a leading cannabis consumer packaged goods company that owns top-selling national brands in the most popular categories. To achieve that goal, we will keep investing in product innovation, while broadening our depth in existing states. We will also pursue opportunities to enter new markets through capital-light strategies, including brand licensing."

"Our innovation, brand portfolio, operating model, healthy balance sheet and tremendous team keep positioning us for long-term, sustainable value creation. We will also keep a close eye on the positive momentum behind additional Federal cannabis reform following this spring's rescheduling of medical cannabis. The potential rescheduling of recreational cannabis, the implementation of 280E tax relief and broader banking reform are all catalysts that would improve the operating environment for our industry, and we are positioned to capitalize on these new opportunities if and when they emerge."

Second Quarter 2026 Operational Highlights

•Wholesale revenue increased 6% sequentially

◦MariMed's branded products portfolio grew 70 basis points faster than the broader industry across the Company's core markets, according to industry data sources

◦Distribution of the Company's branded products increased sequentially to 85% of available storefronts on a trailing 12-month basis

◦Betty's Eddies fruit chews remained the #1-selling edible brand across MariMed's core states of Massachusetts, Maryland, Illinois and Delaware, and Vibations drink mix remained a top 10 brand across the same states, according to industry data sources

•Retail revenue increased 7% sequentially

◦Revenue increased sequentially at 12 of 13 Thrive Dispensary retail locations

◦Transactions across the retail network increased 7% sequentially

◦Thrive Perks Loyalty Program membership increased 14% since the beginning of the year

•Adjusted gross margin held flat sequentially at 40%, a sign of stabilizing profitability

Conference Call

MariMed management will host a conference call on Thursday, August 13, 2026 at 8:00 a.m. Eastern time, to discuss these results. The conference call may be accessed through MariMed's Investor Relations website, or by clicking the following link: Q226 MRMD Earnings Call.

Discussion of Non-GAAP Financial Measures

MariMed's management uses several different financial measures, both GAAP and non-GAAP, in analyzing and assessing the overall performance of its business, making operating decisions, and planning and forecasting future periods. The Company has provided in this release several non-GAAP financial measures: Non-GAAP Adjusted EBITDA and non-GAAP Adjusted EBITDA margin, Non-GAAP Gross margin, Non-GAAP Operating expenses and Non-GAAP Net income (loss), as supplements to Revenue, Gross margin, Operating expenses, Income (loss) from operations, Net income (loss) and other financial measures prepared in accordance with GAAP.

Management believes these non-GAAP financial measures are useful in reviewing and assessing the performance of the Company, and when planning and forecasting future periods, as they provide meaningful operating results by excluding the effects of expenses that are not reflective of its operating business performance. In addition, the Company's management uses these non-GAAP financial measures to understand and compare operating results across accounting periods and for financial and operational decision-making. The presentation of these non-GAAP measures is not

intended to be considered in isolation or as a substitute for the financial information prepared in accordance with GAAP.

Management believes that investors and analysts benefit from considering non-GAAP financial measures in assessing the Company's financial results and its ongoing business, as it allows for meaningful comparisons and analysis of trends in the business. In particular, non-GAAP adjusted EBITDA is used by many investors and analysts themselves, along with other metrics, to compare financial results across accounting periods and to those of peer companies.

As there are no standardized methods of calculating non-GAAP financial measures, the Company's calculations may differ from those used by analysts, investors and other companies, even those within the cannabis industry, and therefore may not be directly comparable to similarly titled measures used by others.

Management defines non-GAAP Adjusted EBITDA as income (loss) from operations, determined in accordance with GAAP, excluding the following items:

•depreciation and amortization of property and equipment;

•amortization of acquired intangible assets;

•impairment or write-downs of acquired intangible assets;

•inventory revaluation;

•stock-based compensation;

•severance;

•legal settlements; and

•acquisition-related and other expenses.