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

MariMed Reports First Quarter 2026 Earnings

NORWOOD, MA, May 13, 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 first quarter ended March 31, 2026.

Financial Highlights1

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

			Three months ended March 31,
			2026						2025
			(unaudited)
Revenue			$	39.5					$	37.9
GAAP Gross margin			39		%				40		%
Non-GAAP Gross margin			40		%				41		%
GAAP Net loss			$	(3.8)					$	(5.5)
Non-GAAP Net loss			$	(3.2)					$	(3.9)
Non-GAAP Adjusted EBITDA			$	3.6					$	2.5
Non-GAAP Adjusted EBITDA margin			9		%				7		%

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 first quarter reflected MariMed's continued year-over-year growth, supported by expanded wholesale distribution, retail growth, and continued execution of our 'Expand the Brand' strategy of making our top-selling brands accessible to more people in both existing and new markets," said Jon Levine, MariMed's Chief Executive Officer.

"In an industry environment where many operators continue to face pricing compression and limited growth, MariMed continues to strengthen profitability, expand branded distribution, and reinforce the market positioning of our core brands through disciplined operational execution," he continued.

"Our products maintained or grew their market-leading positions in the most popular categories across our wholesale markets, demonstrating our operational excellence across innovation, manufacturing, and sell-through. Following the recent historic rescheduling announcement and

continued progress of our 2026 growth drivers, MariMed is well-positioned to capitalize on this transformative period for our industry."

"We also remain focused on disciplined capital execution, operational efficiency, and strengthening liquidity while continuing to invest in high-return growth opportunities that support long-term shareholder value creation."

Conference Call

MariMed management will host a conference call on Thursday, May 14, 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: Q126 MRMD Earnings Call.

First Quarter 2026 Operational Highlight

During the first quarter, the Company announced the following development in the implementation of its strategic growth plan:

•March 2: Announced a Restructuring and Exchange Agreement with the holders of the $14.725 million Series B Convertible Preferred Stock. The Agreement eliminated the Company's February 26, 2026 mandatory conversion date obligation and replaced it with a combination of long-dated instruments. The transaction extends the weighted average maturity of the obligation to 4.6 years, eliminating near-term refinancing risk and enhancing the Company's liquidity profile.

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.