MARIMED INC.
For the period ended Dec 31, 2025. Filed Mar 12, 2026.
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FY2025 · Filed Mar 12, 2026
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Item 8. Consolidated Statements of Cash Flows
(in thousands)
| Year Ended December 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Cash flows from operating activities: | ||
| Net loss attributable to common stockholders | $(14,484) | $(12,467) |
| Net income attributable to noncontrolling interests | 28 | 37 |
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||
| Depreciation and amortization of property and equipment | 8,109 | 7,910 |
| Amortization of intangible assets | 3,401 | 2,948 |
| Stock-based compensation | 1,860 | 1,050 |
| Amortization of warrants issued as payment for services received | — | 218 |
| Amortization of debt discount | 459 | 358 |
| Amortization of debt issuance costs | 73 | 73 |
| Payment-in-kind interest | 30 | 104 |
| Bad debt expense (income) | 1,582 | (336) |
| Obligations settled with common stock | 3 | 10 |
| Loss on disposal of assets | 834 | 13 |
| Loss on changes in fair value of investments | — | 145 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable, net | (429) | (1,207) |
| Inventory | (6) | (8,182) |
| Deferred rents receivable | 12 | 74 |
| Other current assets | 1,035 | 883 |
| Other assets | (2,606) | 1,421 |
| Accounts payable | 841 | 4,188 |
| Accrued expenses and other | 3,162 | 1,754 |
| Deferred revenue | 65 | 303 |
| Income taxes payable | 3,726 | 7,488 |
| Net cash provided by operating activities | 7,695 | 6,785 |
| Cash flows from investing activities: | ||
| Purchases of property and equipment | (1,167) | (11,960) |
| Business acquisitions, net of cash acquired | 231 | (4,250) |
| Advances toward future business acquisitions | (50) | (100) |
| Purchases and renewals of cannabis licenses | (465) | (712) |
| Proceeds from notes receivable | 26 | 50 |
| Return on investment | — | 44 |
| Proceeds from disposal of assets | 45 | 22 |
| Due from third party | — | (227) |
| Net cash used in investing activities | (1,380) | (17,133) |
| Cash flows from financing activities: | ||
| Proceeds from Construction to Permanent Commercial Real Estate Mortgage Loan | — | 5,077 |
| Proceeds from mortgages | 2,000 | 1,163 |
| Payment of third-party debt issuance costs in connection with debt | (9) | — |
| Principal payments of mortgages | (1,495) | (382) |
| Repayment and retirement of mortgages | (689) | — |
| Principal payments of promissory notes | (3,066) | (1,177) |
| Principal payments of finance leases | (1,317) | (1,557) |
| Distributions | (137) | (139) |
| Net cash (used in) provided by financing activities | (4,713) | 2,985 |
| Net increase (decrease) to cash, cash equivalents and restricted cash | 1,602 | (7,363) |
| Cash, cash equivalents and restricted cash at beginning of year | 7,282 | 14,645 |
| Cash, cash equivalents and restricted cash at end of year | $8,884 | $7,282 |
| Supplemental disclosure of cash flow information: | ||
| Cash paid for interest | $6,910 | $6,689 |
| Cash (refunded) paid for income taxes, net | $(713) | $705 |
| Non-cash activities: | ||
| Common stock issued to purchase property and equipment | $— | $396 |
| Present value of promissory notes issued as purchase consideration | $— | $3,000 |
| Entry into new finance leases | $1,297 | $2,881 |
| Write-off of finance leases | $— | $1,112 |
| Common stock issued as purchase consideration | $— | $991 |
| Notes payable issued to purchase property and equipment | $447 | $— |
| Common stock issued under licensing agreement | $— | $10 |
| Conversion of preferred stock to common stock | $4,275 | $— |
| Return of common stock to the Company in connection with withholding taxes | $83 | $41 |
| Adjustment to purchase price allocation to reclassify certain acquired intangible assets to goodwill | $— | $3,819 |
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