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Ascend Wellness Holdings (CSE: AAWH.U) (OTCQX: AAWH) posted mixed third-quarter results as it deals with increasing competition in some of its key markets.

Net revenue inched up 0.3% from a year earlier to $141.6 million, according to the company Tuesday. However, the company also increased its net loss to $28.3 million, compared to a loss of $11.2 million a year ago. Adjusted EBITDA was $25.1 million, down 14.9% year-over-year.

The top-line performance was roughly in line with the average analyst estimate of $144.4 million for the September quarter, based on data compiled by Yahoo Finance.

Ascend, which has operations in seven states saw retail sales decline 7.6% year-over-year, offset by a 20.1% increase in wholesale revenue. The company commenced adult-use sales at five dispensaries in Ohio during the quarter and opened one new store in Pennsylvania, ending the third quarter with 39 outlets.

“We made meaningful progress during this transitional quarter as we navigated headwinds in a few of our key markets,” said co-founder Frank Perullo, who was named president as part of a broader C-suite shakeup. Retail growth in Pennsylvania and Ohio was offset by declines in New Jersey and Illinois.

The New York-based company appointed board member Sam Brill as CEO and Roman Nemchenko as CFO, noting the new leadership team’s “diverse expertise and deep industry knowledge.” The changes come as Ascend aims to boost profitability after facing headwinds in the second quarter.

“Moving forward, we must focus on three financial priorities: improving profitability, maximizing asset efficiency, and enhancing cash flow generation,” said Brill. “I’m excited to tackle these objectives with our team and create long-term value for our stakeholders.”

Ascend is now targeting $30 million in annual cost savings as part of a “commitment to sustainable profitability.” The company has already reduced corporate headcount by 15% and retail/operations staff by 10%, management said.

“I am proud of the team for making progress on cost-management and transformation initiatives, reinforcing our commitment to creating a leaner and more resilient organization,” the CFO said. “These steps position us well to improve leverage and enhance long-term shareholder value.”

The moves follow a challenging period for Ascend. Back in August, the company slashed its full-year revenue outlook, citing mounting competition in Illinois, Massachusetts and New Jersey. With the lackluster second-quarter results, the company later that month ousted then-CEO John Hartmann and CFO Mark Cassebaum.

Earlier during the quarter, Ascend closed on a $235 million private placement of five-year senior secured notes at a 12.75% rate in July, one of the biggest. The deal was mostly used to refinance existing debt.

As of Sept. 30, Ascend had cash and equivalents of $65.3 million and net debt of $240.6 million.