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Ayr Wellness Inc. (CSE: AYR.A) (OTCQX: AYRWF) missed expectations in the third quarter as the cannabis retailer battled mounting competition and tightened consumer spending, offsetting early gains from Ohio’s adult-use market launch.

The multi-state operator posted third-quarter revenue of $114.3 million versus expectations of $120.7 million, according to analyst estimates compiled by Yahoo Finance. Revenue was essentially flat year-over-year and decreased 2.6% from the second quarter, according to the company Wednesday.

The company’s operating loss widened to $17.4 million from $1.4 million a year earlier. Adjusted EBITDA was $26.1 million, representing a margin of 22.9%.

“Our third quarter performance reflected ongoing macroeconomic pressure to the consumer wallet and increased competition in select markets,” interim CEO Steven Cohen said in a statement. Cohen took the helm in September following the abrupt departure of former CEO David Goubert, who had served less than a year after replacing founder Jonathan Sandelman in 2023.

Still, the company pointed to expansion opportunities, particularly in Ohio where Ayr operates three adult-use dispensaries. The company plans to build five new Ohio locations expected to open in the first half of 2025, it said in its earnings release.

The cannabis retailer also recently received conditional approval to operate in Virginia’s Health Service Area 1, though several lawsuits are challenging that authorization. Additionally, Ayr’s operational partner Amethyst Health secured preliminary approval for medical marijuana operations in New York.

Analysts expect revenue to reach $127.3 million in the fourth quarter, according to Yahoo Finance data. However, the company provided more conservative guidance, stating fourth-quarter revenue and adjusted EBITDA would likely remain “essentially flat” versus third-quarter levels. The company maintained its guidance for positive GAAP cash flow from operations in 2024.

The company ended the quarter with $51 million in cash and cash equivalents. Capital expenditures totaled $6.1 million for the period, with full-year spending expected to reach approximately $20 million.