FLUENT (TIUM.U) investor relations material

Executive summary

• Revenue for Q2 2026 was $17.1 million, down from $22.8 million year-over-year, with Florida revenue at $12.8 million versus $19.2 million.

• Gross profit before fair value adjustments was $4.3 million (25.2% margin), compared to $8.9 million (38.8% margin) in Q2 2025.

• Adjusted EBITDA for the quarter was $0.3 million, a significant decline from $3.6 million year-over-year, mainly due to retail price pressure in Florida.

• Ended the quarter with $4.5 million in cash and $79.7 million in total debt.

• Appointed a new Interim CEO and focused on cost reductions, including closing the Ruskin cultivation facility in Florida.

Financial highlights

• Cash flow from operations was $0.8 million, down from $3.2 million in Q2 2025.

• Net loss from continuing operations was $11.1 million, compared to a net loss of $10.0 million in Q2 2025.

• Cash and cash equivalents decreased to $4.5 million from $22.9 million year-over-year.

• Total liabilities increased to $240.5 million as of June 30, 2026.

• Adjusted EBITDA for the six months ended June 30, 2026, was $1.6 million, down from $7.2 million in the prior year period.

Outlook and guidance

• Management remains focused on completing the Vireo transaction and optimizing operations, especially in Florida.

• Strategic initiatives are underway to strengthen liquidity, including the pending sale of Texas operations for $30 million.

• The company continues to pursue cost reductions and operational efficiencies.