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Edge1 May 2026
Making the Marlboro Man
The story of Marlboro's transformation from a women's cigarette to a global icon: one of the most effective brand repositionings in history.
FLUENT
FLUENT (TIUM.U) investor relations material
FLUENT Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary30 Apr, 2026
Executive summary
Focused on cost optimization and operational simplification, especially in Florida, with improved output and quality at the Rosa cultivation facility.
Strategic actions included reducing long-term debt through partial prepayment and divesting Pennsylvania operations.
Expanded product portfolio and wholesale growth, with new retail locations in Florida and Texas and premium product launches in New York.
Financial highlights
Q4 2025 revenue from continuing operations was $18.6M, down from $21.1M year-over-year; Florida revenue was $15.1M, down from $20.3M.
Q4 gross profit before fair value adjustments was $2.1M (11.2% margin), down from $8.6M (40.7%).
Adjusted EBITDA for Q4 was $3.2M, down from $7.4M; full-year Adjusted EBITDA was $12.7M, down from $24.8M.
Full-year 2025 revenue from continuing operations was $86.7M, down 0.8% year-over-year; Florida revenue fell 17.4% to $71.5M.
Full-year gross profit before fair value adjustments was $28.6M (33.0% margin), down from $44.3M (50.7%).
Net loss for 2025 was $72.5M, compared to $40.4M in 2024.
Cash flow used in operations improved to $1.6M in Q4 from $14.7M in the prior year.
Cash and cash equivalents at year-end were $8.9M, with total debt of $72.2M.
Outlook and guidance
Management expects lower cost of goods sold and expansion of premium product offerings due to operational improvements.
Strategic initiatives underway to strengthen liquidity, including seeking additional financing and third-party transactions.
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Latest events from FLUENT
- Q3 revenue up 3.5% to $26.1M; RIV Capital merger and Florida expansion to drive growth.TIUM.U
Q3 20242 Feb 2026 - Q1 2025 revenue up 6% to $26.8M; EBITDA fell, net loss widened, cash rose to $30.7M.TIUM.UQ1 20252 Feb 2026
- Net loss widened to $18.4M on $53.4M revenue as margins fell and strategic changes began.TIUM.UQ2 20252 Feb 2026
- Net revenue was $79.5M with a $(32.0M) net loss; margin recovery expected from premium production.TIUM.UQ3 20252 Feb 2026
- Q2 revenue up 12% to $27.3M, with Florida growth and RIV Capital integration progressing.TIUM.UQ2 202423 Jan 2026
- Record $103.6M revenue, NY expansion, and strong cash flow set up 2025 growth despite impairment.TIUM.UQ4 202425 Nov 2025
Next FLUENT earnings date
Q1 202628 May, 2026
FLUENT
Next FLUENT earnings date
Q1 202628 May, 2026
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