FLUENT (TIUM.U) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue increased to $26.8 million, up 6% year-over-year, reflecting continued growth despite price compression and market saturation in Florida.

• Adjusted EBITDA for Q1 2025 was $3.5 million, down from $6.8 million in the prior year, impacted by Florida softness and ramp-up costs in New York.

• Cash and cash equivalents rose to $30.7 million as of March 31, 2025, up from $8.5 million a year ago, supporting liquidity and growth.

• The RIV Capital acquisition in December 2024 expanded operations into New York, adding $3.7 million in revenue and a $2.5 million net loss from RIV in Q1 2025.

• Company operates 42 retail locations and 8 production facilities across Florida, New York, Pennsylvania, and Texas, covering about 25% of the U.S. population.

Financial highlights

• Q1 2025 revenue was $26.8 million, up from $25.2 million in Q1 2024; Florida revenue declined to $19.2 million from $21.1 million.

• Gross profit before fair value adjustments was $12.5 million (46.8% margin), compared to $12.3 million (48.6%) a year ago.

• Adjusted EBITDA was $3.5 million, down from $6.8 million year-over-year.

• Net loss widened to $8.8 million from $4.2 million in Q1 2024; EPS was $(0.02) versus $(0.01) year-over-year.

• Cash flow used in operations was $1.5 million, compared to $4.1 million provided in the prior year.

Outlook and guidance

• Buffalo cultivation facility in New York expected to complete first planting in Q2 2025 and first harvest in Q4 2025.

• Three additional Florida stores planned to open by end of 2025; Houston Education and Pick-Up Center in Texas to open in Q3 2025.

• Monitoring legislative developments in Pennsylvania and Texas for potential adult-use legalization and medical program expansion.

• Continued focus on cost management and adapting to evolving market conditions.