FLUENT (TIUM.U) Q2 2025 earnings summary

Executive summary

• Completed acquisition of RIV Capital, expanding into New York and adding medical and adult-use cannabis licenses, with significant integration synergies expected.

• Net loss of $18.4 million for the six months ended June 30, 2025, compared to $3.2 million in 2024; Q2 2025 net loss was $9.7 million versus net income of $0.95 million in Q2 2024.

• Revenue for the six months was $53.4 million, up slightly from $52.5 million year-over-year; Q2 2025 revenue was $26.7 million, down from $27.3 million year-over-year.

• CEO Robert Beasley resigned in August 2025, with David Vautrin appointed as Interim CEO to lead a strategic and operational turnaround.

• Adjusted EBITDA for Q2 2025 was $3.9 million, down from $7.7 million year-over-year, mainly due to lower revenue and higher production costs.

Financial highlights

• Gross profit for the six months was $22.95 million, down from $26.46 million year-over-year; Q2 2025 gross profit before fair value adjustments was $10.4 million (39% margin).

• Operating loss of $3.83 million for the six months, compared to operating income of $11.47 million in the prior year.

• Cash and cash equivalents at June 30, 2025, were $22.9 million, up from $8.5 million year-over-year but down from $40.11 million at year-end 2024.

• Total assets increased to $215.76 million from $206.99 million at December 31, 2024.

• Net cash used in operating activities was $6.66 million for the six months, compared to $1.76 million provided in the prior year; operating cash flow for the six months was $6.7 million, up from $1.8 million year-over-year.

Outlook and guidance

• Strategic turnaround underway with focus on operational excellence, customer-centricity, profitable growth, and disciplined cost management.

• Management continues to monitor regulatory and market developments, especially regarding sustainability and climate-related risks, though these are not currently material.

• The company expects ongoing integration benefits from the RIV Capital acquisition, including cost synergies and expanded market reach.

• Connected Cannabis products expected to launch in New York in late Q4 2025.