FLUENT (TIUM.U) Q3 2025 earnings summary

Executive summary

• Report covers the three and nine months ended September 30, 2025, with all figures in thousands of USD.

• Operations include medical and adult-use cannabis production and sales in Florida, Texas, Pennsylvania, and New York, following the acquisition of RIV Capital Inc.

• Focused on margin expansion, operational efficiency, and strategic positioning ahead of new premium indoor facility activations in Buffalo, NY and Rosa, FL in Q4 2025.

• Revenue remained stable year-over-year, but gross margins declined due to extraction inefficiencies and product mix shifts in Florida.

• Decisive actions taken include retail portfolio optimization, improved distillate yields, product innovation, and ramping up premium indoor production.

Financial highlights

• Net revenue for the nine months ended September 30, 2025 was $79,485, up slightly from $78,643 year-over-year.

• Q3 2025 revenue: $26.0M vs. $26.1M in Q3 2024; Florida revenue: $21.6M vs. $22.0M.

• Net loss for the nine months was $(32,009), compared to $(14,999) in the prior year period.

• Gross profit before fair value adjustments was $30,982 for the nine months, compared to $40,328 year-over-year.

• Cash and cash equivalents at September 30, 2025 were $15,112, down from $40,106 at December 31, 2024.

Outlook and guidance

• Management continues to monitor regulatory and market developments, especially regarding sustainability and climate-related risks, but currently assesses these as not material to financial position.

• The company is evaluating the impact of new accounting standards (IFRS 18, IFRS 9/7 amendments) for future adoption.

• Expecting margin recovery in Q4 2025 from improved distillate yields and premium flower production.

• Anticipates regulatory changes in Florida and Texas to reduce illicit competition and support margin recovery.

• New dispensaries planned in Orlando (Q4 2025) and Palm Bay (Q1 2026) to expand Florida presence.