FLUENT (TIUM.U) Q4 2024 earnings summary

Executive summary

• Achieved record annual revenue of $103.6 million in 2024, a 6.4% increase year-over-year, driven by expansion and new brand launches.

• Completed the acquisition of RIV Capital, expanding operational presence and adding retail, wholesale, and cultivation operations in New York.

• Ended the year with over $40 million in cash and cash equivalents, supporting future growth initiatives.

• Operations span Florida, New York, Pennsylvania, and Texas, with a diversified footprint and recent expansion.

• Integration of new assets and operational improvements in cultivation yielded strong early results.

Financial highlights

• Q4 2024 revenue was $24.9 million, down from $25.5 million in Q4 2023 due to price pressures in Florida.

• Full-year adjusted EBITDA was $25 million, down from $27.2 million in 2023; Q4 adjusted EBITDA was $3 million, down from $6.9 million.

• Cash flow from operations in Q4 was $14.7 million, up from $1.4 million in the prior year.

• Reported a non-cash impairment of intangible assets of $64.3 million in Q4, related to the Florida cannabis license.

• Net loss for 2024 was $40.4 million, compared to a net loss of $22.8 million in 2023.

Outlook and guidance

• Plans to open three more stores in Florida by year-end, expanding to 45 locations across four states.

• Two new cultivation facilities in Florida and New York expected online in 2025, targeting high-quality flower output.

• Continued brand expansion in New York and Florida, with new product launches planned for 2025.

• Positioned for growth in limited license markets with near- to medium-term adult-use transitions expected in NY, FL, and PA.

• Texas market offers long-term potential as medical program expands.