FLUENT (TIUM.U) Q4 2025 earnings summary

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.