TAMPA, Fla. — FLUENT Corp., a vertically-integrated, multistate cannabis company, today announced its financial and operating results for the first quarter ended March 31, 2025. Unless otherwise indicated, all financial results are presented in U.S. dollars.
Management Commentary
“In Q1 2025, we generated $26.7 million in revenue, a 5.9% increase year-over-year, despite continued price compression and increased market saturation in Florida,” said Robert Beasley, Chief Executive Officer of FLUENT. “While adjusted EBITDA declined to $3.5 million, largely due to softness in Florida, our core fundamentals remain strong. We continue to invest in infrastructure and brand development to support long-term growth. Despite industry-wide challenges this quarter, we remained focused on disciplined execution.”
Beasley added, “In New York, integration of the RIV Capital assets is progressing well, with the Buffalo cultivation facility nearing completion and the FLUENT retail rebrand underway. In Florida, we launched new products and completed construction of the Roza facility, expanding production capacity ahead of our next planned harvest. Our cash position of $30.7 million, up from $8.5 million a year ago, gives us the flexibility to support near-term priorities and long-term growth.”
He concluded, “While macro and regulatory uncertainties remain, we are focused on strengthening our core markets, managing costs, and positioning the company to adapt and grow as market conditions evolve.”
Q1 2025 Financial Highlights (vs. Q1 2024)
- Revenue was $26.7 million compared to $25.2 million.
- Florida revenue was $19.2 million compared to $21.1 million.
- Gross profit before fair value adjustments was $12.5 million or 46.8% of revenue, compared to $12.3 million or 48.6% of revenue.
- Adjusted EBITDA was $3.5 million compared to $6.8 million, reflecting the ongoing startup and ramp-up in the New York market following the RIV acquisition, as well as continued softness in the Florida market.
- Cash flow used in operations for the three months ending March 31, 2025, was $1.5 million compared to cash flow provided by operations of $4.1 million in the prior year. The decline is primarily attributable to the settlement of payments that had been carried over from previous periods.
On March 31, 2025, the Company had approximately $30.7 million of cash and cash equivalents and $79.1 million of total debt outstanding, with approximately 700 million shares outstanding on an as-converted basis, compared to $8.5 million of cash and cash equivalents and $62.9 million of total debt, with approximately 300 million shares outstanding on March 31, 2024.
Recent Operational Highlights
Company Footprint
As of the end of the reporting period, FLUENT operates a total of 42 retail locations and 8 production facilities across its key markets of Florida, New York, Pennsylvania, and Texas.
Florida
- Currently operating thirty-five retail locations and five production facilities.
- On track to opening three additional stores in Florida by the end of 2025.
- Successfully relocated the North Miami Beach dispensary to Aventura, offering more points of sale, larger vault storage, and a refreshed store design.
- Completed construction of the new Rosa cultivation facility in Tampa; cultivation commenced in early May with the first harvest expected in August 2025.
- Launched two differentiated whole flower brands.
- Introduced 10mg THC chocolate bites, FLUENT’s first single-serve edible product.
New York
- Currently operating four retail locations and one production facility.
- Construction of Buffalo, our second cultivation facility in New York, is nearing completion. The first planting is expected in Q2 2025, with the inaugural harvest projected for Q4 2025.
- Initiated rebranding of New York retail locations to FLUENT following the successful acquisition of RIV Capital assets.
- Expanded the KNACK brand portfolio in New York to include pre-rolls, alongside a rotating selection of whole flower strains.
Texas
- Currently operating one production facility and a delivery program.
- Commenced construction of the Houston Education and Pick-Up Center, with an expected opening in Q3 2025.
Pennsylvania
Currently operating three retail locations in the state.
The company is actively monitoring legislative developments and is encouraged by the accelerating momentum toward adult-use legalization in Pennsylvania and the potential expansion of the medical program in Texas, both of which represent promising future growth catalysts.
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