TAMPA, Fla. — FLUENT Corp., a vertically-integrated, multistate cannabis company, reported its financial and operating results for the second quarter ended June 30, 2025. Unless otherwise indicated, all financial results are presented in U.S. dollars.
Management Commentary
“While Q2 results fell below expectations, just a few weeks into my role as Interim CEO I have been deeply impressed by the energy and focus of our entire team as we drive a strategic turnaround. We remain fully committed to operational excellence — with a clear focus on being customer-centered, achieving profitable growth, maintaining disciplined cost management, and executing our strategic initiatives,” said Dave Vautrin, Interim CEO of FLUENT.
“We believe we are entering a strategic inflection point on several fronts. On the cultivation side, we are proud to celebrate the first harvest from our new Rosa facility in Florida. This harvest, the largest in FLUENT’S history, paired with enhanced quality, underscores the growing strength of our cultivation platform. In New York, we anticipate that our recently announced exclusive partnership with Connected Cannabis, a leading cannabis brand and operating team, at the Buffalo facility will provide exceptional genetics and increased indoor cultivation, supporting consistent product quality and competitive pricing in step with growing statewide demand.”
Q2 2025 Financial Highlights (vs. Q2 2024)
- Revenue was $26.7 million compared to $27.3 million.
- Florida revenue was $19.3 million compared to $23.1 million.
- Gross profit before fair value adjustments was $10.4 million or 39% of revenue, compared to $13.8 million or 50.5% of revenue.
- Adjusted EBITDA was $3.9 million compared to $7.7 million, mainly driven by lower revenue and increased production costs.
- Cash flow generated by operations for the three months ending June 30, 2025, was $3.2 million compared to cash flow provided by operations of $ 2.8 million for the three months ended June 30, 2024.
On June 30, 2025, the Company had approximately $22.9 million of cash and cash equivalents and $78.1 million of total debt outstanding, with approximately 475 million common shares outstanding on an as-converted basis, compared to $8.5 million of cash and cash equivalents and $67.5 million of total debt outstanding, with approximately 300 million common shares outstanding on June 30, 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
- Rosa indoor cultivation facility’s inaugural harvest in August marked the largest in Company history.
- A review of the Florida retail network is underway, with a focus on driving profitable growth.
New York
- Buffalo indoor cultivation facility commenced operations in an exclusive partnership with Connected New York Inc. (“Connected Cannabis”), supporting cultivation of single tier high-quality, indoor flower and doubling FLUENT’s capacity.
- Connected Cannabis’ portfolio of products, including Connected and Alien Labs, is anticipated to hit shelves in late Q4 2025.
- Growth of ENTOURAGE wholesale division remains a priority to continue to drive the Company’s wholesale revenue growth across the state.
- Recent Office of Cannabis Management compliance actions have not impacted FLUENT’s business.
Texas
- Construction of the Houston Education and Pick-Up Center is nearing completion.
- Management awaits guidance from the state following recent legislative developments to determine next steps in the state.
Pennsylvania
The Company continues to monitor legislative changes to assess growth opportunities.
About FLUENT Corp.
FLUENT, a national cannabis consumer packaged goods company and retailer produces an assortment of cannabis products under a diverse portfolio of brands including MOODS, Knack, Wandr, Bag-O and Hyer Kind. FLUENT operates in Florida, New York, Pennsylvania, and Texas. Headquartered in Tampa, Florida, FLUENT employs 700 employees across 8 cultivation and manufacturing facilities, 42 active retail locations and a wholesale division which trades under ENTOURAGE servicing third party retailers in New York.
