Fluent Corp's Impressive 2024 Performance and Strategic Moves
Strong Annual Revenue Growth
Fluent Corp (CNSX: TIUM.U) is excited to report its annual revenue growth for the fiscal year, which increased by an impressive 6.4% year-over-year, totaling a record $103.6 million. This milestone reflects the company's strong commitment to sustainable financial growth and strategic market expansion.
Transformational Acquisition of RIV Capital
This past year, Fluent successfully completed its transformative acquisition of RIV Capital. This move significantly enhanced their operational footprint, adding retail, wholesale, and cultivation operations specifically within the thriving New York market. The integration of RIV Capital's assets is set to benefit Fluent's new and existing customer base, allowing broader access to high-quality cannabis products.
Non-Dilutive Debt Refinancing
Additionally, Fluent completed a non-dilutive debt refinancing at favorable interest rates and terms, effectively enhancing its capital structure and offering greater financial flexibility. With over $40 million in cash and cash equivalents by year-end, the company is strategically positioned for further expansion and growth.
Expanding Brand Portfolio
Fluent's brand presence also saw significant growth, with successful launches like MOODs and KNACK in New York, along with the introduction of Hyer Kind concentrates in Florida. These innovative products highlight Fluent's ongoing dedication to market penetration and brand distinction.
Operational Milestones
In line with their growth strategy, Fluent currently operates 42 locations across several states including Florida, New York, Pennsylvania, and Texas. The company plans to open three additional stores by the end of the forthcoming year, further entrenching itself in these key markets. Furthermore, construction is underway on a new cultivation and processing facility in Tampa, expected to deliver its first harvests by Q2 2025.
Financial Highlights of Q4 2024
In Q4 2024, Fluent reported revenues of $24.9 million, slightly down from $25.5 million from the previous quarter. Pro forma revenue that includes a complete quarter of operations from New York would be approximately $29.6 million, indicating significant potential growth behind the acquisition.
Year-on-Year Comparisons
Gross profit before fair value adjustments stood at $10.0 million, reflecting a margin of 40.1%. Adjusted EBITDA was reported at $3.0 million, a decline primarily attributed to decreases in the Florida market revenues.
Looking Ahead
CEO Robert Beasley addressed the current challenges facing the cannabis sector, noting that while broader industry dynamics have impacted market conditions, Fluent remains well-equipped to navigate these challenges. The drive for innovative product offerings, combined with prudent financial management, positions Fluent for success.
Commitment to the Future
Fluent is dedicated to optimizing its operational footprint and leveraging its deep market expertise to continue delivering high-quality products while executing its growth strategy effectively. Their approach is designed to adapt swiftly to industry conditions as market confidence stabilizes.
Frequently Asked Questions
1. What were the financial results for Fluent Corp in 2024?
Fluent Corp reported an annual revenue of $103.6 million, marking a 6.4% increase from the previous year.
2. What significant acquisitions did Fluent Corp make in 2024?
Fluent completed the acquisition of RIV Capital, which enhanced their operational presence in the New York cannabis market.
3. How much cash and cash equivalents does Fluent Corp have?
As of the fiscal year-end, Fluent Corp had over $40 million in cash and cash equivalents positioned for future growth initiatives.
4. What were the company's revenue figures in Q4 2024?
In Q4 2024, Fluent reported revenues of $24.9 million, a slight decline compared to $25.5 million in the previous quarter.
5. How is Fluent positioning itself for future growth?
Fluent is focused on expanding its brand portfolio, optimizing operations, and leveraging market insights while adapting to industry changes.
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