Blüm Holdings, Inc. BLMH reported its financial results Wednesday for the first quarter ended March 31, 2024, revealing revenue of $6.78 million, down by 16% from $8.1 million in the same period of 2023. The California cannabis company attributed the revenue decline to the continued elimination of non-performing legacy operations during the first quarter of 2024 and transitioning a single retail location to delivery only.
"Despite challenges, our commitment is to maintain a strong gross margin and reduce operating expenses," Patty Chan, Blüm's chief financial officer stated. "We remain optimistic about the opportunities ahead and are confident in our ability to capitalize on them."
More about investments and financial data from the industry you can hear at the 19th Benzinga Cannabis Capital Conference in Chicago this October 8-9. Engage with top executives, investors, policymakers, and advocates to explore the industry’s future. Secure your tickets now before prices increase by following this link.
Q1 2024 Financial And Operational Highlights
- Gross profit was $3.61 million, or 53% versus $4.38 million or 54% in the first quarter of last year.
- Net loss from continuing operations was $3.06 million or $0.31 loss per share, compared to net loss of $7.81 million or $0.84 loss per share in the comparable period of 2023.
- Operating expenses amounted to $6.1 million, a decrease of 34% from $9.25 million in the first quarter of 2023.
- For five consecutive quarters in a row, the company has maintained a gross margin of above 50%, landing at 53% for the first quarter of 2024.
- In line with its strategic realignment, Blüm divested its final California cultivation facility in January 2024, focusing on expanding profitable cannabis assets and brand development.
- Earlier this year, Unrivaled Brands, Inc. underwent a corporate reorganization to become a subsidiary of Blüm Holdings, Inc. All Unrivaled shares were converted to Blüm shares, with trading starting as “BLMH” on the OTCQB on February 12, 2024. Additionally, Unrivaled executed a 1-for-100 reverse stock split.
Price Action
Blüm Holdings shares closed Wednesday's market session 15.87% higher at 73 cents per share.
See Also: California Cannabis Co. Blüm Reports 36% YoY Drop In 2023 Revenue, Narrows Net Loss By 93%
Photo: Courtesy of Branding Pot via Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Date | ticker | name | Actual EPS | EPS Surprise | Actual Rev | Rev Surprise |
|---|
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Cannabis rescheduling seems to be right around the corner
Want to understand what this means for the future of the industry? Hear directly for top executives, investors and policymakers at the 19th Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9. Get your tickets now before prices surge by following this link.