- Record annual revenue growth of 6.4% to $103.6 million
- Strong cash position with $40.1 million in cash and equivalents
- Successful completion of RIV Capital acquisition, expanding into New York market
FLUENT Corp. (CNTMF, Financial) has announced its financial results for the fourth quarter and full year ending December 31, 2024. The company achieved record annual revenue of $103.6 million, marking a 6.4% increase compared to the previous year. This growth follows the transformative acquisition of RIV Capital, enabling FLUENT to expand its operations into the retail, wholesale, and cultivation sectors in New York.
Despite the overall growth, Q4 2024 revenue saw a slight decline to $24.9 million from $25.5 million year-over-year, largely impacted by Florida operations which generated $20.3 million in revenue compared to $21.6 million in the same quarter last year. The company also recorded a significant $64.3 million impairment on intangible assets related to its Florida cannabis license, attributable to market pricing pressures.
Key operational highlights for FLUENT include operating 42 locations across Florida, New York, Pennsylvania, and Texas, with plans to open three more stores by the end of 2025. The company successfully executed a non-dilutive debt refinancing deal up to $96.5 million and maintained a strong cash position of $40.1 million in cash and equivalents.
Brand expansion initiatives included the launch of new products such as MOODs and KNACK in New York, and the debut of Hyer Kind concentrates in Florida. These advancements underscore the company's commitment to brand innovation and market penetration.
Despite challenges such as a decrease in gross margin to 40.1% from 49.4% in Q4 2023, and a decline in adjusted EBITDA to $3.0 million from $6.9 million year-over-year, CEO Robert Beasley highlighted the company's strategic growth opportunities and its solid operational platform for future success in the cannabis market.
