Blum Holdings Inc. Reports Third Quarter 2025 Financial Results
Blum Holdings (OTCQB: BLMH) reported third quarter 2025 results showing continuing post-restructuring growth and integration activity. Revenue rose to $4.8M in Q3, a 39% increase from Q2 and 117% increase from Q1 to Q3, driven by acquisitions including Cookies Redding and a Santa Clara County store. Gross margin held near 48%. Operating expenses and SG&A rose as stores were integrated; net loss from operations was $1.5M and adjusted EBITDA loss was $1.3M. Total assets increased by $20.3M while total liabilities rose by $22.8M. The company raised an additional $0.7M in October, bringing 2025 capital raised to $3.2M.
Blum Holdings (OTCQB: BLMH) ha riportato risultati del terzo trimestre 2025 che mostrano una crescita continua post-ristrutturazione e attività di integrazione. I ricavi sono aumentati a 4,8 milioni di dollari nel Q3, un incremento del 39% rispetto al Q2 e del 117% rispetto al Q1-Q3, trainato da acquisizioni tra cui Cookies Redding e un negozio nella contea di Santa Clara. Il margine lordo si è mantenuto vicino al 48%. Le spese operative e SG&A sono aumentate in quanto i negozi sono stati integrati; la perdita operativa netta è stata di $1,5M e la perdita EBITDA rettificata è stata di $1,3M. Le attività totali sono aumentate di $20,3M mentre le passività totali sono aumentate di $22,8M. L'azienda ha raccolto ulteriori $0,7M in ottobre, portando i capitali raccolti nel 2025 a $3,2M.
Blum Holdings (OTCQB: BLMH) informó los resultados del tercer trimestre de 2025, mostrando crecimiento continuo tras la reestructuración y actividad de integración. Los ingresos aumentaron a 4,8 millones de dólares en el Q3, un incremento del 39% respecto al Q2 y del 117% respecto al Q1-Q3, impulsado por adquisiciones, incluidas Cookies Redding y una tienda en el condado de Santa Clara. El margen bruto se mantuvo cerca del 48%. Los gastos operativos y SG&A aumentaron a medida que se integraban las tiendas; la pérdida operativa neta fue de $1,5M y la pérdida ajustada de EBITDA fue de $1,3M. Los activos totales aumentaron en $20,3M mientras las obligaciones totales subieron en $22,8M. La empresa captó adicionalmente $0,7M en octubre, llevando el capital levantado en 2025 a $3,2M.
블룸 홀딩스(OTCQB: BLMH)은 2025년 3분기 실적을 발표했습니다. 구조조정 후 성장과 통합 활동이 계속되고 있습니다. 3분기에 매출이 480만 달러로 증가, Q2 대비 39%, Q1-Q3 대비 117% 증가로 Cookies Redding 및 산타클라라 카운티 상점 등의 인수로 견인되었습니다. 총이익률은 48%에 근접하게 유지되었습니다. SG&A를 포함한 운영비가 상향되었고 매장 통합으로 인해 운영손실은 $1.5M였으며 조정된 EBITDA 손실은 $1.3M이었습니다. 총자산은 $20.3M 증가했고 총부채는 $22.8M 증가했습니다. 회사는 10월에 추가로 $0.7M를 조달했고 2025년 총 조달 자본은 $3.2M로 늘었습니다.
Blum Holdings (OTCQB: BLMH) a publié les résultats du troisième trimestre 2025, montrant une croissance continue après la restructuration et des activités d’intégration. Les revenus ont augmenté à 4,8 millions de dollars au T3, soit une hausse de 39 % par rapport au T2 et de 117 % par rapport au T1-T3, tirée par des acquisitions dont Cookies Redding et un magasin dans le comté de Santa Clara. La marge brute est restée proche de 48%. Les dépenses opérationnelles et SG&A ont augmenté à mesure que les magasins étaient intégrés; la perte nette d’exploitation était de $1,5M et la perte EBITDA ajustée était de $1,3M. Les actifs totaux ont augmenté de $20,3M tandis que les passifs totaux ont augmenté de $22,8M. L’entreprise a levé $0,7M supplémentaires en octobre, portant le capital levé en 2025 à $3,2M.
Blum Holdings (OTCQB: BLMH) berichtete die Ergebnisse des dritten Quartals 2025 und zeigte weiterhin Wachstum nach der Umstrukturierung sowie Integrationsaktivitäten. Umsatz stieg im Q3 auf 4,8 Mio. USD, das sind 39% mehr als im Q2 und 117% mehr als im Q1-Q3, angetrieben durch Akquisitionen einschließlich Cookies Redding und einer Filiale im Santa Clara County. Die Bruttomarge blieb nahe bei 48%. Die operativen Aufwendungen und SG&A stiegen, da die Geschäfte integriert wurden; der operative Verlust betrug $1,5M und der bereinigte EBITDA-Verlust betrug $1,3M. Die Gesamtaktiva nahmen um $20,3M zu, während die Gesamtverbindlichkeiten um $22,8M zunahmen. Das Unternehmen sammelte im Oktober zusätzliche $0,7M ein, wodurch das in 2025 aufgenommene Kapital auf $3,2M anstieg.
بلوم هولدينغز (OTCQB: BLMH) أعلنت عن نتائج الربع الثالث من 2025 مع استمرار النمو بعد إعادة الهيكلة وأنشطة الدمج. بلغت الإيرادات 4.8 مليون دولار في الربع الثالث، بزيادة قدرها 39% عن الربع الثاني وارتفاع قدره 117% عن الربع الأول حتى الربع الثالث، مدفوعة بالاستحواذات بما فيها Cookies Redding ومتجر في مقاطعة سانتا كلارا. ظل الهامش الإجمالي قريباً من 48%. ارتفعت المصروفات التشغيلية ونفقات SG&A مع دمج المتاجر؛ كان صافي الخسارة من التشغيل $1.5M وخسارة EBITDA المعدلة $1.3M. زادت الأصول الإجمالية بمقدار $20.3M بينما ارتفعت الالتزامات الإجمالية بمقدار $22.8M. قامت الشركة بجمع مبلغ إضافي قدره $0.7M في أكتوبر، ليصل رأس المال المجمّع في 2025 إلى $3.2M.
- Revenue +39% QoQ to $4.8M
- Revenue +117% Q1–Q3 2025
- Gross margin stable at 48%
- Total assets +$20.3M vs year-end 2024
- Capital raised $0.7M in Oct 2025 (2025 total $3.2M)
- Operating expenses +53% QoQ to $3.8M
- SG&A increased 51%, though % of revenue improved
- Net loss from operations $1.5M in Q3 2025
- Adjusted EBITDA loss widened to $1.3M
- Total liabilities +$22.8M vs year-end 2024 (consolidated tax obligations)
DOWNEY, Calif., Nov. 14, 2025 (GLOBE NEWSWIRE) -- Blum Holdings, Inc. (OTCQB: BLMH) (the “Company,” “Blüm,” “Blüm Holdings,” “we” or “us”), a California-based publicly traded holding company, announced its financial results for the third quarter ended September 30, 2025.
Blüm’s third quarter performance marks the third consecutive quarter of revenue growth and continued operational progress in the post-restructuring expansion. The Company continues to capitalize on a unique market opportunity to acquire premium cannabis assets at distressed valuations to increase revenue.
“2025 has been the year we’ve turned recovery into disciplined growth,” said Sabas Carrillo, Chief Executive Officer of Blüm Holdings. “Our consistent quarterly growth, stable margins, and identified working-capital leverage point to a stronger structured company. While integration continues, our focus turns to converting this growth into profitability and strengthening our balance sheet.”
Key Highlights from Third Quarter 2025
- Revenue increased
39% over consecutive quarters from$3.5 million in Q2 2025 to$4.8 million in Q3 2025, driven by the acquisitions of the Redding store in the third quarter. The continued growth trend demonstrates consistent execution and scaling capacity, positioning Blüm to exceed its fiscal year 2024 revenue. - Revenue increased
117% from Q1 to Q3, while SG&A increased51% rise in SG&A, showing operating leverage as revenue growth continues to outpace overhead. SG&A as a percentage of revenue improved from111% in Q1 to79% in Q3. This downward trend highlights improving operating leverage, as revenue growth continues to outpace overhead. - Gross margin for Q3 2025 was
48% , slightly down from49% in Q2 2025. This change reflects the full-quarter impact of the Santa Clara County acquisition, which operates under a value-oriented pricing model to maintain regional competitiveness. Despite this, the stability of gross margin during rapid expansion highlights the resilience of Blüm’s core unit economics. - Operating expenses totaled
$3.8 million in Q3 2025, marking a53% increase from$2.5 million in Q2 2025. This increase reflects the acquisition of a fifth retail location, Cookies Redding, in July 2025, as well as the full-quarter impact of the Santa Clara County store, which contributed expenses for only part of Q2 2025. - Net loss from operations was
$1.5 million in Q3 2025, compared to$0.8 million in Q2 2025, primarily reflecting short-term acquisition and transition costs as we integrated new assets into our retail portfolio. - Adjusted EBITDA loss was
$1.3 million for Q3 2025, compared to$0.6 million in Q2 2025 primarily driven by higher SG&A as newly acquired stores were brought onto the platform and acquisition costs were absorbed. With integration nearing completion and cost synergies beginning to materialize, we expect improved profitability and operating leverage in the quarters ahead. - Total assets increased by
$20.3 million compared to year-end 2024, primarily due to the acquisitions of two new retail stores. These acquisitions also contributed to the$22.8 million increase in total liabilities from year-end 2024, reflecting the consolidation of acquired tax obligations. The Company is actively evaluating strategies to address this tax liability, including potential future settlement opportunities under IRC Section 280E reform or federal rescheduling. The Company continues to monitor Section 280E reform and federal rescheduling developments, which may significantly reduce these liabilities and present long-term upside for shareholders.
Recent Strategic and Corporate Update
- In October 2025, the Company secured an additional
$0.7 million from an accredited investor, bringing the total capital raised in calendar year 2025 to$3.2 million , all on terms that the Company considers to be competitive.
“Our third quarter results demonstrate that Blüm’s turnaround is not theoretical, it’s operational,” Carrillo added. “We’ve shown three quarters of consecutive revenue growth, held gross margins through expansion, and identified the final lever, working capital activation, to drive sustained EBITDA profitability. The stores are performing, integration nears completion, and our SG&A structure is built for scalability. 2026 will be about converting this foundation into cash flow and balance sheet strength.”
About Blüm Holdings
Blüm Holdings is a leader in the cannabis sector. Our commitment to quality, innovation, and customer service makes us a trusted name in the cannabis industry, dedicated to shaping its future. Blüm Holdings, through its subsidiaries, operates leading dispensaries throughout California as well as several leading company-owned brands including Korova, known for its high potency products across multiple product categories, including the legendary 1000 mg THC Black Bar. As both a holding company and a marketing platform, Blüm aims to leverage its growing ecosystem to accelerate customer and retail investor acquisition, increase brand awareness, and create value across its portfolio.
For more info, please visit: https://blumholdings.com or follow us on Instagram.
Contact:
Jason Assad
LR Advisors LLC.
jassad@blumholdings.com
678-570-6791
Non-GAAP Financial Information
This press release includes certain non-GAAP financial measures as defined by the U.S. Securities and Exchange Commission (the “SEC”). Management believes that these non-GAAP financial measures assess the Company’s ongoing business in a manner that allows for meaningful comparisons and analysis of trends in the business, as they facilitate comparing financial results across accounting periods and to those of peer companies. These non-GAAP financial measures exclude certain material non-cash items and certain other adjustments the Company believes are not reflective of its ongoing operations and performance. Management uses non-GAAP financial measures, in addition to GAAP financial measures, to understand operational decision-making, for planning and forecasting purposes, and to evaluate the Company’s financial performance. Management believes that these non-GAAP financial measures enhance investors’ understanding of the Company’s financial and operating performance and enable investors to evaluate the Company’s operating results and future prospects in the same manner as management. Reconciliations of these non-GAAP financial measures to the most directly comparable financial measure calculated and presented in accordance with GAAP are included in the financial schedules attached to this press release. This information should be considered as supplemental in nature and not as a substitute for, or superior to, any measure of performance prepared in accordance with GAAP.
Cautionary Language Concerning Forward-Looking Statements
Certain statements contained in this communication regarding matters that are not historical facts, are forward-looking statements within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, known as the PSLRA. These include statements regarding management's intentions, plans, beliefs, expectations, or forecasts for the future, and, therefore, you are cautioned not to place undue reliance on them. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by law. The Company uses words such as “anticipates,” “believes,” “plans,” “expects,” “projects,” “future,” “intends,” “may,” “will,” “should,” “could,” “estimates,” “predicts,” “potential,” “continue,” “guidance,” and similar expressions to identify these forward-looking statements that are intended to be covered by the safe-harbor provisions of the PSLRA. Such forward-looking statements are based on the Company’s expectations and involve risks and uncertainties; consequently, actual results may differ materially from those expressed or implied in the statements due to a number of factors.
New factors emerge from time-to-time and it is not possible for the Company to predict all such factors, nor can the Company assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. These risks, as well as other risks associated with the combination, will be more fully discussed in the Company’s reports with the SEC. Additional risks and uncertainties are identified and discussed in the “Risk Factors” section of the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other documents filed from time to time with the SEC. Forward-looking statements included in this release are based on information available to the Company as of the date of this release. The Company undertakes no obligation to update such forward-looking statements to reflect events or circumstances after the date of this release.
| (in thousands) | |||||||||||||
| Three Months Ended | |||||||||||||
| September 30, | June 30, | March 31, | |||||||||||
| 2025 | 2025 | 2025 | |||||||||||
| Revenue | $ | 4,847 | $ | 3,478 | $ | 2,240 | |||||||
| Cost of Goods Sold | 2,525 | 1,789 | 1,049 | ||||||||||
| Gross Profit | $ | 2,322 | $ | 1,689 | $ | 1,191 | |||||||
| Gross Profit % | 48% | 49% | 53% | ||||||||||
| Operating Expenses | 3,818 | 2,499 | 2,492 | ||||||||||
| Loss from Operations | (1,496 | ) | (810 | ) | (1,301 | ) | |||||||
| Less: Other Expense (Income) | 600 | 746 | (984 | ) | |||||||||
| Loss from Operations Before Taxes | (2,096 | ) | (1,556 | ) | (317 | ) | |||||||
| Provision for Income Tax Expense | (463 | ) | (331 | ) | (247 | ) | |||||||
| Net Loss | $ | (2,559 | ) | $ | (1,887 | ) | $ | (564 | ) | ||||
| (in thousands) | ||||||||
| Three Months Ended | ||||||||
| September 30, | June 30, | |||||||
| 2025 | 2025 | |||||||
| Net Loss | $ | (2,559 | ) | $ | (1,887 | ) | ||
| Add (Deduct) Impact of: | ||||||||
| Interest Expense | 481 | 325 | ||||||
| Provision for Income Tax Expense | 463 | 331 | ||||||
| Depreciation Expense | 102 | 95 | ||||||
| Amortization of Intangible Assets | 166 | 92 | ||||||
| EBITDA Loss (Non-GAAP) | $ | (1,347 | ) | $ | (1,044 | ) | ||
| Non-GAAP Adjustments: | ||||||||
| Change in Fair Value of Derivative Liability | 78 | 247 | ||||||
| Loss on Extinguishment of Debt | - | 174 | ||||||
| Adjusted EBITDA Loss (Non-GAAP) | $ | (1,269 | ) | $ | (623 | ) | ||
| (in thousands) | ||||||||
| September 30, | December 31, | |||||||
| 2025 | 2024 | |||||||
| Current Assets | $ | 1,741 | $ | 2,871 | ||||
| Long-Term Assets | 43,340 | 21,949 | ||||||
| Total Assets | $ | 45,081 | $ | 24,820 | ||||
| Current Liabilities | $ | 25,445 | $ | 9,659 | ||||
| Long-Term Liabilities | 26,904 | 19,905 | ||||||
| Total Liabilities | 52,349 | 29,564 | ||||||
| Mezzanine Equity and Stockholders' Deficit | (7,268 | ) | (4,744 | ) | ||||
| Total Liabilities, Mezzanine Equity and Stockholders' Deficit | $ | 45,081 | $ | 24,820 | ||||
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