Bloomia Holdings, Inc. Announces June 30, 2026 Financial Results
Bloomia absorbed higher bulb costs, waste-related losses, and impairments in 2026 while using a rights offering and conversions to materially reduce debt.
Rhea-AI Summary
Bloomia Holdings (TULP) reported fiscal year 2026 net revenue of $48.1 million, essentially flat versus $48.4 million in 2025, and a net loss attributable to Bloomia of $11.2 million, driven by a $13.2 million non-cash impairment charge.
For the year ended June 30, 2026, gross profit fell to $7.9 million, or 16.4% of sales, from $10.1 million, or 20.9%, as average tulip bulb costs rose 21% and the Euro strengthened 6%. Management estimates more than $2.5 million of excess production waste from an industry-wide mite treatment issue, concentrated in the fourth quarter, while prices were raised about 12% to offset cost pressures. Adjusted EBITDA shifted to a loss of $0.5 million from a $2.0 million profit.
The company restructured its balance sheet, retiring over $19 million of debt and cutting total debt 36% to $21.7 million. A rights offering raised $12.1 million gross, including $7.1 million of debt conversion, and produced a $7.0 million gain on settlement of debt.
Positive
- Debt reduced to $21.7M at June 30, 2026, down $12.4M or 36% year over year
- Over $19M of debt obligations retired during fiscal 2026
- Rights offering raised $12.1M gross, including $7.1M of debt converted to equity
- $7.0M gain on settlement of debt recognized in Q4 2026
- Revenue stable at $48.1M vs. $48.4M despite cost and waste headwinds
- Interest expense in Q4 2026 fell to $0.6M, down 33% from $0.9M
Negative
- Net loss attributable widened to $11.2M vs. $2.6M in prior year
- $13.2M non-cash impairment (goodwill and intangibles) in Q4 2026
- Adjusted EBITDA declined to a $0.5M loss from $2.0M profit year over year
- Gross margin fell to 16.4% from 20.9% on higher bulb costs and waste
- Estimated excess waste over $2.5M due to an industry mite issue
- Cash used in operations increased to $4.0M from $1.0M in the prior year
News Explained
Existing holders face percentage dilution from the completed share issuance, while only approximately $5 million of the $12.1 million raised was cash.
The rights offering commenced in February 2026 and expired on
Of the
Key Figures
- Fiscal-year revenue
- $48.1 million
- Year ended June 30, 2026, versus $48.4 million prior year
- Adjusted EBITDA
- Loss of $0.5 million
- Fiscal year 2026, versus $2.0 million adjusted EBITDA prior year
- Net loss
- $11.2 million
- Fiscal year 2026, versus $2.6 million prior-year net loss
- Debt reduction
- $12.4 million, or 36%
- Total debt decreased to $21.7 million at June 30, 2026
- Excess production waste
- Over $2.5 million
- Fourth-quarter fiscal 2026 waste attributed to an industry-wide mite-treatment challenge
- Rights offering proceeds
- $12.1 million
- Gross proceeds, including $5.0 million cash and $7.1 million debt conversion
- Rights offering price
- $4.05 per share
- Fiscal 2026 rights offering
- Projected bulb-cost savings
- Greater than 20%
- Fiscal year 2027 versus fiscal year 2026
Previous Earnings Reports
-
Revenue increased, but margin pressure and losses accompanied rights-offering debt reduction.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
adjusted ebitda financial
non-cash impairment charge financial
goodwill impairment financial
rights offering financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
MINNEAPOLIS, MN / ACCESS Newswire / September 21, 2026 / Bloomia Holdings, Inc. (Nasdaq:TULP) ("Bloomia Holdings" or the "Company") today announced its financial results for the fourth fiscal quarter and year-ended June 30, 2026.
The Company reported revenues of
The key highlight for the fiscal year ended June 30, 2026 was the Company's restructuring of its balance sheet, retiring over
Operationally, external factors out of the Company's control had a material impact on results for the year. The average cost of our primary input, tulip bulbs, increased
Looking forward, the Company has locked in bulb prices for fiscal year 2027. These prices are back to historical averages, which is a projected savings of greater than
Bloomia Holding's Chairman and Co-Chief Executive Officer, Mark Jundt, commented, "This fiscal year reminded us that we are, first and foremost, an agricultural business. Unpredictable industry-wide growing difficulties had an outsized negative impact on our margin this year. Despite these external challenges, our underlying business demonstrated significant resilience, in no small part because of the exceptional extra effort and focus the operating team gave in responding to these difficulties and resulting unprecedented waste. Additionally, we believe that the short-term financial impact of the waste issue, while significant, will be overshadowed by our big win for the year: thanks to the support and confidence of our stockholders, the Company was able to successfully complete a capital raise that retired over
Co-Chief Executive Officer Dan Philp added, "Results for fiscal year 2026 include two significant non-cash items recognized in the fourth quarter: goodwill impairment of
Overview
Three Months Ended June 30, 2026
- Net revenue was
$21.8 million compared to$23.2 million in the three months ended June 30, 2025. - Gross profit was
$4.6 million , or21.1% of sales, compared to$5.4 million , or23.3% of sales, in the three months ended June 30, 2025. - Operating loss of
$11.5 million , including a one-time$13.2 million non-cash impairment charge, compared to operating profit of$2.5 million in the three months ended June 30, 2025. - Net loss from continuing operations was
$6.6 million compared to net income from continuing operations of$1.3 million in the three months ended June 30, 2025. - Net loss attributable to Bloomia Holdings was
$5.3 million , or a loss of$1.11 per diluted share, compared to net income of$1.0 million , or$0.58 per diluted share, in the three months ended June 30, 2025. - Adjusted EBITDA was
$2.3 million compared to$2.6 million in the three months ended June 30, 2025.
Twelve Months Ended June 30, 2026
- Net revenue was
$48.1 million compared to$48.4 million in the twelve months ended June 30, 2025. - Gross profit was
$7.9 million , or16.4% of sales, compared to$10.1 million , or20.9% of sales, in the twelve months ended June 30, 2025. - Operating loss of
$16.9 million , including a one-time$13.2 million non-cash impairment charge, compared to an operating loss of$1.3 million in the twelve months ended June 30, 2025. - Net loss from continuing operations was
$13.4 million compared to$2.9 million in the twelve months ended June 30, 2025. - Net loss attributable to Bloomia Holdings was
$11.2 million , or a loss of$4.43 per diluted share, compared to net loss of$2.6 million , or a loss of$1.45 per diluted share, in the twelve months ended June 30, 2025. - Adjusted EBITDA was a loss of
$0.5 million compared to adjusted EBITDA of$2.0 million in the twelve months ended June 30, 2025. - Cash used in operations was
$4.0 million compared to$1.0 million in the twelve months ended June 30, 2025.
Q4 and Fiscal Year 2026 Results
Net Revenue
Net revenue was
Net revenue was
Gross profit
Gross profit in the three months ended June 30, 2026 was
Gross profit in the twelve months ended June 30, 2026 was
Operating (loss) profit
The Company had an operating loss of
The Company had operating loss of
Net (loss) income from continuing operations
Net loss from continuing operations was
Net loss from continuing operations was
Net (loss) income attributable to Bloomia Holdings
Net loss attributable to Bloomia Holdings for the three months ended June 30, 2026 was
Net loss attributable to Bloomia Holdings for the twelve months ended June 30, 2026 was
Adjusted EBITDA
In the three months ended June 30, 2026, adjusted EBITDA was
In the twelve months ended June 30, 2026, adjusted EBITDA was a loss of
Balance Sheet
As of June 30, 2026, cash and cash equivalents totaled
Rights Offering
The Company conducted a rights offering that commenced in February 2026 and expired on April 1, 2026. Pursuant to the rights offering, the Company distributed non-transferable subscription rights to stockholders of record as of February 16, 2026. Each eligible stockholder was entitled to subscribe for additional shares of the Company's common stock in proportion to their existing ownership, with the opportunity to participate in an over-subscription privilege, subject to availability and proration. The Company received gross proceeds from the rights offering of
About Bloomia Holdings, Inc.
On January 28, 2026, the Company changed its name to Bloomia Holdings, Inc. by filing an amendment to its Certificate of Incorporation with the Secretary of State of the State of Delaware. As a result of the name change, effective February 2, 2026, the Company's common stock, par value
Bloomia Holdings, Inc (Nasdaq:TULP) is a specialty ag company focused on making and managing its ag investments in the U.S. and internationally. The Company is the majority owner of Bloomia, one of the largest producers of fresh-cut tulips in the United States. For additional information, contact (800) 874-4648 or visit our website at www.bloomiaholdingco.com. Investor inquiries can be submitted to info@bloomiaholdingco.com.
Cautionary Statement Regarding Forward-Looking Statements
Certain statements in this press release that are not statements of historical or current facts are considered "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance of the Company to be materially different from the results or performance expressed or implied by such forward-looking statements. The words "anticipate," "believe," "could," "estimate," "expect," "future," "groundwork," "intend," "likely," "may," "plan," "project," "set ourselves up," "will" and similar expressions identify forward-looking statements. Forward-looking statements include statements expressing the intent, belief or current expectations of the Company and members of our management team regarding, for instance: (i) our belief that our cash balance, cash generated by operations and borrowings available under our Amended Credit Agreement, will provide adequate liquidity and capital resources for at least the next twelve months and (ii) regarding the potential for growth and other opportunities for our business. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made. These statements are subject to the risks and uncertainties that could cause actual results to differ materially and adversely from the forward-looking statements. These forward-looking statements are based on current information, which we have assessed and which by its nature is dynamic and subject to rapid and even abrupt changes.
Factors that could cause our estimates and assumptions as to future performance, and our actual results, to differ materially include the following: (1) our ability to integrate and continue to successfully operate the Bloomia business, (2) our ability to compete, (3) concentration of Bloomia's historical revenue among a small number of customers, (4) changes in interest rates, (5) ability to comply with the requirements of the Amended Credit Agreement and operate within its restrictions, (6) economic and market conditions that may restrict or delay appropriate or desirable opportunities, (7) our ability to develop and maintain necessary processes and controls relating to our businesses, (8) reliance on one or a small number of employees, (9) potential adverse classifications of our Company if we are unsuccessful in executing our business plans, (10) other economic, international, business, market, financial, competitive and/or regulatory factors affecting the Company's businesses generally, (11) our ability to attract and retain highly qualified managerial, operational and sales personnel, and (12) the availability of additional capital on desirable terms, if at all. Forward-looking statements involve known and unknown risks, uncertainties and other factors, including those set forth in our Annual Report on Form 10-K for the year ended June 30, 2026 and additional risks identified in our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K filed with the SEC. Such forward-looking statements should be read in conjunction with the Company's filings with the SEC. The Company assumes no responsibility to update the forward-looking statements contained in this press release or the reasons why actual results would differ from those anticipated in any such forward-looking statement, other than as required by law.
Bloomia Holdings, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME
(Unaudited)
(Values are rounded to the nearest thousand dollars and thousand shares)
| Three Months Ended | Year Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| (unaudited) | (unaudited) | (unaudited) | ||||||||||||||
Revenue, net | $ | 21,802,000 | $ | 23,179,000 | $ | 48,130,000 | $ | 48,442,000 | ||||||||
Cost of goods sold | 17,198,000 | 17,788,000 | 40,241,000 | 38,304,000 | ||||||||||||
Gross profit | 4,604,000 | 5,391,000 | 7,889,000 | 10,138,000 | ||||||||||||
Sales, general and administrative expenses | 2,952,000 | 2,906,000 | 11,589,000 | 11,459,000 | ||||||||||||
Goodwill impairment | 11,122,000 | - | 11,122,000 | - | ||||||||||||
Intangible asset impairment | 2,043,000 | - | 2,043,000 | - | ||||||||||||
Operating (loss) profit | (11,513,000 | ) | 2,485,000 | (16,865,000 | ) | (1,321,000 | ) | |||||||||
Foreign currency transaction loss, net | 228,000 | 701,000 | 419,000 | 2,000 | ||||||||||||
Interest expense, net | 609,000 | 935,000 | 3,652,000 | 3,685,000 | ||||||||||||
Gain on settlement of debt | (7,005,000 | ) | - | (7,005,000 | ) | - | ||||||||||
Other expense (income), net | 48,000 | (1,000 | ) | 31,000 | (33,000 | ) | ||||||||||
(Loss) profit from continuing operations before income taxes | (5,393,000 | ) | 850,000 | (13,962,000 | ) | (4,975,000 | ) | |||||||||
Income tax expense (benefit) | 1,208,000 | (469,000 | ) | (579,000 | ) | (2,094,000 | ) | |||||||||
Net (loss) income from continuing operations | (6,601,000 | ) | 1,319,000 | (13,383,000 | ) | (2,881,000 | ) | |||||||||
Income from discontinued operations, net of tax | - | 23,000 | - | 121,000 | ||||||||||||
Net (loss) income including noncontrolling interest | (6,601,000 | ) | 1,342,000 | (13,383,000 | ) | (2,760,000 | ) | |||||||||
Less: Net (loss) income attributable to noncontrolling interest | (1,316,000 | ) | 295,000 | (2,203,000 | ) | (191,000 | ) | |||||||||
Net (loss) income attributable to Bloomia Holdings, Inc. | (5,285,000 | ) | 1,047,000 | (11,180,000 | ) | (2,569,000 | ) | |||||||||
Other comprehensive (loss) income (foreign currency translation) | (59,000 | ) | 910,000 | (341,000 | ) | 875,000 | ||||||||||
Less: Comprehensive (loss) income attributable to noncontrolling interest | (10,000 | ) | 169,000 | (63,000 | ) | 162,000 | ||||||||||
Comprehensive (loss) income attributable to Bloomia Holdings, Inc. | $ | (5,334,000 | ) | $ | 1,788,000 | $ | (11,458,000 | ) | $ | (1,856,000 | ) | |||||
Net (loss) income per basic share attributable to Bloomia Holdings, Inc.: | ||||||||||||||||
Continuing operations | $ | (1.11 | ) | $ | 0.58 | $ | (4.43 | ) | $ | (1.52 | ) | |||||
Discontinued operations | - | 0.01 | - | 0.07 | ||||||||||||
Basic earnings per share | $ | (1.11 | ) | $ | 0.59 | $ | (4.43 | ) | $ | (1.45 | ) | |||||
Net (loss) income per diluted share attributable to Bloomia Holdings, Inc.: | ||||||||||||||||
Continuing operations | $ | (1.11 | ) | $ | 0.56 | $ | (4.43 | ) | $ | (1.52 | ) | |||||
Discontinued operations | - | 0.01 | - | 0.07 | ||||||||||||
Diluted earnings per share | $ | (1.11 | ) | $ | 0.58 | $ | (4.43 | ) | $ | (1.45 | ) | |||||
Weighted average shares used in calculation of net (loss) income per share: | ||||||||||||||||
Basic | 4,773,000 | 1,770,000 | 2,521,000 | 1,770,000 | ||||||||||||
Diluted | 4,773,000 | 1,817,000 | 2,521,000 | 1,770,000 | ||||||||||||
SELECTED BALANCE SHEET DATA
| June 30, 2026 | June 30, 2025 | |||||||
Cash and cash equivalents | $ | 1,452,000 | $ | 906,000 | ||||
Working capital (1) | 7,311,000 | 1,089,000 | ||||||
Total assets | 84,431,000 | 97,924,000 | ||||||
Total debt | 21,715,000 | 34,083,000 | ||||||
Total liabilities | 70,641,000 | 83,087,000 | ||||||
Stockholders' equity | 13,790,000 | 14,837,000 | ||||||
- Working capital represents current assets less current liabilities.
Non-GAAP Reconciliations
This press release includes EBITDA and adjusted EBITDA, which are non-GAAP financial measures. Non-GAAP financial measures, which are not calculated or presented in accordance with U.S. generally accepted accounting principles ("GAAP"), have been provided as information supplemental and in addition to the financial measures presented in accordance with GAAP. Such non-GAAP financial measures are not substitutes for, or as an alternative to, and should be considered in conjunction with, the respective GAAP financial measures. The non-GAAP financial measures presented may differ from similarly named measures used by other companies.
Included below are reconciliations of EBITDA and adjusted EBITDA to net (loss) income from continuing operations, the most directly comparable GAAP measure. EBITDA does not reflect our cash expenditures, the cash requirements for the replacement of depreciated and amortized assets, or changes in cash requirements for our working capital needs. We believe EBITDA and adjusted EBITDA provide meaningful supplemental information about our operating performance as these measures exclude amounts from income from discontinued operations, non-cash impairment charges, and non-cash gain on settlement of debt that we do not consider part of our core operating results when assessing our performance.
The following table reconciles net (loss) income from continuing operations to EBITDA and adjusted EBITDA for the three and twelve months ended June 30, 2026 and 2025:
| Three Months Ended | Year Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
Net (loss) income from continuing operations | $ | (6,601,000 | ) | $ | 1,319,000 | $ | (13,383,000 | ) | $ | (2,881,000 | ) | |||||
Interest expense, net | 609,000 | 935,000 | 3,652,000 | 3,685,000 | ||||||||||||
Income tax expense (benefit) | 1,208,000 | (469,000 | ) | (579,000 | ) | (2,094,000 | ) | |||||||||
Depreciation and amortization | 961,000 | 848,000 | 3,629,000 | 3,216,000 | ||||||||||||
EBITDA | (3,823,000 | ) | 2,633,000 | (6,681,000 | ) | 1,926,000 | ||||||||||
Non-cash goodwill impairment | 11,122,000 | - | 11,122,000 | - | ||||||||||||
Non-cash intangibles impairment | 2,043,000 | - | 2,043,000 | - | ||||||||||||
Non-cash gain on settlement of debt | (7,005,000 | ) | - | (7,005,000 | ) | - | ||||||||||
Acquisition and integration-related related costs | - | - | - | 24,000 | ||||||||||||
Severance | - | - | - | 39,000 | ||||||||||||
Adjusted EBITDA | $ | 2,337,000 | $ | 2,633,000 | $ | (521,000 | ) | $ | 1,989,000 | |||||||
We believe these non-GAAP financial measures are useful to permit investors to compare results with prior periods. Management uses EBITDA and adjusted EBITDA (a) to evaluate our historical and prospective financial performance and trends as well as our performance relative to competitors and peers; (b) to measure operational profitability consistently; (c) in presentations to the members of our Board of Directors; and (d) to evaluate compliance with covenants and restricted activities under the terms of our Amended Credit Agreement.
Contact:
Bloomia Holdings, Inc.
Biz McShane, CFO
(763) 392-6200
SOURCE: Bloomia Holdings, Inc.
View the original press release on ACCESS Newswire
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How did Bloomia Holdings’ fourth quarter 2026 performance compare with the prior-year quarter?
For the three months ended June 30, 2026, net revenue was $21.8 million versus $23.2 million a year earlier. Gross profit was $4.6 million, or 21.1% of sales, compared to $5.4 million, or 23.3%. The company recorded an operating loss of $11.5 million, including the $13.2 million non-cash impairment, versus operating profit of $2.5 million in the 2025 quarter. Net loss attributable to Bloomia was $5.3 million, or $1.11 per diluted share, compared to net income of $1.0 million, or $0.58 per diluted share. Adjusted EBITDA was $2.3 million, down from $2.6 million.
What were the key drivers of Bloomia’s revenue and margin changes in fiscal 2026?
Revenue for the year dipped slightly to $48.1 million from $48.4 million, primarily due to lower stem sales, especially in the fourth quarter when excess waste reduced availability. This was partially offset by an approximate 12% price increase. Gross margin declined as average bulb prices rose 21% year over year and the Euro exchange rate increased 6%, raising input costs. An industry-wide mite treatment issue led to more than $2.5 million of estimated excess production waste, further pressuring margins.
How did the rights offering announced in 2026 affect Bloomia’s capital structure?
The rights offering ran from February 2026 to April 1, 2026. Eligible stockholders received non-transferable subscription rights to buy additional common shares at $4.05 per share, with an over-subscription privilege. Bloomia raised $12.1 million in gross proceeds, of which about $5.0 million was cash and $7.1 million was conversion of outstanding debt. Roughly 3,000,000 new shares were issued, and net cash proceeds were used primarily for a $4.9 million long-term debt payment. In total, the company settled over $12.0 million of debt at a discount.
What is Bloomia Holdings’ liquidity and working capital position as of June 30, 2026?
As of June 30, 2026, Bloomia held $1.5 million in cash and cash equivalents, up from $0.9 million a year earlier. Working capital was $7.3 million, versus $1.1 million at June 30, 2025, and included $1.5 million of tariff refunds received in July 2026. The company had $4.0 million drawn on its revolver at June 30, 2026, which was fully repaid in July 2026.
Did Bloomia receive any grants or non-operating support during fiscal 2026?
Yes. The company reports that its cost challenges were partially offset by a $0.6 million one-time grant from the USDA in fiscal 2026, which supported results but does not recur in the normal course of operations.
What corporate identity changes did Bloomia undertake in early 2026?
On January 28, 2026, the company changed its name to Bloomia Holdings, Inc. by amending its Certificate of Incorporation in Delaware. Effective February 2, 2026, its common stock stopped trading under the name Lendway and ticker LDWY and began trading under the name Bloomia Holdings with ticker TULP on the Nasdaq Capital Market. The CUSIP for the common stock did not change.