Blum Holdings Q1 revenue down to $6.8M; net loss improves 61% to $3.0M

BLUM HOLDINGS, INC.

Q1 2024 revenue $6.8M, down from $8.1M in Q4 2023 due to closure of non-performing retail.
Gross margin 53% for the fifth consecutive quarter above 50%.
Operating expenses $6.1M, a 34% decrease from the prior quarter.
Net loss from continuing operations $3.0M, improving 61% vs. Q4 2023.
Divested final CA cultivation facility in Jan 2024; corporate reorganization complete, BLMH trading on OTCQB.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

BLUM HOLDINGS, INC. reported first quarter ended March 31, 2024 results: revenue $6.8 million, net income $3.0 million.

Period: first quarter ended March 31, 2024
Revenue: $6.8 million
Net income: $3.0 million
Result: reported results

Exact text from the filing

First Quarter 2024 Highlights • The Company continued to eliminate non-performing legacy operations during the first quarter of 2024 and transitioned a single retail location to delivery only. As a result, revenue for the first quarter of 2024 was $6.8 million, down from $8.1 million in the previous quarter ended December 31, 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. • Operating expenses for the first quarter of 2024 were $6.1 million, a decrease of 34% compared to the fourth quarter of 2023. • Net loss from continuing operations for the first quarter of 2024 was $3.0 million, an improvement of 61% compared to the consecutive prior quarter.

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Source: SEC EDGAR

accession 0001437749-24-016956

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