Blum Holdings Q2 2024: Net Income $23.4M on Sale Gain; Debt Cut 83% Over Three Years

BLUM HOLDINGS, INC.

Net income of $23.4M driven by $31.7M non-cash gain from sale of Blüm Santa Ana; adjusted EBITDA loss of $3.7M.
Revenue of $7.2M includes $2.1M from three new Northern California dispensaries and $3.5M from discontinued operations.
Debt reduced to $9.4M from $29.1M at end of 2023 and from $55.8M at end of 2021 (83% reduction over three years).
Sale of controlling interest in People's First Choice (Blüm Santa Ana) for $24.8M total consideration ($9M cash, $15.8M liabilities).
Total liabilities decreased to $62.1M from $125.3M in August 2022; gross margin improved to 53% by end of 2023.

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