Blum Holdings Q3 revenue $4.8M, up 39% QoQ; net loss widens to $1.5M; massive stock dilution

BLUM HOLDINGS, INC.

Revenue $4.8M, +39% QoQ from $3.5M; driven by Redding acquisition; gross margin 48% vs 49% Q2.
Net loss from operations $1.5M vs $0.8M Q2; Adjusted EBITDA loss $1.3M vs $0.6M Q2.
SG&A as % of revenue improved to 79% from 111% in Q1, showing operating leverage.
Issued ~11.8M shares on Nov 13 for debt conversion, acquisitions, and vendor payments.
Raised additional $0.7M in Oct 2025, total $3.2M in 2025; expects 2026 profitability.

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