Blüm Holdings Q3 Revenue Grows 182% YoY, Subsidiary Unrivaled Brands Files For Bankruptcy
California-based cannabis retailer Blüm Holdings, Inc. (OTCQB:BLMH) announced its financial results Wednesday for the third quarter ended Sept. 30, 2024, with revenue of $4.36 million, compared to $1.55 million in the third quarter of 2023. The company attributes the 182% increase in revenue to the consolidation of the Northern California stores and growth in the Korova brand.
“The Northern California stores and the implementation of consistent operational practices have significantly strengthened our financial and operational foundation,” stated CFO Patty Chan. “We are confident that these enhancements position us well for continued growth and profitability.”
Q3 Financial Highlights
- Gross profit was $2.45 million, compared to $526,000 in the third quarter of 2023.
- Gross margin was 56.1%, compared to 34% in the same period last year.
- Net loss amounted to $3.74 million, compared to $3.36 million in the corresponding quarter of the prior year.
- Total operating expenses for the period reached $4.65 million, compared to $6.45 million in the same period of 2023.
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