$BLMH

BLUM HOLDINGS, INC.

CIK:0001996210|SEC Filings

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Revenue	$ 4,847	$ 4,364	$ 10,565	$ 9,933
Cost of Goods Sold	2,525	1,916	5,363	5,095
Gross Profit	2,322	2,448	5,202	4,838
Operating Expenses:
Selling, General & Administrative	3,818	4,289	8,809	14,839
Impairment Loss	0	0	0	1,709
Loss on Disposal of Assets	0	359	0	493
Total Operating Expenses	3,818	4,648	8,809	17,041
Loss from Operations	(1,496)	(2,200)	(3,607)	(12,203)
Other Income (Expense):
Interest Expense, Net	(481)	(665)	(1,038)	(1,792)
Gain (Loss) on Extinguishment of Debt	0	0	(174)	15,182
Change in Fair Value of Derivative Liability	(78)	(550)	191	(680)
Provision from Employee Retention Credit	0	(361)	0	0
Unrealized Gain on Long-Term Investments	0	520	0	167
Other Income (Expense)	(41)	60	659	208
Total Other Income (Expense), Net	(600)	(996)	(362)	13,085
Income (Loss) from Continuing Operations Before Provision for Income Taxes	(2,096)	(3,196)	(3,969)	882
Provision for Income Tax Expense for Continuing Operations	(463)	(431)	(1,041)	(745)
Net Income (Loss) from Continuing Operations	(2,559)	(3,627)	(5,010)	137
Income (Loss) from Discontinued Operations Before Provision for Income Taxes	0	(112)	0	16,157
Provision for Income Tax Benefit for Discontinued Operations	0	0	0	280
Net Income (Loss) from Discontinued Operations	0	(112)	0	16,437
Net Income (Loss)	(2,559)	(3,739)	(5,010)	16,574
Less: Net Loss from Continuing Operations Attributable to Non-Controlling Interest	0	(395)	0	(874)
NET INCOME (LOSS) ATTRIBUTABLE TO BLUM HOLDINGS, INC.	$ (2,559)	$ (3,344)	$ (5,010)	$ 17,448
Net Loss from Continuing Operations per Common Share - Basic and Diluted (in dollars per share)	$ (0.25)	$ (0.4)	$ (0.52)	$ (0.02)
Weighted-Average Shares Outstanding - Basic and Diluted (in shares)	12,307,664	9,744,914	12,307,664	9,191,149

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss)	$ (5,010)	$ 16,574
Less: Net Income from Discontinued Operations	0	16,437
Net Income (Loss) from Continuing Operations	(5,010)	137
Adjustments to Reconcile Net Income (Loss) to Net Cash Used in Operating Activities:
Deferred Income Tax Benefit	(32)	(112)
Provision for Allowance for Credit Losses	0	110
Loss (Gain) on Extinguishment of Debt	174	(15,182)
Change in Fair Value of Derivative Liability	(191)	680
Non-Cash Interest Expense (Income), Net	48	(1)
Loss on Disposal of Assets	0	493
Depreciation and Amortization	597	513
Amortization of Operating Lease Right-of-Use Asset	150	770
Stock-Based Compensation	39	382
Unrealized Loss on Investments	0	(167)
Impairment Loss	0	1,709
Change in Operating Assets and Liabilities:
Accounts Receivable	(82)	120
Inventory	498	370
Prepaid Expenses & Other Current Assets	418	123
Other Assets	(70)	1,282
Accounts Payable & Accrued Liabilities	1,507	7,955
Operating Lease Liabilities	(409)	(849)
Net Cash Used in Operating Activities - Continuing Operations	(1,508)	(1,667)
Net Cash Provided by Operating Activities - Discontinued Operations	0	359
NET CASH USED IN OPERATING ACTIVITIES	(1,508)	(1,308)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of Property and Equipment	(35)	(8)
Proceeds from Notes Receivable	221	89
Issuance of Notes Receivable	(500)	0
Net Cash from Acquisitions	(655)	959
Proceeds from Sale of Investments	0	1,300
Net Cash (Used in) Provided by Investing Activities - Continuing Operations	(969)	2,340
Net Cash Used in Investing Activities - Discontinued Operations	0	(3)
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES	(969)	2,337
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from Issuance of Notes Payable	2,375	0
Payments of Debt Principal	(550)	(420)
Net Cash Provided by (Used in) Financing Activities - Continuing Operations	1,825	(420)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	1,825	(420)
NET CHANGE IN CASH	(652)	609
Cash at Beginning of Period	1,040	416
CASH AT END OF PERIOD	388	1,025
SUPPLEMENTAL DISCLOSURE FOR OPERATING ACTIVITIES:
Cash Paid for Interest	147	984
SUPPLEMENTAL DISCLOSURE FOR NON-CASH INVESTING AND FINANCING ACTIVITIES:
Accretion of Mezzanine Equity	1,365	292
Right-of-Use Assets Obtained in Exchange for Lease Liabilities	1,276	0
Conversion of Accounts Payable to Note Payable	0	337
Non-Cash Consideration for Business Combinations, Including Liabilities Assumed	20,665	25,010
Related Party [Member]
Change in Operating Assets and Liabilities:
Related Party Accounts Payable	$ 855	$ 0

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Current Assets:
Cash and Cash Equivalents	$ 388	$ 1,040
Accounts Receivable, Net of Allowance for Credit Losses of nil at both September 30, 2025 and December 31, 2024	226	143
Inventory	706	674
Prepaid Expenses & Other Current Assets	419	826
Notes Receivable	2	188
Total Current Assets	1,741	2,871
Property, Equipment and Leasehold Improvements, Net	475	267
Right-of-Use Assets - Operating Leases	4,091	1,614
Intangible Assets, Net	8,249	2,952
Goodwill	30,369	17,116
Other Assets	156	0
TOTAL ASSETS	45,081	24,820
Liabilities, Current [Abstract]
Accounts Payable and Accrued Liabilities, Current	11,361	6,208
Current Portion of Notes Payable	1,142	650
Income Taxes Payable	10,904	1,618
Total Current Liabilities	25,445	9,659
Notes Payable, Net of Discounts	3,983	2,317
Accrued Income Taxes	13,500	9,894
Deferred Tax Liabilities	2,239	1,774
Operating Lease Liabilities	3,489	1,818
Derivative Liability	3,693	4,102
TOTAL LIABILITIES	52,349	29,564
COMMITMENTS AND CONTINGENCIES (Note 23)
MEZZANINE EQUITY (Note 15)	4,611	2,005
STOCKHOLDERS’ DEFICIT:
Preferred Stock, Convertible Series V, par value $0.001: 25,000,000 shares authorized; 14,071,431 shares outstanding as of September 30, 2025 and December 31, 2024	1	1
Common Stock, par value $0.001: 990,000,000 shares authorized; 13,553,473 shares outstanding as of September 30, 2025 and December 31, 2024	12	12
Additional Paid-In Capital	414,199	414,319
Accumulated Deficit	(426,091)	(421,081)
Total Stockholders' Deficit	(11,879)	(6,749)
TOTAL MEZZANINE EQUITY AND STOCKHOLDERS’ DEFICIT	(7,268)	(4,744)
TOTAL LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ DEFICIT	45,081	24,820
Related Party [Member]
Liabilities, Current [Abstract]
Accounts Payable	$ 2,038	$ 1,183