Bloomia Holdings, Inc. — Q1 Fiscal Year 2027 Earnings Summary

Financial Performance:

• Net revenue was $5.0 million for the quarter ended September 30, 2026, compared to $5.2 million in the prior year quarter, a decrease primarily due to lower stem sales from excess waste, partially offset by price increases.
• Gross loss was $0.2 million (4.5% of sales) compared to $0.06 million (1.2% of sales) in the prior year; excluding a one-time non-cash write-off of $0.4 million related to ex-force bulbs, gross profit was $0.2 million.
• Operating loss was $3.1 million compared to $3.0 million in the prior year, driven by the increase in gross loss, though selling, general, and administrative costs declined year-over-year.
• Net loss attributable to Bloomia Holdings was $2.4 million ($0.50 per diluted share), an improvement from $2.9 million ($1.61 per diluted share) in the prior year, attributed to lower foreign currency transaction losses, reduced interest expense, and increased income tax benefits.
• Adjusted EBITDA was a loss of $1.9 million, improving from a loss of $2.4 million in the prior year, driven by higher prices, lower general and administrative costs, and lower foreign currency transaction losses.
• Cash used in operations was $4.7 million, a significant reduction from $9.9 million in the prior year, aided by lower Dutch bulb prices.
• Cash and cash equivalents totaled $0.7 million as of September 30, 2026, down from $1.5 million as of June 30, 2025.
• Working capital was $6.5 million at September 30, 2026, down from $7.3 million at June 30, 2026.
• Total debt increased to $26.0 million as of September 30, 2026, from $21.7 million as of June 30, 2026.
• The Company had $8.6 million drawn on its revolver as of September 30, 2026, compared to $4.0 million drawn as of June 30, 2026.

Guidance and Future Outlook:

• Management stated the company is set up for a year of growth in terms of both revenue and profitability.
• Management expressed confidence that cash balance, cash generated by operations, and borrowings available under the Amended Credit Agreement will provide adequate liquidity and capital resources for at least the next twelve months.
• The Company noted that working capital historically peaks in December and gradually reaches a trough around June 30 due to business seasonality.

Business Segments and Product Lines:

• The Company is a specialty ag company focused on ag investments in the U.S. and internationally, and is the majority owner of Bloomia, one of the largest producers of fresh-cut tulips in the United States.
• Sales volume decreased by approximately 11% in stems during the quarter.
• The Company recorded a one-time non-cash write-off of $0.4 million related to ex-force bulbs harvested for less value than expected.
• Management reported digging deep into core operating processes, resulting in improvements that increase quality and decrease waste.

Market and Competitive Landscape:

• The press release mentions the Company's belief regarding its ability to compete but does not provide specific market share data or competitor names.
• Dutch bulb prices dropped materially year-over-year, which strengthened the balance sheet by preserving cash and improved operating margins.

Risks and Challenges:

• Risks include the ability to integrate and successfully operate the Bloomia business, concentration of revenue among a small number of customers, and reliance on a small number of employees.
• Potential risks include changes in interest rates, inability to comply with the Amended Credit Agreement, adverse economic and market conditions, and the availability of additional capital on desirable terms.
• The Company faces risks related to the classification of the Company if business plans are unsuccessful and the ability to attract and retain qualified personnel.

Management Commentary and Tone:

• Chairman and Co-CEO Mark Jundt commented that revenue remained stable while the Company made meaningful progress on operational and financial initiatives, noting a 17% improvement in net loss and a 21% improvement in adjusted EBITDA year-over-year.
• Co-CEO Dan Philp stated that the first fiscal quarter lays the foundation for a successful year and that process improvements are simultaneously increasing quality and decreasing waste.
• Management tone was confident regarding the strengthening of the balance sheet and the setup for future growth in revenue and profitability.

Other Key Points:

• The Company changed its name to Bloomia Holdings, Inc. on January 28, 2026, and began trading on the Nasdaq Capital Market under the ticker symbol "TULP".
• The CUSIP of the Common Stock did not change in connection with the name or ticker symbol change.
• The Company classified $2.6 million of the revolver balance as a current liability as of September 30, 2026.
• Adjusted EBITDA excludes the $0.4 million non-cash ex-force bulbs write-off.
• The Company reported a foreign currency transaction loss of $167,000 in the current quarter compared to $253,000 in the prior year.
• Interest expense, net, was $515,000 in the current quarter compared to $822,000 in the prior year.