Q4 2024 Fluent Corp Earnings Call Transcript
Key Points
- FLUENT Corp (CNTMF) achieved a record-breaking annual revenue of $103.6 million in 2024, marking a 6.4% increase over 2023.
- The successful acquisition of RIV Capital expanded FLUENT Corp's operational footprint in New York, enhancing its multistate presence.
- The company strengthened its financial position with a non-dilutive debt refinancing and ended the year with over $40 million in cash and cash equivalents.
- FLUENT Corp launched new brands, MOODs and KNACK, in New York, and introduced Hyer Kind, a concentrates line, in Florida, which are gaining early traction with consumers.
- The company is expanding its operational footprint with 42 locations across Florida, New York, Pennsylvania, and Texas, and plans to open three more stores in Florida by year-end.
- Revenue in the fourth quarter of 2024 decreased to $24.9 million from $25.5 million in Q4 2023, primarily due to price pressures from increased inventory in Florida.
- Florida revenue dropped to $20.3 million compared to $21.6 million in 2023, impacting overall financial performance.
- Adjusted gross profit for Q4 2024 was $10 million or 40.1% of revenue, down from $12.6 million or 49.4% of revenue in 2023.
- Adjusted EBITDA for Q4 2024 decreased to $3 million from $6.9 million, driven by the decline in the Florida market.
- Cash flow used in operations for the last quarter of 2024 was $14.7 million, a significant decline from the $1.4 million provided by operations in the prior year.
Good afternoon, ladies and gentlemen. Welcome to FLUENT's fourth quarter and full year 2024 conference call. Joining us today is the company's CEO, Robert Beasley; and the company's CFO, Patricia Fonseca. (Operator Instructions) As a reminder, this conference call is being recorded and will be available for replay in the Investors section of the company's website at www.getFLUENT.com.
Please note that certain subjects discussed on this call, including answers the company may provide to questions, may include content that is forward-looking in nature, and therefore, subject to risks and uncertainties and other factors, which could cause actual future results or performance to differ materially from any implied expectations.
For additional details on these risks please consult the cautionary statement regarding forward-looking information contained in the company's financial results, press release, MD&A and annual information form, which are available on SEDAR. The company does not undertake to update or revise any
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