FLUENT posts 2025 results, books $12.0 million Pennsylvania gain
FLUENT Corp. reported its fourth quarter and full year 2025 results on April 30, 2026, showing lower revenue, weaker margins and a $12.0 million gain on the divestiture of its Pennsylvania operations. Interim CEO Dave Vautrin said the quarter reflected progress on strategic priorities, cost optimization and simpler operations.
The company said fourth-quarter revenue from continuing operations fell to $18.6 million from $21.1 million a year earlier. Florida revenue declined to $15.1 million from $20.3 million, while adjusted EBITDA dropped to $3.2 million from $7.4 million.
Florida revenue slips in 2025
For the full year ended December 31, 2025, FLUENT reported revenue from continuing operations of $86.7 million, compared with $87.4 million in 2024. Florida revenue fell to $71.5 million from $86.5 million, and gross profit before fair value adjustments from continuing operations fell to $28.6 million from $44.3 million.
Adjusted EBITDA for the year was $12.7 million, down from $24.8 million a year earlier. The company said the Florida decline was driven by a slowdown in the Florida market, while Vautrin said the Rosa cultivation facility in Florida delivered increased output and improved quality.
New York impairment and Pennsylvania sale
FLUENT reported a $36.9 million impairment expense in the fourth quarter, tied to its New York operations and recognized on right-of-use assets, property and equipment, and intangible assets. The company also reported a $12.0 million gain on disposition from the December 31, 2025 divestiture of its Pennsylvania operations.
That combination left the quarter with a sharp gap between operating results and reported gains. FLUENT said its actions were expected to drive lower cost of goods sold, support premium product offerings and continue reducing costs while streamlining operations.
FLUENT's next cost steps
Vautrin said FLUENT would continue to take steps to reduce costs and simplify operations. The practical issue for the company is whether those actions can offset lower Florida revenue and the New York impairment while preserving the $12.0 million benefit from the Pennsylvania sale.
