11/28/2025 - 08:15 AM

2025年11月28日- 上午 08:15

Focused on Margin Expansion, Operational Efficiency, and Strategic Market Positioning Ahead of Buffalo, New York and Rosa, Florida Premium Indoor Facility Activations in Q4 2025

专注于利润扩张、运营效率和战略市场定位，迎接 2025 年第四季度纽约布法罗和佛罗里达罗萨高端室内设施的启用

TAMPA, Fla., Nov. 28, 2025 (GLOBE NEWSWIRE) -- FLUENT Corp. (CSE: FNT.U) (OTCQB: CNTMF) ("FLUENT" or the "Company"), a vertically-integrated, multi-state cannabis company, today announced its financial and operating results for the third quarter ended September 30, 2025. Unless otherwise indicated, all financial results are presented in U.S. dollars.

佛罗里达州坦帕，2025年11月28日（GLOBE NEWSWIRE）-- FLUENT Corp.（CSE: FNT.U）（OTCQB: CNTMF）（"FLUENT"或"公司"），是一家垂直整合的多州大麻公司，今天公布了截至2025年9月30日的第三季度财务和运营结果。除非另有说明，所有财务结果均以美元计。

Management Commentary

管理层评论

“During the third quarter, we continued to execute on our strategic priorities with a clear focus on reversing the declining margin profile and enhancing operational efficiency across our footprint ahead of our new indoor capacity hitting retail shelves in the fourth quarter,” said Dave Vautrin, Interim CEO of FLUENT. “While consolidated revenue was relatively consistent year-over-year, we recognized pressure on gross margins driven by correcting extraction inefficiencies and a shifting product mix in Florida. We have already taken decisive actions to address these challenges, including optimizing our retail portfolio, improving distillate yields, accelerating product innovation, and bringing key indoor production facilities fully online.”

“在第三季度，我们继续执行我们的战略优先事项，明确专注于扭转利润下降的趋势，并提升我们在各个市场的运营效率，以迎接第四季度新室内产能的零售上市，” FLUENT 的临时首席执行官 Dave Vautrin 表示。“尽管合并收入与去年同期相比相对稳定，但我们意识到由于纠正提取效率低下和佛罗里达州产品组合变化，毛利率承受压力。我们已经采取果断措施来应对这些挑战，包括优化我们的零售组合、提高蒸馏油产量、加速产品创新，并使关键的室内生产设施全面上线。”

Vautrin continued, “We have also made disciplined investments during the current quarter in markets where we expect meaningful margin contribution. In Florida, we operationalized our large-scale Rosa indoor cultivation facility in November, nearly doubling our premium flower capacity. The Rosa facility is ramping up as planned and is now delivering true premium-quality flower and measurable improvements in yield, which we expect will support our objectives of achieving stronger margins through larger capture of the Florida premium market opportunity heading into 2026. In New York, we have operationalized our large-scale Buffalo premium indoor cultivation facility in Q4 2025 and are now preparing for the launch of premium SKUs from Connected and Alien Labs, which we believe will energize our efforts to improve our wholesale revenue and margin contribution. Across all markets, our near-term focus remains on optimizing operational excellence, capital efficiency, and driving sustainable margin expansion as we position FLUENT for long-term value creation.”

Vautrin 继续说道：“在当前季度，我们还在预计将带来显著利润贡献的市场进行了有计划的投资。在佛罗里达州，我们在 11 月启用了大型罗萨室内种植设施，几乎将我们的高端花卉产能翻倍。罗萨设施正在按计划逐步提升，目前正在提供真正的高端质量花卉和可衡量的产量改善，我们预计这将支持我们在 2026 年之前通过更大程度地捕捉佛罗里达高端市场机会来实现更强的利润目标。在纽约，我们在 2025 年第四季度启用了大型布法罗高端室内种植设施，并正在为 Connected 和 Alien Labs 的高端 SKU 的推出做准备，我们相信这将激励我们改善批发收入和利润贡献。在所有市场中，我们近期的重点仍然是优化运营卓越、资本效率，并推动可持续的利润扩张，以为 FLUENT 的长期价值创造奠定基础。”

Q3 2025 Financial Highlights (vs. Q3 2024)

2025 年第三季度财务亮点（与 2024 年第三季度相比）

Revenue: $26.0 million compared to $26.1 million in Q3 2024.
Florida revenue: $21.6 million compared to $22.0 million in Q3 2024, reflecting pricing pressures.
Gross profit before fair value adjustments 1 : $8.0 million (31% of revenue) compared to $14.3 million (54.6% of revenue) in Q3 2024.
Adjusted EBITDA 2 : $2.8 million compared to $7.5 million in Q3 2024, primarily due to lower revenue and reduced margins.
Cash flow from operations: Cash used in operations of $.8 million, compared to cash provided by operations of $9.5 million in Q3 2024.
Balance sheet: On September 30, 2025, the Company had cash and cash equivalents of approximately $15.1 million and total debt outstanding of $72.2 million, compared to $8.9 million of cash and cash equivalents and $71.4 million in total debt outstanding on September 30, 2024. Common shares outstanding on an as-converted basis were approximately 714 million in Q3 2025 compared to 342 million common shares outstanding on an as-converted basis in Q3 2024.

收入： 2600 万美元，较 2024 年第三季度的 2610 万美元略有下降。
佛罗里达州收入： 2160 万美元，较 2024 年第三季度的 2200 万美元有所下降，反映出价格压力。
公允价值调整前的毛利润 1 ： 800 万美元（占收入的 31%），较 2024 年第三季度的 1430 万美元（占收入的 54.6%）有所下降。
调整后 EBITDA 2 ： 280 万美元，较 2024 年第三季度的 750 万美元下降，主要由于收入下降和利润率降低。
运营现金流： 运营现金使用 80 万美元，较 2024 年第三季度的运营现金提供 950 万美元有所下降。
资产负债表： 截至2025年9月30日，公司现金及现金等价物约为 1510 万美元，总债务为 7220 万美元，而2024年9月30日的现金及现金等价物为 890 万美元，总债务为 7140 万美元。2025 年第三季度的普通股在转换基础上约为 7.14 亿股，而 2024 年第三季度的普通股在转换基础上为 3.42 亿股。

Recent Operational Highlights

近期运营亮点

Company Footprint:

公司运营范围：

FLUENT currently operates at a total of 37 retail locations and 8 production facilities across its key markets of Florida, New York, Pennsylvania, and Texas.

FLUENT 目前在佛罗里达州、纽约州、宾夕法尼亚州和德克萨斯州的主要市场运营着 37 个零售地点和 8 个生产设施。

Florida:

佛罗里达州：

Closed five of the lowest-performing dispensaries and opened a new location in Brandon, bringing total number of active stores to 31.
Anticipated new dispensaries in Orlando Sand Lake (expected to open in Q4 2025) and Palm Bay (expected to open in Q1 2026) to grow statewide reach to 33 locations.
Relaunched physician and community outreach programs to strengthen patient engagement.
Completed first harvests at Rosa indoor production facility. Focused on continued scaling up of canopy, improving consistency, yield, and throughput.
The Company anticipates improved distillate yields will contribute to margin recovery in Q4 2025.
Launched Bag-O 7g ground flower, now available statewide.

关闭了五家表现最差的药房，并在布兰登开设了一家新店，使活跃门店总数达到 31 家。
预计在奥兰多沙湖（预计在 2025 年第四季度开业）和棕榈湾（预计在 2026 年第一季度开业）开设新药房，将全州覆盖范围扩大到 33 个地点。
重新启动了医生和社区外展项目，以加强患者参与。
在罗萨室内生产设施完成了首次收获。专注于持续扩大种植面积，提高一致性、产量和生产能力。
公司预计改善的蒸馏油产量将有助于在 2025 年第四季度恢复利润率。
推出了 Bag-O 7g 磨碎花卉，现在在全州范围内可用。

New York:

纽约州：

Buffalo production facility nearing full operational status; initial retail and wholesale launch of Connected and Alien Labs SKUs expected this December, with 9 Alien Labs and 11 Connected strains in the first wave.
ENTOURAGE, the Company’s wholesale division, continues to expand distribution and revenue statewide.
Rebranding completed for all three co-located dispensaries in Manhattan, White Plains, and Kingston.
Closed Syracuse medical-only dispensary, planning a new medical-only location in 2026.

布法罗生产设施接近全面运营状态；预计本月 12 月将首次零售和批发推出 Connected 和 Alien Labs 的 SKU，首批将推出 9 种 Alien Labs 和 11 种 Connected 品种。
ENTOURAGE，公司批发部门，继续在全州范围内扩大分销和收入。
曼哈顿、怀特普莱恩斯和金斯顿的三家共址药房完成了品牌重塑。
关闭了锡拉丘兹的仅限医疗药房，计划在 2026 年开设新的仅限医疗药房。

Texas:

德克萨斯州：

Houston Education and Pick-Up Center expected to open in December 2025.
Production underway for new Rick Simpson Oil (RSO) and distillate syringe products, with additional SKUs in active R&D.

休斯顿教育和取货中心预计将在 2025 年 12 月开业。
正在生产新的 Rick Simpson 油（RSO）和蒸馏油注射器产品，其他 SKU 正在积极研发中。

Pennsylvania:

宾夕法尼亚州：

The Company currently operates three dispensaries in south-central Pennsylvania (Hanover, Mechanicsburg and Annville).
The Company continues to evaluate regulatory developments to assess future growth opportunities.

公司目前在宾夕法尼亚州中南部运营三家药房（汉诺威、梅卡尼克斯堡和安维尔）。
公司继续评估监管发展，以评估未来的增长机会。

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1 Gross profit before fair value adjustments is a non-IFRS financial measure that does not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies. The Company calculates gross profit before fair value adjustments from gross profit plus (minus) the changes in fair value of biological assets, as presented in the consolidated statement of operations.

1 公允价值调整前的毛利润是一项非国际财务报告准则（IFRS）财务指标，没有任何 IFRS 规定的标准含义，可能与其他公司提供的类似指标不可比。公司通过毛利润加（减）生物资产公允价值变动来计算公允价值调整前的毛利润，如合并运营报表中所示。

2 Adjusted EBITDA is a non-IFRS financial measure that does not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies. The Company calculates Adjusted EBITDA as EBITDA (being calculated as the net income (loss), plus (minus) interest expense (income) and finance transactions costs, plus taxes, plus depreciation and amortization) plus (minus) the changes in fair value of biological assets, plus (minus) the changes in fair market value of derivatives, plus (minus) certain one-time non-operating expenses, as determined by management.

调整后的 EBITDA 是一种非国际财务报告准则（IFRS）财务指标，没有 IFRS 规定的标准含义，可能无法与其他公司提供的类似指标进行比较。公司将调整后的 EBITDA 计算为 EBITDA（计算方式为净收入（损失）加（减）利息费用（收入）和融资交易成本，加上税费，加上折旧和摊销）加（减）生物资产公允价值的变动，加（减）衍生品公允市场价值的变动，加（减）管理层确定的某些一次性非经营性费用。

Regulatory Progress The United States federal government recently announced plans to close what proponents call the hemp-derived THC loophole created under the 2018 Farm Bill that allowed hemp-derived products containing tetrahydrocannabinol, orTHC,to be sold. Management views this as a potentially meaningful tailwind for regulated operators that is expected to curb the widespread availability of intoxicating hemp products that currently operate outside the licensed cannabis framework.

监管进展 美国联邦政府最近宣布计划关闭支持者所称的 2018 年农业法案下产生的以大麻为基础的 THC 漏洞，该漏洞允许含有四氢大麻酚（THC）的大麻衍生产品进行销售。管理层认为，这对受监管的运营商来说可能是一个重要的利好，预计将遏制目前在许可的大麻框架之外运营的麻醉性大麻产品的广泛可用性。

The impact is expected to be particularly significant in Florida and Texas:

预计影响在佛罗里达州和德克萨斯州尤为显著：

Florida: Unregulated hemp-derived THC has impacted pricing and category mix in the Florida market. A federal crackdown is expected to reduce illicit competition and support margin recovery in the regulated medical market. Currently, the Florida Department of Agriculture and Consumer Services estimates that there are more than 9,500 hemp retailers in the state3, while Florida’s office of Medical Marijuana Use reports 734 licensed dispensaries4, meaning for every one legal licensed dispensary there are approximately 12 resellers of hemp derived cannabis in Florida.
Texas: With more than 8,000 hemp resale licenses in Texas5, the state has become a major market for hemp-derived THC products. Management of the Company believes that the recent regulatory changes in Texas and the recently announced U.S. federal action are expected to materially rebalance the competitive landscape in Texas and enhance long-term economics for compliant medical operators in the state.

佛罗里达州： 不受监管的大麻衍生 THC 影响了佛罗里达市场的定价和类别组合。预计联邦打击行动将减少非法竞争，并支持受监管医疗市场的利润恢复。目前，佛罗里达州农业和消费者服务部估计该州有超过 9500 家大麻零售商，而佛罗里达州医疗大麻使用办公室报告有 734 家持牌药房，这意味着每一家合法持牌药房大约有 12 家大麻衍生产品的转售商。
德克萨斯州： 德克萨斯州拥有超过 8000 个大麻转售许可证，已成为大麻衍生 THC 产品的主要市场。公司管理层认为，德克萨斯州最近的监管变化和最近宣布的美国联邦行动预计将实质性地重新平衡德克萨斯州的竞争格局，并增强该州合规医疗运营商的长期经济效益。

FLUENT anticipates these regulatory developments may pave a path forward for a more stable, regulated market environment, which will in turn support the Company’s focus on improving margins across its portfolio.

FLUENT 预计这些监管发展可能为更稳定、受监管的市场环境铺平道路，从而支持公司在其投资组合中改善利润率的重点。

Conference Call The Company will not host an earnings call for the quarter.

电话会议 公司将不会为本季度召开财报电话会议。

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3 Source: https://www.miamiherald.com/news/politics-government/state-politics/article294313734.html

3 来源：https://www.miamiherald.com/news/politics-government/state-politics/article294313734.html

4Source: https://knowthefactsmmj.com/about/weekly-updates/

4 来源：https://knowthefactsmmj.com/about/weekly-updates/

5Source: https://www.bakerinstitute.org/research/texas-lawmakers-have-chance-get-hemp-regulation-right

5 来源：https://www.bakerinstitute.org/research/texas-lawmakers-have-chance-get-hemp-regulation-right

About FLUENT Corp. FLUENT, a national cannabis consumer packaged goods company and retailer, is dedicated to being one of the highest quality cannabis companies for the communities it serves. This is driven by FLUENT's unrelenting commitment to operational excellence in cultivation, production, distribution, and retail experience. FLUENT produces an assortment of cannabis products under a diverse portfolio of brands including MOODS, Knack, Wandr, Bag-O and Hyer Kind. FLUENT operates in Florida, New York, Pennsylvania, and Texas.

关于 FLUENT Corp. FLUENT 是一家全国性的 cannabis 消费品公司和零售商，致力于成为其服务社区中最高质量的大麻公司之一。这是由 FLUENT 对于在种植、生产、分销和零售体验方面的卓越运营的坚定承诺驱动的。FLUENT 在包括 MOODS、Knack、Wandr、Bag-O 和 Hyer Kind 在内的多样化品牌组合下生产各种大麻产品。FLUENT 在佛罗里达州、纽约州、宾夕法尼亚州和德克萨斯州运营。

Headquartered in Tampa, Florida, FLUENT employs 700 employees across 8 cultivation and manufacturing facilities, 37 active retail locations and a wholesale division which trades under ENTOURAGE servicing third party retailers in New York. For more information on the Company’s wholesale division ENTOURAGE, please visit https://entouragewholesale.com/.

FLUENT 总部位于佛罗里达州坦帕，拥有 700 名员工，分布在 8 个种植和制造设施、37 个活跃零售地点以及一个以 ENTOURAGE 名义交易的批发部门，为纽约的第三方零售商提供服务。有关公司批发部门 ENTOURAGE 的更多信息，请访问 https://entouragewholesale.com/。

FLUENT’s common shares trade on the Canadian Securities Exchange under the symbol “FNT.U” and on the OTCQB Venture Market under the symbol “CNTMF”. For more information about the Company, please visit www.getFLUENT.com and investors.getFLUENT.com/.

FLUENT 的普通股在加拿大证券交易所以 “FNT.U” 符号交易，在 OTCQB 风险市场以 “CNTMF” 符号交易。有关公司的更多信息，请访问 www.getFLUENT.com 和 investors.getFLUENT.com/。

Forward-Looking Information

前瞻性信息

Certain information in this news release may constitute forward-looking information within the meaning of applicable securities laws and may also contain statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "targets", "expects" or "does not expect", "is expected", "an opportunity exists", "is positioned", "estimates", "intends", "assumes", "anticipates" or "does not anticipate" or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", "will" or "will be taken", "occur" or "be achieved" or similar expressions and includes, but is not limited to, statements with respect to the Company’s focus on reversing declining margins and enhancing operational efficiency across the Company’s footprint; expectations regarding the Company’s new indoor capacity; expectations regarding stronger margins, wholesale revenue and margin contribution; the timing, occurrence and expectations regarding future product offerings, dispensaries, medical-only locations and pick-up centers; the Company’s ongoing evaluation of regulatory developments and the timing, occurrence expectations of such developments; the anticipated impacts of recent regulatory changes in Florida and Texas; and the Company’s expectations regarding operational excellence, capital efficiency, driving sustainable margin expansion and long-term value creation. In addition, any statements that refer to expectations, projections, or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent the Company's expectations, estimates, and projections regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company's control.

本新闻稿中的某些信息可能构成适用证券法意义上的前瞻性信息，也可能包含根据 1995 年美国私人证券诉讼改革法案的安全港条款构成的 “前瞻性声明”。在某些情况下，但不一定在所有情况下，前瞻性信息可以通过使用前瞻性术语来识别，例如 “计划”、“目标”、“预计” 或 “未预计”、“预计”、“存在机会”、“处于有利位置”、“估计”、“打算”、“假设”、“预期” 或 “未预期” 或 “相信”，或这些词语和短语的变体，或声明某些行动、事件或结果 “可能”、“可以”、“将”、“可能会”、“将被采取”、“发生” 或 “实现” 或类似表达，并包括但不限于关于公司专注于扭转利润下降和提升公司整体运营效率的声明；关于公司新室内产能的预期；关于更强的利润、批发收入和利润贡献的预期；关于未来产品供应、药店、仅限医疗的地点和提货中心的时间、发生和预期；公司对监管发展的持续评估及其时间、发生预期；关于佛罗里达州和德克萨斯州近期监管变化的预期影响；以及公司对运营卓越、资本效率、推动可持续利润扩张和长期价值创造的预期。此外，任何提及预期、预测或其他对未来事件或情况的描述的声明都包含前瞻性信息。包含前瞻性信息的声明不是历史事实，而是代表公司的预期、估计和对未来事件、计划或目标的预测，其中许多本质上是不确定的，并且超出了公司的控制范围。

Forward-looking information is necessarily based on many opinions, assumptions, and estimates that, while considered reasonable by the Company as of the date of this news release, are subject to known and unknown risks, uncertainties, assumptions, and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information are the following: the Company’s ability to execute its go-forward strategy; stock market volatility; changes in the business activities, focus and plans of the Company and the timing associated therewith; the timing of any changes to federal laws in the U.S. to allow for the general cultivation, distribution, and possession of cannabis; regulatory and licensing risks; changes in cannabis industry growth and trends; changes in general economic, business and political conditions, including changes in the financial markets; the global regulatory landscape and enforcement related to cannabis, including political risks and risks relating to regulatory change; risks relating to anti-money laundering laws; compliance with extensive government regulation, including the Company’s interpretation of such regulation; public opinion and perception of the cannabis industry; and the risk factors described in the public filings of the Company filed with Canadian securities regulators and available under the Company’s SEDAR+ profile at www.sedarplus.ca. These factors are not intended to represent a complete list of the factors that could affect the Company; however, these factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct.

前瞻性信息必然基于许多意见、假设和估计，尽管公司在本新闻稿日期认为这些是合理的，但仍然受到已知和未知的风险、不确定性、假设和其他因素的影响，这些因素可能导致实际结果、活动水平、表现或成就与这些前瞻性信息所表达或暗示的结果有实质性差异。可能导致实际结果与前瞻性信息中预测的结果有实质性差异的关键因素包括：公司执行其前进战略的能力；股市波动；公司业务活动、重点和计划的变化及其相关时间；美国联邦法律允许一般种植、分销和持有大麻的任何变化的时间；监管和许可风险；大麻行业增长和趋势的变化；一般经济、商业和政治条件的变化，包括金融市场的变化；全球大麻相关的监管环境和执法，包括政治风险和与监管变化相关的风险；与反洗钱法律相关的风险；遵守广泛的政府法规，包括公司对这些法规的解释；公众对大麻行业的意见和看法；以及公司在加拿大证券监管机构提交的公开文件中描述的风险因素，这些文件可在公司的 SEDAR+ 档案中找到，网址为 www.sedarplus.ca。这些因素并不旨在代表可能影响公司的因素的完整列表；然而，这些因素应被仔细考虑。不能保证这些估计和假设将被证明是正确的。

Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors that could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.

如果这些风险或不确定性中的一个或多个变为现实，或者前瞻性信息所依据的假设被证明不正确，实际结果可能与此处所描述的意图、计划、预期、相信、估计或预计的结果有实质性差异。尽管公司已尝试识别可能导致实际结果有实质性差异的重要风险、不确定性和因素，但可能还有其他因素导致结果未如预期、估计或意图。公司不打算，也不承担任何义务，更新此前瞻性信息，除非适用法律另有要求。

The Company, through several of its subsidiaries, is directly involved in the manufacture, possession, use, sale, and distribution of cannabis in the adult-use and medical cannabis marketplace in the United States. Local state laws where the Company operates permit such activities however, investors should note that there are significant legal restrictions and regulations that govern the cannabis industry in the United States. Cannabis remains a Schedule I drug under the United States Controlled Substances Act, making it illegal under federal law in the United States to, among other things, cultivate, distribute, or possess cannabis in the United States. Financial transactions involving proceeds generated by, or intended to promote, cannabis-related business activities in the United States may form the basis for prosecution under applicable United States federal money laundering legislation.

公司通过其多个子公司，直接参与美国成人使用和医疗大麻市场的大麻制造、持有、使用、销售和分销。公司运营所在的地方州法律允许此类活动，但投资者应注意，美国的大麻行业受到重大法律限制和监管。根据美国《受控物质法》，大麻仍然被列为第一类药物，这使得在美国种植、分销或持有大麻在联邦法律下是非法的。涉及由大麻相关商业活动产生的收益或旨在促进此类活动的财务交易，可能构成根据适用的美国联邦洗钱立法进行起诉的基础。

While the approach to enforcement of such laws by the federal government in the United States has trended toward nonenforcement against individuals and businesses that comply with adult-use and medical cannabis programs in states where such programs are legal, strict compliance with state laws with respect to cannabis will neither absolve the Company of liability under United States federal law, nor will it provide a defense to any federal proceeding which may be brought against the Company. The enforcement of federal laws in the United States is a significant risk to the business of the Company and any proceedings brought against the Company thereunder may adversely affect operations and financial performance.

尽管美国联邦政府对遵守合法成人使用和医疗大麻项目的个人和企业的法律执行趋向于不予执行，但严格遵守州法律并不能免除公司在美国联邦法律下的责任，也不能为可能对公司提起的任何联邦诉讼提供辩护。美国联邦法律的执行对公司的业务构成重大风险，任何根据这些法律对公司提起的诉讼可能会对公司的运营和财务表现产生不利影响。

The forward-looking statements contained in this news release are made as of the date of this news release, and the Company expressly disclaims any obligation to update or alter statements containing any forward-looking information, or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law.

本新闻稿中包含的前瞻性声明是在本新闻稿发布之日作出的，公司明确声明不承担更新或更改包含任何前瞻性信息的声明或其基础因素或假设的义务，无论是由于新信息、未来事件还是其他原因，法律另有规定的除外。

For further information visit: https://getfluent.com/ and https://investors.getFLUENT.com/

欲了解更多信息，请访问：https://getfluent.com/ 和 https://investors.getFLUENT.com/

Investor Relations Contact:

投资者关系联系人：

investors@getFLUENT.com

Media Contact:

媒体联系人：

press@getFLUENT.com

Officer Contact:

高管联系人：

Matt Mundy, Chief Legal Officer

Matt Mundy，首席法律官

(850) 972-8077



FLUENT CORP.
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
As of September 30, 2025 and December 31, 2024
(USD '000)

	September 30,		December 31,
	2025		2024
Assets
Current assets
Cash and cash equivalents (includes $4,500 of restricted cash)	$	15,112		$	40,106
Accounts receivable		862			422
Biological assets		3,112			3,162
Inventory, net		15,795			15,155
Prepaid expenses and other current assets		2,826			2,587
Total current assets	$	37,707		$	61,432

Property and equipment, net		54,549			52,200
Right-of-use assets, net		68,585			46,731
Intangible assets, net		37,259			37,590
Goodwill		1,525			1,525
Deferred tax assets		1,899			1,039
Other assets		2,107			6,476
Total assets	$	203,631		$	206,993

Liabilities and shareholders' equity
Current liabilities
Accounts payable	$	5,343		$	6,332
Accrued expenses		9,852			8,423
Income taxes payable		-			1,003
Derivative liabilities		1,616			2,148
Short term provision liability		-			4,957
Current portion of notes payable		1,983			755
Lease obligations - current portion		5,572			4,751
Total current liabilities	$	24,366		$	28,369

Long-term liabilities
Notes payable, net of current portion and financing costs		70,202			68,775
Lease liabilities, net of current portion		70,806			51,727
Deferred tax liability		4,708			4,817
Uncertain tax position		55,994			43,314
Long term provision liability		7,414			9,044
Convertible notes, net		7,258			6,482
Other long-term liabilities		3,447			3,447
Total long-term liabilities	$	219,829		$	187,606

Total liabilities	$	244,195		$	215,975

Shareholders' equity
Share capital		206,629			206,419
Share-based compensation reserve		7,492			7,275
Equity conversion feature		7,097			7,097
Warrants		29,634			29,634
Accumulated deficit		(290,220	)		(258,211	)
Accumulated other comprehensive loss		(1,196	)		(1,196	)
Total shareholders' equity	$	(40,564	)	$	(8,982	)

Total liabilities and shareholders' equity	$	203,631		$	206,993



FLUENT CORP.
合并财务状况表
截至2025年9月30日和2024年12月31日
（单位：千美元）

	2025年9月30日		2024年12月31日
资产
流动资产
现金及现金等价物（包括$4,500 的限制现金）	$	15,112		$	40,106
应收账款		862			422
生物资产		3,112			3,162
存货，净额		15,795			15,155
预付费用及其他流动资产		2,826			2,587
流动资产总计	$	37,707		$	61,432

物业和设备，净额		54,549			52,200
使用权资产，净额		68,585			46,731
无形资产，净额		37,259			37,590
商誉		1,525			1,525
递延税资产		1,899			1,039
其他资产		2,107			6,476
资产总计	$	203,631		$	206,993

负债和股东权益
流动负债
应付账款	$	5,343		$	6,332
应计费用		9,852			8,423
应付所得税		-			1,003
衍生负债		1,616			2,148
短期准备金负债		-			4,957
应付票据的流动部分		1,983			755
租赁义务 - 流动部分		5,572			4,751
流动负债总计	$	24,366		$	28,369

长期负债
应付票据，扣除流动部分和融资成本		70,202			68,775
租赁负债，扣除流动部分		70,806			51,727
递延税负债		4,708			4,817
不确定税务事项		55,994			43,314
长期准备金负债		7,414			9,044
可转换票据，净额		7,258			6,482
其他长期负债		3,447			3,447
长期负债总计	$	219,829		$	187,606

负债总计	$	244,195		$	215,975

股东权益
股本		206,629			206,419
基于股份的薪酬储备		7,492			7,275
权益转换特征		7,097			7,097
权证		29,634			29,634
累计亏损		(290,220	)		(258,211	)
累计其他综合损失		(1,196	)		(1,196	)
股东权益总计	$	(40,564	)	$	(8,982	)

负债和股东权益总计	$	203,631		$	206,993


FLUENT CORP.
CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)
For the three and nine months ended September 30, 2025 and 2024
(USD '000)

	For the three months ended	For the nine months ended
	September 30, 2025	September 30, 2024	September 30, 2025	September 30, 2024
Revenue, net of discounts	$	26,037		$	26,147		$	79,485		$	78,643
Cost of goods sold		18,008			11,859			48,503			38,315
Gross profit before fair value adjustments		8,029			14,288			30,982			40,328

Fair value adjustments on inventory sold		611			(2,099	)		(1,876	)		(2,259	)
Unrealized gain (loss) on changes in fair value of biological assets		(551	)		(611	)		1,475			8,704
Gross profit		8,089			11,578			30,581			46,773

Expenses
General and administrative		4,319			3,913			13,325			12,483
Sales and marketing		5,685			5,846			18,507			17,298
Depreciation and amortization		2,005			1,737			6,184			5,247
Share-based compensation		(101	)		228			217			419
Total expenses		11,908			11,724			38,233			35,447

Income (loss) from operations		(3,819	)		(146	)		(7,652	)		11,326

Other expense (income)
Finance costs, net		5,535			5,154			15,606			14,700
Change in fair value of derivative liability		144			(898	)		(532	)		(8,292	)
Change in remeasurement of provision liabillity		67			-			(4,723	)		-
Loss on disposal of assets		343			-			519			212
Loss from termination of a contract		6			-			6			5
Other expense (income)		45			-			15			-
Total other (income) expense		6,140			4,256			10,891			6,625

Income (loss) before income taxes		(9,959	)		(4,402	)		(18,543	)		4,701

Income tax expense		3,628			7,379			13,466			19,700

Net comprehensive income (loss)	$	(13,587	)	$	(11,781	)	$	(32,009	)	$	(14,999	)

Net loss per share
Basic and diluted - continuing operations	$	(0.02	)	$	(0.04	)	$	(0.06	)	$	(0.05	)

Weighted average number of shares
Basic number of shares		604,753,362			300,522,916			517,497,692			299,617,665
Diluted number of shares		700,549,856			341,807,051			697,326,649			341,616,139


FLUENT CORP.
合并损益表和综合损益表
截至 2025 年和2024年9月30日的三个月和九个月
（单位：千美元）

	截至三个月	截至九个月
	2025 年
9 月 30 日	2024 年
9 月 30 日	2025 年
9 月 30 日	2024 年
9 月 30 日
净收入（扣除折扣）	$	26,037		$	26,147		$	79,485		$	78,643
销售成本		18,008			11,859			48,503			38,315
公允价值调整前的毛利润		8,029			14,288			30,982			40,328

销售库存的公允价值调整		611			(2,099	)		(1,876	)		(2,259	)
生物资产公允价值变动的未实现收益（损失）		(551	)		(611	)		1,475			8,704
毛利润		8,089			11,578			30,581			46,773

费用
一般和行政费用		4,319			3,913			13,325			12,483
销售和市场费用		5,685			5,846			18,507			17,298
折旧和摊销		2,005			1,737			6,184			5,247
基于股份的补偿		(101	)		228			217			419
总费用		11,908			11,724			38,233			35,447

经营收入（损失）		(3,819	)		(146	)		(7,652	)		11,326

其他费用（收入）
财务费用，净额		5,535			5,154			15,606			14,700
衍生负债公允价值变动		144			(898	)		(532	)		(8,292	)
计提负债重新计量变动		67			-			(4,723	)		-
资产处置损失		343			-			519			212
合同终止损失		6			-			6			5
其他费用（收入）		45			-			15			-
总其他（收入）费用		6,140			4,256			10,891			6,625

税前收入（损失）		(9,959	)		(4,402	)		(18,543	)		4,701

所得税费用		3,628			7,379			13,466			19,700

净综合收入（损失）	$	(13,587	)	$	(11,781	)	$	(32,009	)	$	(14,999	)

每股净亏损
基本和稀释 - 持续经营	$	(0.02	)	$	(0.04	)	$	(0.06	)	$	(0.05	)

加权平均股份数
基本股份数		604,753,362			300,522,916			517,497,692			299,617,665
稀释股份数		700,549,856			341,807,051			697,326,649			341,616,139


FLUENT CORP.
CONSOLIDATED STATEMENTS OF CASH FLOW
For the nine months endedSeptember 30, 2025 and September 30, 2024
(USD '000)

	For the nine months ended September 30,
	2025		2024
Cash flows provided by operating activities
Net loss	$	(32,009	)	$	(14,999	)
Adjustments for non-cash items:
Unrealized gain on changes in fair value of biological assets		(1,475	)		(8,704	)
Realized loss on fair value amounts included in inventory sold		1,876			2,259
Share-based compensation expense		217			419
Depreciation and amortization		17,853			11,366
Accretion and interest expense		16,118			14,680
Loss on disposition of fixed assets		490			212
Gain on remeasurement of provision liability		(4,654	)		-
Loss on lease modification		2			-
Loss on termination of contract		6			-
Loss on loan modification		36			-
Change in fair value of derivative		(532	)		(8,292	)
Uncertain tax position		12,680			38,816
Deferred tax expense		(969	)		4,835
Net change in non-cash working capital
Accounts receivable		(440	)		164
Biological assets		(16,977	)		(11,294	)
Inventory		15,986			10,944
Prepaid expenses and other current assets		1,802			960
Right of use assets/liabilities		(10,097	)		(3,520	)
Other assets		4,369			(466	)
Accounts payable		(2,993	)		2,510
Accrued expenses		709			(4,354	)
Other long-term liabilities		-			(435	)
Income taxes		(1,003	)		(18,672	)
Net cash provided by operating activities	$	995		$	16,429

Cash flows used in investing activities
Purchases of property and equipment		(14,119	)		(10,543	)
Purchase of intangible assets		(318	)		(1,332	)
Net cash used in investing activities	$	(14,437	)	$	(11,875	)

Cash flows used in financing activities
Proceeds from issuance of convertible debenture and warrants		210			-
Proceeds from issuance of convertible debenture and warrants		-			3,983
Payments of lease obligations		(3,433	)		(2,126	)
Net proceeds from equipment loan		-			48
Principal and interest repayments of notes payable		(8,329	)		(8,048	)
Net cash used in financing activities	$	(11,552	)	$	(6,143	)

Net decrease in cash		(24,994	)		(1,589	)

Cash, beginning of period		40,106			10,521

Cash, end of period	$	15,112		$	8,932


FLUENT CORP.
合并现金流量表
截至2025年9月30日和2024年9月30日的九个月
(美元 '000)

	截至 9 月 30 日的九个月
	2025		2024
经营活动提供的现金流
净亏损	$	(32,009	)	$	(14,999	)
非现金项目的调整：
生物资产公允价值变动的未实现收益		(1,475	)		(8,704	)
已实现的销售库存公允价值损失		1,876			2,259
基于股份的薪酬费用		217			419
折旧和摊销		17,853			11,366
增值和利息费用		16,118			14,680
固定资产处置损失		490			212
计提负债重新计量收益		(4,654	)		-
租赁修改损失		2			-
合同终止损失		6			-
贷款修改损失		36			-
衍生工具公允价值变动		(532	)		(8,292	)
不确定的税务事项		12,680			38,816
递延税费		(969	)		4,835
非现金营运资本的净变动
应收账款		(440	)		164
生物资产		(16,977	)		(11,294	)
库存		15,986			10,944
预付费用及其他流动资产		1,802			960
使用权资产/负债		(10,097	)		(3,520	)
其他资产		4,369			(466	)
应付账款		(2,993	)		2,510
应计费用		709			(4,354	)
其他长期负债		-			(435	)
所得税		(1,003	)		(18,672	)
经营活动提供的净现金	$	995		$	16,429

投资活动使用的现金流
购买物业和设备		(14,119	)		(10,543	)
购买无形资产		(318	)		(1,332	)
投资活动使用的净现金	$	(14,437	)	$	(11,875	)

融资活动使用的现金流
可转换债券和认股权证发行的收益		210			-
可转换债券和认股权证发行的收益		-			3,983
租赁义务支付		(3,433	)		(2,126	)
设备贷款的净收益		-			48
应付票据的本金和利息偿还		(8,329	)		(8,048	)
融资活动使用的净现金	$	(11,552	)	$	(6,143	)

现金净减少		(24,994	)		(1,589	)

期初现金		40,106			10,521

期末现金	$	15,112		$	8,932


FLUENT CORP.
EBITDA AND ADJUSTED EBITDA CALCULATION
For the three and nine months endedSeptember 30, 2025 and September 30, 2024
(USD '000)

	Three months ended
	September 30, 2025		September 30, 2024	Variance
Net loss	$	(13,587	)	$	(11,781	)	$	(1,806	)
Interest expense		5,535			5,154			381
Income taxes		3,628			7,379			(3,751	)
Depreciation and amortization		6,105			3,801			2,304
EBITDA	$	1,681		$	4,553		$	(2,872	)

	Three months ended
	September 30, 2025		September 30, 2024	Variance
EBITDA	$	1,681		$	4,553		$	(2,872	)
Change in fair value of biological assets		(60	)		2,710			(2,770	)
Change in fair market value of derivative		144			(898	)		1,042
Change in provision liability		67			-			67
Professional fees		132			529			(397	)
One-time employee costs		124			162			(38	)
Share-based compensation		(101	)		228			(329	)
Loss on disposal of assets		343			-			343
Other non-recurring expense		507			243			264
Adjusted EBITDA	$	2,837		$	7,527		$	(4,690	)




	Nine months ended
	September 30, 2025		September 30, 2024	Variance
Net loss	$	(32,009	)	$	(14,999	)	$	(17,010	)
Interest expense		15,606			14,700			906
Income taxes		13,466			19,700			(6,234	)
Depreciation and amortization		16,177			11,274			4,903
EBITDA	$	13,240		$	30,675		$	(17,435	)

	Nine months ended
	September 30, 2025		September 30, 2024	Variance
EBITDA	$	13,240		$	30,675		$	(17,435	)
Change in fair value of biological assets		401			(6,445	)		6,846
Change in fair market value of derivative		(532	)		(8,292	)		7,760
Change in provision liability		(4,723	)		-			(4,723	)
Professional fees		216			4,170			(3,954	)
One-time employee costs		302			776			(474	)
Share-based compensation		217			419			(202	)
Loss on disposal of assets		519			212			307
Other non-recurring expense/(income)		477			486			(9	)
Adjusted EBITDA	$	10,117		$	22,001		$	(11,884	)


FLUENT CORP.
EBITDA 和调整后 EBITDA 计算
截至2025年9月30日和2024年9月30日的三个月和九个月
（美元 '000）

	截至三个月
	2025年9月30日		2024年9月30日	差异
净亏损	$	(13,587	)	$	(11,781	)	$	(1,806	)
利息支出		5,535			5,154			381
所得税		3,628			7,379			(3,751	)
折旧和摊销		6,105			3,801			2,304
EBITDA	$	1,681		$	4,553		$	(2,872	)

	截至三个月
	2025年9月30日		2024年9月30日	差异
EBITDA	$	1,681		$	4,553		$	(2,872	)
生物资产公允价值变动		(60	)		2,710			(2,770	)
衍生品公允市场价值变动		144			(898	)		1,042
计提负债变动		67			-			67
专业费用		132			529			(397	)
一次性员工成本		124			162			(38	)
基于股份的补偿		(101	)		228			(329	)
资产处置损失		343			-			343
其他非经常性费用		507			243			264
调整后 EBITDA	$	2,837		$	7,527		$	(4,690	)




	截至九个月
	2025年9月30日		2024年9月30日	差异
净亏损	$	(32,009	)	$	(14,999	)	$	(17,010	)
利息支出		15,606			14,700			906
所得税		13,466			19,700			(6,234	)
折旧和摊销		16,177			11,274			4,903
EBITDA	$	13,240		$	30,675		$	(17,435	)

	截至九个月
	2025年9月30日		2024年9月30日	差异
EBITDA	$	13,240		$	30,675		$	(17,435	)
生物资产公允价值变动		401			(6,445	)		6,846
衍生品公允市场价值变动		(532	)		(8,292	)		7,760
计提负债变动		(4,723	)		-			(4,723	)
专业费用		216			4,170			(3,954	)
一次性员工成本		302			776			(474	)
基于股份的补偿		217			419			(202	)
资产处置损失		519			212			307
其他非经常性费用/（收入）		477			486			(9	)
调整后 EBITDA	$	10,117		$	22,001		$	(11,884	)

Fluent 公布 2025 年第三季度业绩 | CNTMF 股票新闻