TULP•Bloomia Holdings’ fiscal first-quarter revenue declined slightly on lower stem sales, while its adjusted EBITDA loss narrowed year over year. A one-time non-cash write-off related to ex-force bulbs affected gross margin and operating loss.
Bloomia Holdings said fiscal first-quarter revenue declined slightly, primarily because lower stem sales resulted from excess waste. Its adjusted EBITDA loss narrowed year over year, helped by higher prices, lower general and administrative costs, and a lower foreign currency transaction loss.
The company expects lower Dutch bulb prices to improve operating margins in the year ahead and anticipates revenue and profitability growth in the current fiscal year. It said process improvements are expected to increase quality and decrease waste.
