04:35 PM EDT, 05/29/2025 (MT Newswires) -- FLUENT (FNT-U.CN) after close of trade Thursday said its first-quarter loss widened even as revenue rose.

The cannabis retailer said it lost US$8.75 million, or US$0.02 per share, compared with a loss of US$4.16 million, or US$0.01, in the year-prior quarter.

Revenue was US$26.7 million, up from US$25.2 million a year earlier, with revenue form its Florida revenue US$19.2 million, down from US$21.1 million.

Adjusted EBITDA was US$3.5 million compared to US$6.8 million, reflecting the ongoing startup and ramp-up in the New York market following the RIV acquisition, as well as "continued softness in the Florida market."

"In Q1 2025, we generated $26.7 million in revenue, a 5.9% increase year-over-year, despite continued price compression and increased market saturation in Florida," said chief executive Robert Beasley. "We continue to invest in infrastructure and brand development to support long-term growth. Despite industry-wide challenges this quarter, we remained focused on disciplined execution."

Beasley added, "In New York, integration of the RIV Capital assets is progressing well, with the Buffalo cultivation facility nearing completion and the FLUENT retail rebrand underway."

The company's cash position is US$30.7 million, up from US$8.5 million a year ago, which provides the flexibility to support "near-term priorities and long-term growth."