RYTHM Inc. ( RYM ) shares surged 23.3% in after-hours trading on Tuesday, closing at $30.

Check out the current price of RYM stock here. 

According to Benzinga Pro data, the stock fell 21.52% in regular trading on Tuesday, closing at $24.33.

Q3 Financial Performance Drives Momentum

The Illinois-based company reported third-quarter revenue from continuing operations of $4 million, up 98% from $2 million in the previous quarter, according to a Nov. 7 company statement. The company ended the quarter with $35.6 million in cash, despite recording an $8.9 million operating loss from continuing operations.

Retail Expansion Fuels Investor Optimism

RYTHM's ( RYM ) flagship Señorita THC Margaritas, a premium hemp-derived THC beverage, has launched in more than 1,000 Circle K convenience stores nationwide, marking the largest U.S. convenience store rollout for a hemp-derived THC drink. The brand also made its debut in select Minnesota Target stores as part of the retailer's pilot program for THC beverages.

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Strategic Brand Acquisition Strengthens Portfolio

On Aug. 27, the company acquired intellectual property for iconic brands including RYTHM ( RYM ), Dogwalkers, Beboe and incredibles, according to the announcement.

The company changed its name from Agrify Corporation to RYTHM Inc. ( RYM ) on Sept. 2.

Market Position And Outlook

"Adult consumers, especially younger generations, are increasingly choosing THC beverages as an alternative to alcohol,” CEO Ben Kovler said, noting that the company is well-positioned to capitalize on growing mainstream THC acceptance through both licensing and direct revenue streams.

Stock Performance

The stock of the hemp beverage company is down 46.54% over the past month.

With a market capitalization of $48.72 million, the stock has a 52-week range of $5.02 to $84.44.

Benzinga Edge Stock Rankings indicate that IOVA stock has a negative price trend across all time frames. See how other companies in the sector are performing.

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.