Bloomia Holdings, Inc. (Nasdaq:TULP) reported fiscal 2026 revenue of $48.1 million, compared with $48.4 million for the prior fiscal year. The company recorded a net loss attributable to Bloomia Holdings of $11.2 million, compared with a net loss of $2.6 million a year earlier, after recognising a one-time $13.2 million non-cash impairment charge, primarily related to goodwill.
#Fiscal 2026 financial performance
Adjusted EBITDA was a loss of $0.5 million for the twelve months ended June 30, 2026, compared with adjusted EBITDA of $2.0 million for the twelve months ended June 30, 2025. The annual loss attributable to Bloomia Holdings was $4.43 per diluted share, compared with a loss of $1.45 per diluted share in the prior year.
Gross profit fell to $7.9 million, or 16.4% of sales, from $10.1 million, or 20.9% of sales. Operating loss was $16.9 million, compared with an operating loss of $1.3 million in the previous fiscal year. Net loss from continuing operations was $13.4 million, compared with $2.9 million.
The impairment charge comprised $11.1 million of goodwill impairment and $2.0 million of intangible asset impairment. The company also recorded a $7.0 million gain on settlement of debt. Bloomia said these were non-cash items and were excluded from adjusted EBITDA.
#Fourth-quarter results
For the three months ended June 30, 2026, net revenue was $21.8 million, compared with $23.2 million in the same period of 2025. Gross profit was $4.6 million, or 21.1% of sales, compared with $5.4 million, or 23.3% of sales.
The company reported an operating loss of $11.5 million for the quarter, including the $13.2 million non-cash impairment charge, compared with operating profit of $2.5 million a year earlier. Net loss attributable to Bloomia Holdings was $5.3 million, or $1.11 per diluted share, compared with net income of $1.0 million, or $0.58 per diluted share. Adjusted EBITDA was $2.3 million, compared with $2.6 million.
Fourth-quarter interest expense was $0.6 million, down 33% from $0.9 million in the fourth quarter of fiscal 2025. Bloomia attributed the reduction to its lower debt balance.
#Bulb costs and production waste
Bloomia said the average cost of tulip bulbs increased 21% year over year, while the Euro exchange rate used to purchase the bulbs increased 6%. The company raised prices by approximately 12% during fiscal 2026 to help offset those cost increases.
An industry-wide issue involving mite treatment caused premature bulb ageing during the fourth quarter. Bloomia estimated that excess production waste exceeded $2.5 million, with the impact concentrated in the period of highest demand. The company said lower stem availability reduced sales, while higher prices partly offset the decline in stems sold.
A $0.6 million one-time grant from the USDA partially offset the higher costs. Cash used in operations was $4.0 million in fiscal 2026, compared with $1.0 million in the prior year.
#Debt reduction and rights offering
Bloomia said it retired over $19 million of debt obligations during fiscal 2026. After seasonal revolver borrowings and other financing activity, total debt stood at $21.7 million at June 30, 2026, compared with $34.1 million at June 30, 2025. The company also stated that it settled over $12,000,000 of debt at a significant discount.
The rights offering began in February 2026 and expired on April 1, 2026. Bloomia received gross proceeds of $12,100,000, consisting of approximately $5,000,000 in cash and $7,100,000 through the conversion of outstanding debt. Approximately 3,000,000 shares were issued at $4.05 per share.
Eligible stockholders could subscribe for additional common stock in proportion to their existing ownership. They also had an opportunity to use an over-subscription privilege, subject to availability and proration. Bloomia said the net cash proceeds were used primarily for a $4,900,000 long-term debt payment.
#Balance sheet
Cash and cash equivalents were $1.5 million at June 30, 2026, compared with $0.9 million at June 30, 2025. Working capital was $7.3 million, compared with $1.1 million a year earlier. The company said working capital at June 30, 2026 included $1.5 million of tariff refunds received in July 2026.
Bloomia had $4.0 million drawn on its revolver at June 30, 2026, which was fully paid in July 2026. Total assets were $84,431,000, total liabilities were $70,641,000 and stockholders’ equity was $13,790,000 at June 30, 2026.
#Fiscal 2027 plans
Bloomia said it has locked in bulb prices for fiscal year 2027 at levels near fiscal 2025 rates. The company described the arrangement as a projected savings of greater than 20% over fiscal year 2026 for one of its single largest expense categories.
The company has also invested in a new mite-control treatment intended to reduce the potential impact of production waste. Bloomia said it expects margins to improve, but its forward-looking statements remain subject to risks and uncertainties, including changes in interest rates, economic and market conditions, compliance with the restrictions of its Amended Credit Agreement and the availability of additional capital on desirable terms.
#Company name and ticker change
Bloomia Holdings changed its name from Lendway, Inc. on January 28, 2026. Effective February 2, 2026, its common stock began trading on the Nasdaq Capital Market under the name Bloomia Holdings, Inc. and ticker symbol “TULP,” replacing the former “LDWY” symbol. The CUSIP did not change.
#Key Takeaways
- Fiscal 2026 revenue was $48.1 million, compared with $48.4 million in the prior fiscal year.
- Bloomia reported an $11.2 million net loss attributable to Bloomia Holdings, including a one-time $13.2 million non-cash impairment charge.
- Total debt was $21.7 million at June 30, 2026, compared with $34.1 million at June 30, 2025.
- More than $2.5 million of excess production waste followed an industry-wide mite-treatment issue in the fourth quarter.
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