Blüm Holdings (OTCQB: BLMH) announced its financial results for the year ended Dec. 31, 2024, marking the completion of a significant financial and operational transformation. The company reported earnings per share of $1.79 in 2024 versus a loss per share of $1.67 in 2023.

Blüm told investors that its revenue increased 67% to $12.9 million over last year’s $7.7 million. The growth was primarily driven by the successful integration of three Northern California retail stores, which contributed $7.7 million to revenue. That, however, was partially offset by the strategic divestment of noncore dispensaries. Income from operations was $5.3 million versus last year’s net loss of $18.8 million.

“Blüm’s 2024 performance is a testament to the disciplined execution of our financial, restructuring, litigation, and operational strategies,” CFO Patty Chan said. “By strategically divesting underperforming assets, deconsolidating Unrivaled Brands and Halladay Holding, and integrating key retail locations, we have significantly streamlined our operations.”

The company was able to record net income of $33.1 million, with $12.9 million attributable to “other income” and net income from continuing operations of $16.8 million. Net income from discontinued operations was logged as $16.2 million.

The company said it reduced its liabilities by 62% to $29.6 million in 2024, down from $77.8 million in 2023 and $125.3 million at the beginning of 2022, reflecting effective balance sheet management and successful restructuring strategies implemented during the tenure of the Adnant engagement.

“Over the past two years, we executed one of the most aggressive financial restructurings in the cannabis sector, transforming Blüm into a leaner, stronger, and more resilient company,” CEO Sabas Carrillo said. “We have positioned ourselves to capitalize on value-accretive opportunities that will drive shareholder returns and long-term success. It is important to note that we achieved these extraordinary results with only $1.97 million in new capital raised during this period.”

Carrillo added: “This underscores the strength of our execution and financial discipline. With our restructuring and reorganization completed, litigation resolved, and a more streamlined operational model, Blüm has transitioned from a defensive restructuring phase to a strategy focused on measured expansion and financial sustainability.”

Following its recent $900,000 capital raise, the company said it is considering acquisitions to pursue additional growth.

In February, Blüm settled with People’s California, ending over two and a half years of litigation brought by People’s California against Blüm Holdings and its wholly owned subsidiaries (and now debtors-in-possession in Chapter 11 bankruptcy proceedings), Unrivaled Brands Inc. and Halladay Holding.