Bloomia Holdings (NASDAQ:TULP), the recently rebranded specialty agricultural firm formerly known as Lendway, reported a narrowing of its operating losses for the fiscal second quarter as it moves to "right-size" a heavily leveraged balance sheet.
The Minneapolis-based company, which began trading under the ticker "TULP" earlier this month, posted net revenue of $6.7 million for the quarter ended Dec. 31, 2025.
While Bloomia recorded a net loss of $2.3 million ($1.29 per share), the figure represents a meaningful improvement over the $3.9 million operating loss seen in the same period last year.
Gross margins swung to a positive 7.2%, aided by higher pricing and a $300,000 federal grant, a sharp reversal from the (9.4)% gross loss recorded in the prior year's offseason.
Despite the quarterly operational momentum, Bloomia’s six-month outlook remains pressured by the seasonal nature of the tulip business.
For the first half of fiscal 2026, the company reported a net revenue decline to $11.9 million as it shifted production volumes to meet peak demand for the upcoming spring holidays.
This seasonal trough, combined with bulb purchases, drove cash used in operations to $11.4 million and left the firm with just $1.2 million in cash against a total debt load of $47 million.
To address this liquidity crunch, management is pinning its hopes on a strategic $15.5 million rights offering.
The centerpiece of the plan is a negotiated option to retire over $15 million in high-interest debt for just $7.3 million—a discount of more than 50%.
The company updated the expiration for this offering to March 27, 2026, at 5:00 PM CT.