BLUM HOLDINGS, INC.

BLMHdata completeness 100%3 fiscal years on file

Data notes: no data for concept 'epsDiluted'; no data for concept 'interestExpense'

i. The business — what you’d actually own

Figure	FY 2022	FY 2023	FY 2024
Revenue	$52M¹	$7.76M²	$13M²
Net income	−$188.9M³	−$14.1M³	$33.1M⁴
Operating cash flow	−$7.95M⁵	−$986,000⁶	−$1.55M⁶
Capital expenditure	$1.8M⁷	$311,000⁸	$10,000⁸
Free cash flow (derived)	−$9.75M⁵	−$1.3M⁶	−$1.56M⁶
Total debt	$34.5M⁹	$58.1M¹⁰	$6.17M¹⁰
Cash & equivalents	$1.2M¹¹	$416,000¹²	$1.04M¹²
Diluted shares	5.9M	8.2M	13.4M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal

If you owned

Net assets behind them

−$5.04

your share of equity

Profit it earned you last year

$24.71

Free cash flow it threw off

−$1.16

Debt you’d be carrying

$4.61

10 shares is a claim on −$5.04 of net worth that earned you $24.71 and generated −$1.16 of cash last year, against $4.61 of debt.

iii. Is this a good business?

Moat signal · return on equity

— avg · 3y

Not enough data in the filings for a return-on-capital reading.

Management signal · capital allocation

+127% shares · 3y

Share count is up 127% over 3 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 82% — deleveraging.

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

DCF · Growth Exit 10Y

not applicable

3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)

DCF · Growth Exit 5Y

not applicable

3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)

Earnings Power Value

not applicable

normalized (5y-median) earnings non-positive — EPV undefined

Graham Number

not applicable

diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts