Bloomia Holdings, Inc.

What they do

Bloomia purchases tulip bulbs and hydroponically grows tulips into stems, then sells the stems to retail stores. It operates greenhouses in the United States and South Africa, sources bulbs through its Netherlands office from Dutch, Chilean and New Zealand producers for year-round supply, and holds a 30% interest in Chilean greenhouse tulip business Araucania Flowers S.A. The company was formerly Insignia Systems/Lendway, Inc. and changed its name to Bloomia Holdings, Inc. on January 28, 2026, with the ticker changing from LDWY to TULP effective February 2, 2026.

Revenue drivers

• Fresh-cut tulip stems (Bloomia) — The sole continuing operating business: hydroponically grown tulip stems sold to retailers. Bloomia nurtured over 90 million stems in the twelve months ended June 30, 2025 and net sales were approximately $40 million for calendar 2024. This business produced all $37.8 million of consolidated 2024 revenue.
• U.S. mass-market retail channel — A small number of U.S. mass-market retailers have historically accounted for more than 85% of Bloomia's total annual sales, and three customers were approximately 65% of Bloomia's calendar 2024 revenue. There are no long-term purchase commitments.
• South Africa greenhouse — A wholly owned South African subsidiary operates a greenhouse that averaged roughly 3.5 million tulip stems per year over the last five years, selling the majority of stems to one large retailer.
• Chile minority interest — A 30% interest in Araucania Flowers S.A., which grows tulips hydroponically year-round and sells to retailers in Chile and Brazil; this is a minority investment rather than a consolidated revenue line.

Recent performance

For the three months ended March 31, 2026 (the third quarter of fiscal 2026), net revenue was $14.4 million versus $12.4 million a year earlier, driven by higher prices, though stems sold fell about 3% on lower Valentine's Day sales. Gross profit was $2.9 million, or 19.8% of sales, down from $3.9 million, or 31.3%, and the quarter produced an operating loss of $0.02 million versus operating income of $1.4 million. Net loss attributable to Bloomia Holdings was $0.8 million, or $0.43 per diluted share, versus net income of $0.4 million, or $0.25 per diluted share; EBITDA was $0.9 million versus $2.6 million. For the nine months ended March 31, 2026, revenue was $26.3 million versus $25.3 million, gross margin fell to 12.5% from 18.8%, the operating loss widened to $5.4 million from $3.8 million, and cash used in operations was $11.1 million versus $7.3 million.

Strategy

Bloomia focused on the ag business after determining to exit the planned non-bank lending business (Farmland Credit, Inc.) following its CEO's June 2024 resignation, and it sold the legacy In-Store Marketing Business in August 2023 for $3.5 million. The company acquired majority ownership of Bloomia on February 22, 2024 for total consideration of $53.36 million, funded with debt and cash, and holds a 30% interest in Araucania Flowers S.A. in Chile. Management has invested in automation at the U.S. greenhouse to raise production efficiency, and positions domestic growing as higher-margin because importing bulbs by sea is cheaper than importing stems by air and carries lower tariffs. Co-CEO Dan Philp said the company closed a rights offering and paid down high-interest debt at a 50% discount, which he described as significantly de-levering the company. The company has also changed its fiscal year end from December 31 to June 30.

Risks

• Customer concentration — Three customers accounted for approximately 65% of Bloomia's calendar 2024 revenue, more than 85% of sales have historically come from a small number of U.S. mass-market retailers, and there are no long-term purchase commitments.
• Input cost and tariff pressure — Management attributes recent margin declines to rising raw material (bulb) costs, tariffs, and a strengthening Euro versus the U.S. dollar.
• Seasonality and stem availability — Tulip sales peak in spring, inventory peaks before spring, and results are sensitive to timing shifts such as the movement of Easter sales between March and April and Valentine's Day volumes.
• Leverage and liquidity — The company reported $40.3 million of long-term debt and only $889,000 of cash and equivalents at March 31, 2026, with $11.1 million of cash used in operations in the nine months then ended.

Outlook

Chairman and Co-CEO Mark Jundt said increased stem availability positions the company well for a strong fourth quarter in which demand historically exceeds stem availability. He said external pressures from raw material costs, tariffs, and the Euro-dollar rate appear to be resolving in the company's favor, and that maintaining market share has it looking forward to a more profitable fiscal year 2027. Co-CEO Dan Philp cited the completed rights offering and discounted debt paydown as positioning the company for future growth.