Slide 1: Fluent Q1 2025 earnings presentation
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Slide 2: Operational Footprint
FLUENT Operational Footprint NEW YORK 4 DISPENSARIES DELIVERY 2 CULTIVATION FACILITIES 1 MANUFACTURING FACILITY PENNSYLVANIA 3 DISPENSARIES TEXAS FLORIDA 1 CULTIVATION FACILITY 5 CULTIVATION FACILITIES 1LAB 1 MANUFACTURING FACILITY DELIVERY 35 DISPENSARIES EDUCATION CENTER (Coming 2 2025)
Slide 3: Financial Highlights
Financial Highlights Q1 2025 ($ in millions) Q1 Q2 Q3 Q4 Q1 $26.8M 2024 2024 2024 2024 2025 Q1 2025 Revenue vs $25.2M prior year Total Revenue $3.5M $25.2 $27.3 $26.1 $24.9 $28.6 Q1 2025 Adj. EBITDA Adjusted vs. $6.8M prior year EBITDA (1) $6.8 $7.7 $7.5 $3.0 $3.5 $30.7M (1) Adjusted EBITDA is a non
Slide 4: Florida
Florida
Slide 5: Florida Footprint
FLUENT Florida Footprint SERVING PATIENTS IN 9 OPERATIONS VILLE (ATL BEACH) Ceo TAMPA HEADQUARTERS LE (ATL BLVD) AVENTURA JACKSONV CAPE CORAL JACKSON\ JACKSONVILLE (CASSAT, TAMPA FACILITY JACKSONVILLE (SAN JOSE) g (GROW + LAB + DIST KenDas .* TWATER FACILITY CORAL GABLES LAKE WORTH GROW + PACKAGING
Slide 6: Operations
FLUENT Operations Indoor Canopy GH Canopy FLUENT Facilities Total SQFT Canopy SQFT SQFT SQFT Florida Total 191,328 103,065 45,385 57,680 Zolfo 81,501 43,097 9,497 33,600 Tampa 45,132 25,376 25,376 - Ruskin 32,728 13,824 1,312 12,512 Rosa(1) 17,119 9,200 9,200 - Polk 14,848 11,568 - 11,568 New York T
Slide 7: Pennsylvania
Pennsylvania
Slide 8: Pennsylvania
FLUENT Pennsylvania FLUENT has operating dispensaries in Hanover, Mechanicsburg, and Annville, maxing out current license capacity. FLUENT ANNVILLE FLUENT MECHANICSBURG FLUENT HANOVER
Slide 9: Overall Pennsylvania Market Growth and Insights
Overall Pennsylvania Market Growth and Insights • 2024 projected $1.7B in medical sales • 6 border states conducting legalized adult use sales • Estimated 2.3X sales generation ($3.9B/year) if PA approves adult use sales
Slide 10: Texas
Texas
Slide 11: Texas
FLUENT Texas FLUENT is one of only three vertical license holders in the second most populous state in the country – significant p o t e n t i a l f o r 1 st m o v e r a d v a n t a g e TX Medical Program: Actively monitoring legislative developments and encouraged by the potential expansion of the
Slide 12: New York
New York
Slide 13: New York
FLUENT New York FLUENT acquired RIV Capital in December 2024, which added the following to the company’s portfolio. Dispensaries: • Manhattan (MED & AU) • White Plains (MED & AU) • Kingston (MED & AU) • Syracuse (MED) • Option to open (3) additional MED stores Operations: • Chestertown – Cultivation
Slide 14: New York Market
New York Market THROUGH EARLY MARCH ARE ALREADY RETAIL SALES ARE REBOUNDING ONE-QUARTER OF 2024'S TOTAL FOLLOWING THE JAN/FEB LULL New York Cannabis Reported Retail Sales By Quarter Retail Revenue Totals New York Cannabis Reported Retail Sales By Month $203.28 ce 2023 soors0 $154.6 million* cee $154
Slide 15: Investment Highlights
Investment Highlights ($ in millions) 2021 2022 2023 2024 YoY% Total Revenue $65.4 $87.7 $97.3 $103.6 6.4% Adjusted EBITDA (1) $19.6 $25.1 $27.2 $25.0 -8% A Leading MSO for the Next Phase of the U.S. Cannabis Industry The business combination between Cansortium (CSE: TIUM.U) and RIV Capital (CSE: RI
Slide 16: GetFLUENT.com
FLUENT GetFLUENT.com SES rer &§& re