Revenue performance has deteriorated significantly, culminating in a negative $21.8 million figure in 2025Q4 alongside a collapse in gross margins to negative 1.1%.
| Sales/Revenue | 14.5M | 59.51M | 76.07M | 33.4M | 8.98M | 106K | 0 |
| Revenue Growth % | -75.63% | -21.78% | 127.75% | 271.95% | 8371.7% | - | - |
| Cost of Goods Sold | 8.21M | 47.01M | 58.33M | 20.15M | 6.55M | 35K | 25.86K |
| COGS % of Revenue | 56.65% | 79% | 76.68% | 60.33% | 73% | 33.02% | - |
| Gross Profit | 6.29M | 12.5M | 17.74M | 13.25M | 2.42M | 71K | -25.86K |
| Gross Margin % | 43.35% | 21% | 23.32% | 39.67% | 27% | 66.98% | - |
| Gross Profit Growth % | -49.71% | -29.55% | 33.86% | 446.43% | 3315.49% | 374.5% | - |
| Operating Expenses | 10.74M | 28.14M | 68.09M | 60.47M | 21.43M | 14.36M | 2.79M |
| OpEx % of Revenue | 74.09% | 47.29% | 89.51% | 181.05% | 238.62% | 13542.45% | - |
| Selling, General & Admin | 1.21M | 23.08M | 23.34M | 28.78M | 17.76M | 11.85M | 2.77M |
| SG&A % of Revenue | 8.33% | 38.78% | 30.68% | 86.16% | 197.73% | 11176.42% | - |
| Research & Development | 238K | 418K | 62K | 388K | 132K | 78K | 21.04K |
| R&D % of Revenue | 1.64% | 0.7% | 0.08% | 1.16% | 1.47% | 73.58% | - |
| Other Operating Expenses | 9.3M | 4.65M | 44.7M | 31.31M | 3.54M | 2.43M | 0 |
| Operating Income | -4.46M | -15.64M | -50.35M | -47.22M | -19M | -14.28M | -2.82M |
| Operating Margin % | -30.74% | -26.29% | -66.19% | -141.38% | -211.61% | -13475.47% | - |
| Operating Income Growth % | 71.51% | 68.93% | -6.63% | -148.49% | -33.04% | -406.79% | - |
| EBITDA | -3.9M | -14.88M | -48.02M | -44.59M | -18.5M | -14.17M | -2.79M |
| EBITDA Margin % | -26.88% | -25% | -63.12% | -133.5% | -206.04% | -13368.87% | - |
| EBITDA Growth % | 73.8% | 69.02% | -7.69% | -141.01% | -30.56% | -407.44% | - |
| D&A (Non-Cash Add-back) | 559K | 768K | 2.33M | 2.63M | 501K | 113K | 25.86K |
| EBIT | -4.38M | -15.87M | -48.2M | -20.5M | -21.43M | -14.3M | -2.82M |
| Net Interest Income | -44K | -213K | -92K | 29K | -32K | -30K | 3.31K |
| Interest Income | 0 | 0 | 0 | 29K | 0 | 0 | 22.8K |
| Interest Expense | 44K | 213K | 92K | 0 | 32K | 30K | 19.48K |
| Other Income/Expense | 32K | -439K | 2.06M | -887K | -2.46M | -50K | -25.6K |
| Pretax Income | -4.42M | -16.08M | -48.3M | -48.11M | -21.46M | -14.33M | -2.84M |
| Pretax Margin % | -30.52% | -27.03% | -63.49% | -144.03% | -238.96% | -13522.64% | - |
| Income Tax | 0 | -177K | -1.63M | -1.41M | -98K | 0 | 0 |
| Effective Tax Rate % | 0% | 1.1% | 3.37% | 2.92% | 0.46% | 0% | 0% |
| Net Income | -4.42M | -15.91M | -57.04M | -52.41M | -21.25M | -14.17M | -2.84M |
| Net Margin % | -30.52% | -26.73% | -74.98% | -156.93% | -236.63% | -13367.92% | - |
| Net Income Growth % | 72.18% | 72.11% | -8.82% | -146.67% | -49.96% | -398.22% | - |
| Net Income (Continuing) | -4.42M | -15.91M | -46.67M | -46.7M | -21.36M | -14.33M | -2.84M |
| Discontinued Operations | 0 | 0 | -9.68M | -5.93M | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | -411K | -225K | -113K | -11K |
| EPS (Diluted) | 0.00 | -1.30 | -7.33 | -13.73 | -6.52 | -8.13 | -0.65 |
| EPS Growth % | 100% | 82.26% | 46.61% | -110.58% | 19.8% | -1150.77% | - |
| EPS (Basic) | 0.00 | -1.30 | -7.33 | -13.73 | -6.52 | -8.13 | -0.65 |
| Diluted Shares Outstanding | 0 | 12.27M | 7.36M | 3.83M | 3.28M | 1.75M | 4.39M |
| Basic Shares Outstanding | 0 | 12.27M | 7.36M | 3.83M | 3.28M | 1.75M | 4.39M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Liquidity and operational insolvency
As indicated by the most recent quarterly data, Flora Growth has experienced a sustained decline in top-line performance, with revenue falling to negative $21.8 million in 2025Q4, suggesting a fundamental breakdown in the company's ability to maintain its previously established market presence across its core segments.
The consistent downward trajectory in revenue suggests that the company's reliance on transactional wholesale and direct-to-consumer sales lacks the durability required for long-term stability. Investors should monitor whether this contraction represents a strategic withdrawal from unprofitable markets or a broader failure of the House of Brands strategy to retain customer loyalty.
Based on reported financial statements, gross margins have exhibited significant instability, fluctuating from a peak of 28.5% in 2023Q3 to a negative 1.1% in 2025Q4, which highlights the difficulty of maintaining pricing power amidst rising logistics costs and intense competition in the CBD sector.
The erosion of gross margins appears to reflect the high fixed-cost nature of the company's international supply chain, which struggles to absorb volume declines. This volatility suggests that the intended cost advantage of Colombian cultivation is currently being offset by inefficiencies in distribution and potential inventory write-downs.
According to historical income statement filings, the company has failed to achieve positive operating leverage, as evidenced by operating margins that have remained consistently negative, reaching a low of -44.5% in 2024Q4, despite various attempts to scale the business through aggressive brand acquisitions.
The inability to scale operating income faster than gross profit suggests that corporate overhead and SG&A expenses are disproportionately high relative to the current revenue base. This structural imbalance implies that the company may require a significant reduction in fixed costs to reach a break-even point.
Analysis of the company's net income, which reached a negative $109.9 million in 2025Q4, reveals significant non-operating noise and potential accounting adjustments that complicate the assessment of true operational performance, warranting further investigation into the nature of these large, periodic bottom-line swings.
The presence of substantial net income fluctuations suggests that investors should be cautious of relying on headline EPS figures, which appear heavily influenced by non-recurring items or asset impairments. The disconnect between operating performance and net results indicates that the quality of earnings remains low and highly unpredictable.
As reported in recent filings, the combination of a $5.6 million cash position and persistent operating losses suggests that the current business model may be unsustainable without further external financing, posing a significant risk of equity dilution for existing shareholders in the near term.
Short-sellers would likely focus on the company's inability to generate organic cash flow and the potential for further impairment of goodwill associated with past acquisitions. The lack of a clear path to profitability suggests that the company's survival may depend more on capital market access than on operational success.
Quick answers to the most common questions about buying FLGC stock.
For fiscal year 2025, Flora Growth Corp. (FLGC) reported total revenue of $14.5M.
Flora Growth Corp. (FLGC) reported a net loss of $4.4M for the fiscal year ending 2025.
Flora Growth Corp. (FLGC) reported an operating income of $-4.5M, resulting in an operating profit margin of -30.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Flora Growth Corp. (FLGC) generated $6.3M in gross profit for the year, representing a gross profit margin of 43.3%. This demonstrates the company's core pricing power and production efficiency.