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olivLaw · US equity research

Bloomia Holdings, Inc. TULP

Agricultural Production-Crops · SIC 0100 · Vertical: Agricultural Production-Crops (SIC 0100)

2.25USD−0.44% · 1 dayClose 03 Nov 2026

Bloomia Holdings, trading on Nasdaq as TULP, produces and sells fresh cut tulips grown hydroponically in U.S. greenhouses from bulbs sourced mainly from the Netherlands. The company is under pressure as bulb costs rose and production waste weighed on margins, while a debt restructuring cut its total debt to 21.7 million USD at June 30, 2026.

At the close of 03 Nov 2026, Bloomia Holdings, Inc. (TULP) stock was 2.25 USD (−0.44% on the day), with market capitalisation 10.9 m USD, dividend yield 217.78%, beta 0.21, 52-week range 2.11–5.25 USD. Latest reported quarter (Q4 2026): revenue of 21.8 m USD (+223.5% YoY), net income of -5.3 m USD, diluted EPS -1.11 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
10.9 m USD
shares as of 15 Sept 2026
P/E (TTM)
unavailable
Diluted EPS TTM -4.43 · TTM to 30 Jun 2026
E/P (TTM)
-196.89%
TTM to 30 Jun 2026
Dividend yield
217.78%
DPS 12m 4.90
Beta (2y)
0.21
Volatility (1y) 78%
52-week range
2.115.25

Price history

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Technical reading

RSI (14)
36.8
weak (30–45)
Bollinger (20, 2)
1.99 – 2.74
in the lower half of the band · %B 0.35 · band width 31.8%
SMA 50 / 200
2.91 / 3.62
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.19 / -0.22
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−16.7%−1.1%−15.6 pp—
3 months−34.8%−0.5%−34.3 pp—
6 months−43.2%+4.4%−47.6 pp—
Year to date−34.8%+12.3%−47.1 pp—
1 year−49.8%+13.5%−63.3 pp−24.3%
3 years−56.0%+76.4%−132.4 pp−25.1%
5 years−69.6%+63.7%−133.3 pp—
Max drawdown (1y)
−59.8%
30 Jan 2026 → 15 Oct 2026
Max drawdown (5y)
−91.7%
11 Jan 2022 → 15 Oct 2026
Compound annual growth (5y)
−21.2%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q4 2026 · 30 Jun 2026

Revenue
21.8 m USD
+223.5% YoY
Net income
-5.3 m USD
unavailable YoY
Diluted EPS
-1.11
unavailable YoY
net / operating
-24.2% / -52.8%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ1 '24Q2 '24Q3 '24Q4 '24Q3 '25Q4 '25Q3 '26Q4 '26
Revenue8.0 m16.8 m6.6 m6.2 m5.2 m6.7 m14.4 m21.8 m
Cost of revenue6.3 m12.8 m5.2 m6.8 m5.2 m6.3 m11.6 m17.2 m
Gross profit1.7 m4.0 m1.4 m-582.0 k-60.0 k484.0 k2.9 m4.6 m
SG&A3.4 m—2.8 m3.3 m3.0 m2.8 m2.9 m3.0 m
Operating income-1.6 m-118.0 k-1.4 m-3.9 m-3.0 m-2.3 m-20.0 k-11.5 m
Depreciation & amortisation300.0 k808.0 k ≈820.0 k713.0 k874.0 k——961.0 k
Interest expense212.0 k324.0 k ≈392.0 k—————
Pre-tax income-1.8 m-1.1 m-2.2 m-4.4 m-4.1 m-3.3 m-1.2 m-5.4 m
Income tax-347.0 k-201.0 k-736.0 k-1.0 m-721.0 k-661.0 k-405.0 k1.2 m
Net income-1.2 m-534.0 k-1.1 m-2.9 m-2.9 m-2.3 m-765.0 k-5.3 m
Diluted EPS-0.67-0.42-0.64-1.66-1.61-1.29-0.43-1.11 ≈
Operating cash flow1.5 m3.5 m ≈-7.6 m-1.5 m-9.9 m——7.2 m
Capex230.0 k271.0 k ≈47.0 k466.0 k46.0 k——141.0 k

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year2018⚠ 2019202020212022202320242026
Revenue33.2 m21.5 m17.5 m19.5 m18.8 munavailable37.8 m48.1 m
Revenue YoY+25.8%—−18.8%+11.6%−3.6%unavailableunavailableunavailable
Net income1.4 m-5.6 m-4.6 m-3.5 m10.0 m2.4 m-5.7 m-11.2 m
Net income YoYunavailable—unavailableunavailableunavailable−76.0%−337.9%unavailable
Diluted EPS0.12-3.27-2.66-2.015.591.36-3.24-4.43
Diluted EPS YoYunavailable—unavailableunavailableunavailable−75.7%−338.2%unavailable
net %4.2%-25.9%-26.4%-18.1%53.4%unavailable-15.2%-23.2%
Free cash flowunavailable-2.7 m-1.6 m-3.1 m10.7 m479.0 k-5.2 m-4.4 m

The series breaks before 2019: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2026 · 30 Jun 2026

Cash
1.5 m USD
Financial debt
20.7 m USD
Net debt
19.2 m USD
Equity
13.8 m USD
Total assets
84.4 m USD
Debt / equity
1.50x
Current ratio
1.69x
ROE
unavailable
ROA
-13.2%
FCF margin
-9.2%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
—
2024
37.8 m
2026
48.1 m

SEC (XBRL)· 21 Sept 2026verified

Cost of revenue
2023
—
2024
31.3 m
2026
40.2 m

SEC (XBRL)· 21 Sept 2026verified

Gross profit
2023
—
2024
6.5 m
2026
7.9 m

SEC (XBRL)· 21 Sept 2026verified

SG&A
2023
3.5 m
2024
13.2 m
2026
11.6 m

SEC (XBRL)· 21 Sept 2026verified

Operating income
2023
-3.5 m
2024
-6.7 m
2026
-16.9 m

SEC (XBRL)· 21 Sept 2026verified

Depreciation & amortisation
2023
7.0 k
2024
2.6 m
2026
3.6 m

SEC (XBRL)· 21 Sept 2026verified

EBITDA
2023
-3.5 m ≈
2024
-4.1 m ≈
2026
-13.2 m ≈

SEC (XBRL)· 21 Sept 2026derived

Pre-tax income
2023
-3.0 m
2024
-9.2 m
2026
-14.0 m

SEC (XBRL)· 21 Sept 2026verified

Income tax
2023
20.0 k
2024
-2.3 m
2026
-579.0 k

SEC (XBRL)· 21 Sept 2026verified

Net income
2023
2.4 m
2024
-5.7 m
2026
-11.2 m

SEC (XBRL)· 21 Sept 2026verified

Diluted EPS
2023
1.36
2024
-3.24
2026
-4.43

SEC (XBRL)· 21 Sept 2026verified

Weighted average diluted shares
2023
1.8 m
2024
1.8 m
2026
2.5 m

SEC (XBRL)· 21 Sept 2026verified

Dividend per share
2023
—
2024
—
2026
—

SEC (XBRL)· 11 Mar 2021verified

Balance sheet · USD

Cash
2023
16.1 m
2024
1.8 m
2026
1.5 m

SEC (XBRL)· 21 Sept 2026verified

Receivables
2023
—
2024
2.2 m
2026
5.8 m

SEC (XBRL)· 21 Sept 2026verified

Inventories
2023
0
2024
13.4 m
2026
5.3 m

SEC (XBRL)· 21 Sept 2026verified

Current assets
2023
16.6 m
2024
18.8 m
2026
17.9 m

SEC (XBRL)· 21 Sept 2026verified

Property, plant & equipment, net
2023
35.0 k
2024
11.3 m
2026
10.1 m

SEC (XBRL)· 21 Sept 2026verified

Goodwill
2023
0
2024
10.7 m
2026
0

SEC (XBRL)· 21 Sept 2026verified

Intangibles (excl. goodwill)
2023
0
2024
25.6 m
2026
21.2 m

SEC (XBRL)· 21 Sept 2026verified

Total assets
2023
16.7 m
2024
100.0 m
2026
84.4 m

SEC (XBRL)· 21 Sept 2026verified

Accounts payable
2023
32.0 k
2024
3.0 m
2026
2.7 m

SEC (XBRL)· 21 Sept 2026verified

Short-term debt
2023
0
2024
1.8 m
2026
—

SEC (XBRL)· 27 Mar 2025verified

Long-term debt
2023
0
2024
38.5 m
2026
20.7 m

SEC (XBRL)· 21 Sept 2026verified

Current liabilities
2023
1.1 m
2024
7.8 m
2026
10.6 m

SEC (XBRL)· 21 Sept 2026verified

Equity
2023
15.5 m
2024
11.9 m
2026
13.8 m

SEC (XBRL)· 21 Sept 2026verified

Cash flow · USD

Operating cash flow
2023
518.0 k
2024
-4.1 m
2026
-4.0 m

SEC (XBRL)· 21 Sept 2026verified

Capex
2023
39.0 k
2024
1.2 m
2026
433.0 k

SEC (XBRL)· 21 Sept 2026verified

Free cash flow
2023
479.0 k ≈
2024
-5.2 m ≈
2026
-4.4 m ≈

SEC (XBRL)· 21 Sept 2026derived

Investing cash flow
2023
1.5 m
2024
-35.1 m
2026
-433.0 k

SEC (XBRL)· 21 Sept 2026verified

Financing cash flow
2023
-473.0 k
2024
24.9 m
2026
5.3 m

SEC (XBRL)· 21 Sept 2026verified

Dividends paid
2023
—
2024
—
2026
—

SEC (XBRL)· 11 Mar 2021verified

Share repurchases
2023
482.0 k
2024
—
2026
—

SEC (XBRL)· 01 Apr 2024verified

Computed indicators

Growth

Revenue growth (YoY)
unavailable
input data missing
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
19.8%
computed by olivLawFY 2021 → FY 2026
EBIT growth (YoY)
unavailable
input data missing
Net income growth (YoY)
unavailable
input data missing
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
unavailable
input data missing
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
the base of the ratio is not positive
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
16.4%
computed by olivLawFY 2026
EBITDA margin
-27.5%
computed by olivLawFY 2026
EBIT margin
-35.0%
computed by olivLawFY 2026
Net margin
-23.2%
computed by olivLawFY 2026
FCF margin
-9.2%
computed by olivLawFY 2026

Returns

ROE
-87.9%
computed by olivLawFY 2026 · balance sheet at 30 Jun 2026
ROA
-12.3%
computed by olivLawFY 2026 · balance sheet at 30 Jun 2026
ROIC
-36.6%
computed by olivLawFY 2026 · balance sheet at 30 Jun 2026
ROCE
-22.8%
computed by olivLawFY 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
19.2 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Net debt / EBITDA
unavailable
insufficient data
Debt / equity
1.6x
computed by olivLawbalance sheet at 30 Jun 2026
Interest coverage
unavailable
the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used

Liquidity

Current ratio
1.7x
computed by olivLawbalance sheet at 30 Jun 2026
Quick ratio
1.2x
computed by olivLawbalance sheet at 30 Jun 2026
Cash ratio
0.1x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
-4.0 m USD
computed by olivLawFY 2026
Capital expenditure
433.0 k USD
computed by olivLawFY 2026
Free cash flow
-4.4 m USD
computed by olivLawFY 2026
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
insufficient data

Efficiency

Days sales outstanding
41 days
computed by olivLawFY 2026 · balance sheet at 30 Jun 2026
Days inventory outstanding
55 days
computed by olivLawFY 2026 · balance sheet at 30 Jun 2026
Days payables outstanding
20 days
computed by olivLawFY 2026 · balance sheet at 30 Jun 2026
Cash conversion cycle
76 days
computed by olivLawFY 2026 · balance sheet at 30 Jun 2026

Market and valuation

Market capitalisation
10.9 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
30.1 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-196.9%
computed by olivLawFY 2026
P/B
0.8x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
0.2x
computed by olivLawFY 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
unavailable
insufficient data
EV/EBIT
unavailable
insufficient data
EV/Sales
0.6x
computed by olivLawFY 2026 · balance sheet at 30 Jun 2026
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-40.6%
computed by olivLawFY 2026 · balance sheet at 30 Jun 2026
Dividend yield
217.8%
computed by olivLawFY 2026
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 4 of at least 6
  • score weight coverage: 29.2% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

2.25 USD

03 Nov 2026Source: olivLaw, closing series

Market cap: 10.9 m USD

Key indicators

Market capitalisation
10.9 m USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
unavailable
insufficient data
P/B
0.8x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
unavailable
insufficient data
ROE
-87.9%
computed by olivLawFY 2026 · balance sheet at 30 Jun 2026
Net margin
-23.2%
computed by olivLawFY 2026
Revenue growth (YoY)
unavailable
input data missing
Dividend yield
217.8%
computed by olivLawFY 2026

Coverage and freshness

33/37 reporting lines present
Latest full fiscal year: 2026
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 15 Sept 2026
Source: SEC (XBRL)published 21 Sept 2026
verified 2258derived 146

Score by group

29% · Insufficient data

Estimated value range

Low
64.39
USD per share
Mid
73.86
USD per share
High
86.59
USD per share
Price: 2.25 USD
The price is below the range
Potential to the central value: 3,182.7% (value / price − 1)
Margin of safety: 97.0% (1 − price / value)
Agreement between methods: single method · 1 methods used · 1 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 64.39 – 86.59 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
  • Peers: EV/EBITDAunavailable · the base of the ratio is not positive
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)64.39 – 86.59 (Mid 73.86)
Multiple comparisons use the SIC vertical: Agricultural Production-Crops (SIC 0100)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 29.2% of at least 60%

FactorValueScoreWeight used
ROIC · Quality-36.6%14 (vs peers)36%
Net margin · Quality-23.2%36 (vs peers)21%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growthunavailableunavailable—
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheet1.7x74 (on a fixed band)14%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuation-40.6%0 (on a fixed band)29%
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial74/100 · 1/3 factors with a value
  • Growth· partialunavailable · 0/2 factors with a value
  • Quality23/100 · 2/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partial0/100 · 1/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

BLOOMIA HOLDINGS, INC. (TULP). Latest full fiscal year: 2026; data up to 2026-06-30.

Figures computed from the financial statements: revenue 48.1 m USD in 2026; net margin -23.2%; ROE -87.9%.

The estimated value range is 64.39–86.59 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 73.86 USD, the price of 2.25 USD leaves a potential of 3,182.7% (value / price − 1) and a margin of safety of 97.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 29.2% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Current ratio: 1.7x
  • The price is below the estimated value range

What contradicts it

  • ROIC: -36.6%
  • FCF yield: -40.6%

Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Agricultural Production-Crops (SIC 0100) · same industry (4-digit SIC) · compared with 11 companies

Multiples and returns vs the median

P/E
—
vertical median 16.6x
EV/EBITDA
—
vertical median 7.0x
P/S
0.2x
vertical median 0.6x
below median (−59.9%)
P/B
0.8x
vertical median 1.0x
below median (−16.0%)
ROE
-87.9%
vertical median 4.5%
below median (−2,055.1%)
Net margin
-23.2%
vertical median 1.9%
below median (−1,349.3%)
EBIT margin
-35.0%
vertical median 2.3%
below median (−1,610.4%)
Revenue YoY
—
vertical median 5.6%
Net debt/EBITDA
—
vertical median 1.3x
Dividend yield
217.8%
vertical median 2.9%
above median (+7,536.7%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
CTVACorteva, Inc.8.2 bn8.14.0%5.7%+2.9%+21% / +81%
DMCDel Monte Corporation1.4 bn16.84.0%1.9%+1.0%−21% / +26%
AGROAdecoagro S.A.1.3 bn10.37.1%6.1%+16.9%+14% / −19%
DOLEDole plc1.3 bn21.94.5%0.6%+8.2%−4% / +20%
VFFVillage Farms International, Inc.358.3 m16.47.6%9.8%+10.2%−26% / +271%
LMNRLimoneira Company190.7 m—-25.7%-33.0%−16.6%−24% / −31%
AGRZAgroz Inc.42.0 m48.025.6%8.6%unavailable−98% / unavailable
LOCLLocal Bounti Corporation22.1 m——-130.5%+26.8%−61% / −73%
TULPBloomia Holdings, Inc.10.9 m—-87.9%-23.2%unavailable−50% / −56%
SEEDOrigin Agritech Limited8.6 m——-58.4%−20.6%−49% / −64%
EDBLEdible Garden AG Incorporated1.4 m—-197.1%-51.0%−7.6%−100% / −100%
LNDBrasilAgro – Brazilian Agricultural Real Estate Company——6.3%15.7%+13.8%−12% / −32%

1- and 3-year price returns: for TULP from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Scenarios are not available. input data missing

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

In brief

Bloomia Holdings, trading on Nasdaq as TULP, produces and sells fresh cut tulips grown hydroponically in U.S. greenhouses from bulbs sourced mainly from the Netherlands. The company is under pressure as bulb costs rose and production waste weighed on margins, while a debt restructuring cut its total debt to 21.7 million USD at June 30, 2026 2.

SWOT

Strengths

  • Consolidated position among U.S. growers, based on hydroponics, year-round production and long-standing supplier relationships 1.
  • Greenhouse automation that allows faster scaling of production and reduced dependence on seasonal labor 1.
  • The 2026 debt restructuring significantly reduced financial obligations and improved the balance sheet structure 2.

Weaknesses

  • High dependence on a few retail customers, with no long-term purchase commitments 1.
  • Net losses and goodwill impairment in fiscal 2026 show that results remain vulnerable to cost and production shocks 2.
  • Significant debt with floating interest and covenant breaches during the year, although waivers were obtained from the lender 1.

Opportunities

  • Growing demand for tulips outside the peak season, including birthdays and weddings, where Southern Hemisphere supply can contribute 1.
  • Bulb prices for fiscal 2027 near historical averages, which could improve margins if the market stays stable 2.
  • Diversifying the customer base and exploring new distribution channels, as stated by management 2.

Threats

  • Changes in tariffs and the euro exchange rate that can raise the cost of bulbs imported from the Netherlands 1.
  • Production losses caused by disease or pests across the industry, which can reduce stock availability at peak periods 2.
  • Competition from importers and from retailers diversifying their supply, with possible loss of customers or market share 1.

Risks

  • Customer concentrationhigh

    A small number of customers generate most revenue, without long-term commitments. If one of these customers significantly reduces orders, revenue could fall substantially 1.

  • Bulb costs and tariffshigh

    Bulbs are the largest raw material purchase, and any cost increase the company cannot pass on to customers affects profitability 1.

  • Financial covenants and credithigh

    The company was in breach of financial covenants during fiscal 2026 and obtained waivers, with no assurance the lender will grant further waivers 1.

  • Control by major stockholdersmedium

    The largest stockholder and its affiliates hold a majority stake, which allows them to influence important decisions and can make transactions difficult without their support 1.

  • Limits on tax loss carryforwardslow

    The rights offering could lead to limits on the use of net operating loss carryforwards if an ownership change occurs under U.S. tax rules 1.

Investment thesis

What would need to be true (bull case)

  • The debt restructuring and lower interest costs could give the company a more robust balance sheet to support investment in automation and waste control 2.
  • Bulb prices contracted for fiscal 2027 could return to historical levels, and if production losses are limited, margins could recover 2.
  • U.S. hydroponic production with supply from two hemispheres can serve demand beyond the peak season, an advantage that importers of cut flowers find hard to replicate 1.

What would break the thesis

  • Dependence on a few large customers and the lack of long-term commitments can make revenue volatile, especially if a major retailer changes suppliers 1.
  • Goodwill impairment and net losses in fiscal 2026 show that asset bases and profitability may be more fragile than stable revenue suggests 2.
  • A concentrated shareholder structure and dependence on one business segment can limit the influence of minority shareholders and make strategic correction difficult 1.

What to watch

  • Gross margin trend after contracting bulb prices for fiscal 2027Q1 2027
  • Effectiveness of the new mite treatment and the level of production waste2027
  • Changes in tariffs on bulbs imported from the Netherlands2027

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

The business

The operating model runs through a multi-step supply chain: bulbs are bought in the Netherlands or the Southern Hemisphere, kept in cooled storage, shipped by sea, rooted, grown in greenhouses, harvested and delivered to customers. Southern Hemisphere bulbs are generally used from August to December and Northern Hemisphere bulbs the rest of the year, allowing year-round production. Importing bulbs rather than stems lowers logistics costs and carbon footprint, but exposes the company to tariffs and euro exchange rate moves 1.

Segments

Fresh cut tulips grown in U.S. greenhouses

This is the core segment, operated through Bloomia with hydroponic greenhouses in the United States. Sales are concentrated in a few mass-market retailers, four of which accounted for about 59% of revenue in fiscal 2026 1.

Market context

The U.S. cut flower market is estimated at over 8 billion USD, of which about 80% is imported, and tulips account for roughly 15% of overall cut flower sales 1. The company says high barriers to entry, including the need for high volumes and efficient operations, limit competition. Demand for tulips is also growing outside the peak season for events such as birthdays and weddings, which creates room for producers able to supply year-round 1.

Trends

  • Bulb prices and the euromixed

    Poor harvests in the Netherlands raised the average bulb price 21% in fiscal 2026, and a stronger euro increased import costs 12. Contracts for fiscal 2027 could ease this pressure.

  • Tariffs on imported bulbsheadwind

    Dutch bulbs face a 15% U.S. tariff, and the company tries to pass cost increases on to customers, though it is unlikely that customers will absorb all of them 1. Changes to tariffs through trade negotiations could affect margins in either direction.

  • Automated greenhouse productiontailwind

    Investment in automation of the U.S. greenhouse allows production to scale faster, improves efficiency and reduces dependence on seasonal labor, which could support margins over the medium term 1.

  • Production losses and mite controlheadwind

    In a broader industry challenge around mite treatment, the greenhouse suffered excess waste in the fourth quarter of fiscal 2026, and the company invested in a new treatment to reduce the risk of recurrence 2.

Competitive position

Bloomia competes with local U.S. producers and with foreign producers who import cut tulips, mainly from the Netherlands 1. The stated advantage combines hydroponics with strong supplier relationships, enabling year-round production, better quality and longer shelf life. Competition can also come indirectly from retailers supplied by other growers or from online flower delivery websites 1.

Importers of cut flowers ship stems by air, which means higher costs and greater tariff exposure, whereas the company imports bulbs, which it describes as a cost advantage. Competition on price, quality and the ability to fill orders at seasonal peaks remains intense 1.

  • Local North American cut flower growers

    Growers in the U.S. and Canada that compete for the same retail channels, not named individually in the analysed sources 1.

  • Dutch tulip importers

    Suppliers that bring cut flowers from the Netherlands, mainly by air, and are the principal external competitors 1.

  • Retailers with alternative sourcing

    Retail chains that can diversify their flower sourcing, which directly affects the company's market share 1.

  • Online flower delivery platforms

    Digital flower services that compete indirectly for end-consumer demand, as described in the annual report's risk factors 1.

News & filings

In the press

No news in our archive over the last 180 days.

SEC filings

Sources

  1. [1] Form 10-K, fiscal year ended 2026-06-30 · SEC / Bloomia Holdings, Inc. · 21 Sept 2026
  2. [2] Form 8-K, results release (exhibit 99.1) · SEC / Bloomia Holdings, Inc. · 21 Sept 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.