RYTHM, Inc.

Listed Company

RYMCIK 0001800637NasdaqNon-AcceleratedSmaller ReportingEmerging GrowthAgricultural ServicesNevadaNZFY ends Dec 31

Period

FY 2025

Revenue

$17.28M

Net Income

$-33.26M

Total Assets

$106.68M

Equity

$13.02M

Shares Out

2.15M

Op. Cash Flow

$-23.54M

Business

RYTHM, Inc. develops and markets branded consumer and industrial solutions for the cannabis and hemp industries. Its main products include the Señorita line of hemp-derived THC beverages in multiple flavors and a suite of extraction equipment and post-processing solutions for producers. The company operates distinct lines of business: Hemp-Derived Beverages, Extraction Solutions, and historically Cultivation Solutions and TTK services (which were divested). Products are distributed through retail partners (e.g., Total Wine, ABC Fine Wine & Spirits, Binny’s), direct-to-consumer where permitted, and sold to licensed cultivators and processing labs in the U.S. and Canada.

Summary from filing dated 2025-03-21

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	17	18,000	15	58	60
Cost of goods sold	7	89,000	11	90	55
Gross profit (loss)	10	−71,000	4	−32	5
Selling, general and administrative	34	7	16	73	31
Impairment of long-lived assets	8	—	—	—	—
Change in contingent consideration	—	−2	−1	—	—
Total operating expenses	43	5	17	162	40
Operating loss from continuing operations	−32	−5	−13	−193	−35
Interest expense, net	−3	−256,000	—	—	—
Change in fair value of warrant liabilities	299,000	−18	5	51	—
Other income, net	500,000	—	1	5	3
Total other expense, net	−2	−18	−403,000	5	—
Loss from continuing operations before income taxes	−35	−23	−13	−188	−32
Income tax provision	—	2,000	−2,000	−23,000	−25,000
Loss from continuing operations, net of income taxes	−35	−23	−13	—	−32
Loss from discontinued operations	−2	−7	−5	—	—
Gain (loss) on disposal of Extraction and Cultivation business	4	−12	—	—	—
Income (loss) from discontinued operations, net of income taxes	1	−19	−5	—	—
Net loss	−33	−42	−19	−188	−32
Continuing operations (in Dollars per share)	−17.42	−22.77	−135.11	−902.19	−340.75
Discontinued operations (in Dollars per share)	0.74	−18.15	−52.53	—	—
Net loss per share basic (in Dollars per share)	−16.68	−40.92	−187.64	−902.19	−1.69
Net loss per share diluted (in Dollars per share)	−16.68	−40.92	−187.64	−902.19	—
Weighted average common shares outstanding - basic (in Shares)	2	1	99,391	208,573	95,455
Weighted average common shares outstanding - diluted (in Shares)	2	1	99,391	208,573	95,455

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	32	31	434,000	—	—
Accounts receivable, net	9	30,000	855,000	1	—
Inventory, net	4	500,000	5	21	20
Prepaid expenses and other current assets	2	398,000	2	2	2
Current assets associated with discontinued operations	—	3	16	—	—
Total current assets	48	35	24	45	87
Goodwill	10	10	—	—	50
Intangible assets, net	—	9	—	—	14
Related party prepaid license rights	49	—	—	—	—
Non-current assets associated with discontinued operations	14,000	715,000	20	—	—
Total assets	107	54	45	70	182
Accounts payable	2	825,000	4	21	9
Accrued expenses and other current liabilities	8	4	8	16	29
Long-term debt, current	4	522,000	766,000	29	1
Current liabilities associated with discontinued operations	2	9	20	—	—
Total current liabilities	43	25	41	71	44
Warrant liabilities	697,000	996,000	1	6	—
Long-term debt, net of current	5	1,000	16	407,000	12,000
Non-current liabilities associated with discontinued operations	—	257,000	1	—	—
Total liabilities	94	26	60	79	45
Commitments and contingencies (Note 23)	—	—	—	—	—
Common Stock, $0.001 par value per share, 35,000,000 shares authorized; 2,149,128 and 1,952,032 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	2,000	2,000	—	1,000	—
Preferred stock, value	—	—	—	—	—
Additional paid-in capital	354	335	251	238	196
Accumulated deficit	−341	−307	−266	−247	−59
Total stockholders equity	13	28	−15	−9	137
Total liabilities and stockholders equity	107	54	45	70	182

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	6	1	2	3	1
Amortization of debt discount	—	−47,000	−109,000	4	−42,000
Non-cash interest expense	3	—	—	—	—
Lease expense	156,000	—	—	—	—
Impairment of right-of-use assets	24,000	—	—	—	—
Stock-based compensation expense	2	1	3	4	—
Change in provision for credit losses, net	268,000	−336,000	−15	37	—
Change in inventory reserve	552,000	−747,000	—	—	—
Loss on abandonment of CIP projects	—	31,000	—	—	—
Loss on inventory write-down	—	—	—	—	—
Gain on disposal of property and equipment	−2,000	14,000	—	—	—
Gain on exit of Extraction business	−4	—	—	—	—
Gain on early termination of lease	—	−50,000	—	—	—
Gain on settlement of contingent liability	—	−6	—	—	1
Loss on disposal of Cultivation business	—	12	—	—	—
Change in contingent consideration	—	−2	—	—	—
Accounts receivable	−2	646,000	1	2	−3
Accounts receivable - related party	−7	—	—	—	—
Inventory	−3	8	17	−30	−7
Prepaid expenses and other current assets	−1	2	—	—	—
Operating lease right-of-use assets	—	528,000	954,000	−731,000	29,000
Other non-current assets	12,000	46,000	170,000	1	—
Accounts payable	151,000	−5	108,000	—	—
Accounts payable - related party	152,000	—	—	—	—
Accrued expenses and other current liabilities	−4	1	−4	−9	—
Accrued expenses and other current liabilities - related party	11	—	—	—	—
Operating lease liabilities	−161,000	−519,000	−872,000	803,000	—
Contract liabilities	−1	−578,000	−93,000	—	—
Net cash and cash equivalents used in operating activities	−24	−12	−31	−72	−30
Related party transaction with MC Brands	−5	—	—	—	—
Related party transaction with VCP	−50	—	—	—	—
Purchases of property and equipment	—	−4,000	−59,000	−8	−2
Proceeds from disposal of property and equipment	—	20,000	—	—	—
Issuance of loans receivable	—	−400,000	—	—	—
Proceeds from repayment of loan receivable	—	330,000	15	—	—
Net cash and cash equivalents used in investing activities	−55	−54,000	25	−2	−105
Proceeds from related party notes payable	72	14	4	—	—
Proceeds from third-party notes payable	8	—	—	—	—
Repayments of third-party notes payable	−3,000	—	−71,000	−187,000	—
Payments for taxes related to net share settlement of equity awards	−337,000	—	—	—	—
Proceeds from issuance of Common Stock through an S-1 and Pre-Funded Warrants offering	—	2	2	—	—
Proceeds from issuance of Common Stock through IONIC Stock Subscription	—	345,000	2	26	—
Proceeds from issuance of Common Stock in connection with private placement, net	—	26	—	—	—
Proceeds from exercise of Pre-Funded Warrants	—	36,000	—	—	8,000
Payments on insurance financing loans	—	−377,000	−1	−221,000	−148,000
Net cash and cash equivalents provided by financing activities continuing operations	80	42	−4	73	139
Net increase in cash and cash equivalents	1	31	−10	—	—
Cash paid for interest	9,000	—	76,000	5	30,000
Conversion of related party debt to common stock	10	10	—	—	—
Issuance of pre-funded warrants in lieu of related party shared services agreement	4	—	—	—	—
Issuance of pre-funded warrants in lieu of related party cash interest	3	—	—	—	—
Issuance of pre-funded warrants in lieu of cash interest	183,000	—	—	—	—
Reclassification of accounts payable and accrued interests to notes payable	99,000	—	—	—	—
Conversion of liability classified pre-funded warrants to equity	—	21	—	—	—
Stock and warrants issued in connection with business combination	—	19	—	—	—
Fair value of warrants in connection with reclassification and issuance	—	7	5	—	—
Conversion of convertible notes into equity	—	2	—	—	—
Cashless exercise of liability classified warrants	—	2	—	—	—
Deemed contribution from troubled debt restructuring with related party	—	676,000	—	—	—
Financing of prepaid insurance	—	14,000	2	2	—

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