Start here if you're new
what it is
It owns a specialty agriculture business and is trying to keep the balance sheet from crushing it.
how it gets paid
Last year Lendway made $36M in revenue.
why growth slowed
Revenue fell 5.7% last year. The number that mattered was 3.6% gross margin.
what just happened
Revenue rose to $12M, but a 3.6% gross margin and EPS of -$2.90 kept the quarter ugly.
At a glance
C balance sheet — red flag territory — real financial stress
30/100 earnings predictability — expect surprises
-$3.57 fy2024 eps est
rights offering / covenant story — read latest 8-K
distressed operating margin — verify quarter in 10-Q
xvary composite: 26/100 — weak
What they do
It owns a specialty agriculture business and is trying to keep the balance sheet from crushing it.
The moat is operational, not financial. Bloomia gives Lendway a real operating business with $36 million of annual revenue from EDGAR, while the public company is valued at about $7 million. If you think the rights offering cuts debt fast, that gap is the whole case.
How they make money
$36M
annual revenue · revenue declined -5.7% last year
total revenue
$36M
5.7%
The products that matter
grows and sells cut flowers
fresh-cut tulips
~$36–38M-scale annual revenue (recent FY filings— seasonal quarters swing hard)
Bloomia is a real operating business, but revenue is seasonal and the equity is small versus ~$73M long-term debt— financing and covenants matter as much as tulip demand.
single business
Key numbers
$73M
long-term debt
This matters because the debt load is about 10x the company's roughly $7 million market value. That is the investment case and the risk in one number.
91%
debt to capital
Jargon → debt to capital → how much of the business is financed by borrowing → so what: lenders, not shareholders, dominate the capital stack.
$36M
annual revenue
EDGAR shows there is a real operating business here, even if the equity is priced like a distress stub.
3.6%
gross margin
Jargon → gross margin → sales left after direct costs → so what: there is almost no cushion for mistakes.
Financial health
C
strength
- balance sheet grade C — very weak — significant financial distress
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $73M (91% of capital)
C — balance sheet grade and long-term debt are flagged. this stock carries more risk than average.
Total return vs. market
Return history isn't available for TULP right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Revenue rose to $12M, but a 3.6% gross margin and EPS of -$2.90 kept the quarter ugly.
EDGAR shows latest-quarter revenue grew 76% vs. prior year to $12 million. The problem is what was left after costs: gross margin was just 3.6%, and EPS fell to negative $2.90.
$12M
revenue
-$2.90
EPS (loss)
3.6%
gross margin
the number that mattered
The number that mattered was 3.6% gross margin, because revenue growth does not help much when almost all of it disappears into direct costs.
source: company earnings report, 2026
Get this snapshot in your inbox
This page, delivered free — plus weekly updates when the numbers change. plain english, no spam.
weekly updates
earnings alerts
plain english
no spam
What could go wrong
the #1 risk is failure of the $15.5M rights offering.
high
capital raise misses and liquidity gets worse
The company has already tied its near-term funding plan to a $15.5M rights offering that expires on mar 27, 2026. If it falls short, the balance sheet problem moves from ugly to urgent.
A failed raise leaves a ~$7M equity sitting under $73M of long-term debt.
high
lenders keep calling the shots
The amended credit agreement already imposes restrictions on the Bloomia business. When debt is 91% of capital, covenants are not paperwork. They shape what management can and cannot do next.
Less flexibility during refinancing usually means weaker terms for common shareholders.
high
single-digit gross margin leaves no cushion
Q2 gross margin was 7.2% on $6.7M of revenue. That means production costs already eat almost everything before corporate costs and interest show up.
A small pricing or cost miss can turn a weak quarter into a much worse one fast.
Put the pieces together and the risk picture is blunt: a company with $73M of long-term debt, a Q2 net loss of $2.3M, and a $15.5M financing deadline does not have much room for delay.
source: institutional data · regulatory filings · risk analysis
Pay attention to
deadline
$15.5M rights offering expires mar 27, 2026
This is the number and the date that matter most. If the raise closes cleanly, the survival story gets more time. If it does not, the pressure moves to creditors.
margin
watch whether gross margin can get out of the single digits
Q2 gross margin was 7.2%. Until that improves, revenue growth alone will not fix the income statement.
debt
credit restrictions are not background noise
Debt is 91% of capital. That means amendments, waivers, and lender terms deserve as much attention as flower demand.
reporting
Q3 2026 is the first full quarter to judge the Bloomia story
Management will have to show more than a cleaner name. You want evidence that sales and margin trends are stabilizing at the same time.
Analyst rankings
earnings predictability
30 / 100
in human-speak, the numbers are hard to forecast and surprises are more likely here than in most stocks.
risk rank
5 / 100
This sits near the bottom of the market on safety. You are not being paid for stability here.
source: institutional data
Institutional activity
institutional ownership data for TULP is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$5
current price
n/a
target midpoint · n/a from current
Want the deeper analysis?
The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
see plans from $5/moThe deep dive