RYTHM Inc

rythm.com

What Do They Do?

Sells hemp-derived THC beverages and edible products to consumers through retailers, online, and direct-to-retail partners, and licenses its brands to Green Thumb for use in its existing businesses.

How Do They Make Money?

Hemp-derived product sales bring in money when products transfer to customers; Green Thumb pays fixed annual brand-license fees in monthly installments.

revenue

Segment	Share	Revenue	How money arrives
Non-licensing Revenue Sold outright	55%		Sold outright
Licensing Revenue Recurring	45%		Recurring

Who Are Their Customers?

Consumers buy drinks and edibles through retailers, online and direct-to-retail partnerships; Green Thumb licenses the brands for its existing businesses, and distributors handle some product distribution.

Customers above 10% of revenue, FY2025

of revenue from two customers (45%, 12%)

FY2024: 100% from one customer

Do Revenues Turn Into Profits?

No. It lost $33.3M in FY2025.

Operating income, FY2025

−187% of revenue

▲ +537% (Loss) vs FY2024 (−$5.1M, −28183%)

Net income, FY2025

−192% of revenue

▼ −20% (Loss) vs FY2024 (−$41.7M, −231922%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +1027%; vs $2M in Q2 FY2025
Net income: ▲ Now profitable; vs −$7.4M in Q2 FY2025

Non-licensing Revenue share of revenue vs 87.9% in Q2 FY2025

Aug 11, 2026 RSLGH’s beneficial ownership increased to approximately 89.9% after ownership limits were removed The amendment to the warrants, notes and services agreement is effective October 10, 2026.
Apr 1, 2026 Green Thumb license agreements shifted to a fixed $70 million annual cash fee The annual fee is payable in monthly installments.

Shrinking. Revenue fell 71% in 4 years, from $59.9M in FY2021 to $17.3M in FY2025, about 27% a year.

From equipment to branded products The earlier report focused on cultivation systems, software and extraction equipment sold to licensed cultivators; the latest focuses on hemp-derived THC beverages and edibles and licensing brand rights.

Revenue over time

Non-licensing Revenue Licensing Revenue

$20M$10M$0

FY2024 FY2025

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