Bloomia 10-K Reveals $11.2M FY26 Loss, Full Goodwill Write-Down, and New Credit Amendment Terms
TULP is trading near its 52-week low of $3.11 (9.1% above the low) on light trading volume (0.1× avg).
Summary
Bloomia's FY26 10-K confirms an $11.2M net loss, a full goodwill write-down, and a new credit amendment with higher rates and a monthly refinance fee — while authorized shares doubled to 10M.
Key Events · Earnings and Guidance · TULP
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FY26 Net Loss Widens to $11.2M
Revenue was essentially flat at $48.1M vs $48.4M, but net loss attributable to Bloomia Holdings widened to $11.2M ($4.43 per diluted share) from $2.6M in FY25, driven by a $13.2M non-cash impairment charge.
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Full Goodwill Write-Down
The company recognized an $11.1M goodwill impairment and a $2.0M intangible asset impairment in Q4 FY26, reducing goodwill to zero and the trade name carrying value to $6.5M.
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Third Amendment to Credit Agreement
Signed September 16, 2026, the amendment increases the interest margin to 3.00%-5.00%, temporarily raises the revolving facility to $10M through May 31, 2027, and adds a $100K monthly Refinance Fee from February 1, 2027 if no Debt Refinance or $4M Alternative Capital Raise is completed by January 31, 2027.
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Covenant Breaches and Waivers
The company breached financial covenants on December 31, 2025, March 31, 2026, and June 30, 2026, receiving waivers each time. Revised covenants step down from 6.25x senior cash flow leverage to 3.00x by September 2027.
Analysis · TULP · Industrial Applications And Services
Bloomia Holdings' annual report confirms a brutal fiscal 2026: revenue was flat at $48.1M but the net loss widened to $11.2M, driven by a $13.2M non-cash impairment charge that wiped out all goodwill. The balance sheet shows the strain — total debt was cut 36% to $21.7M through a rights offering and debt settlement, but the company breached financial covenants three times during the year and needed a Third Amendment to its credit agreement just five days before this filing. That amendment raises the interest margin, adds a $100K monthly Refinance Fee starting February 2027 if the company can't refinance or raise $4M, and requires personal limited guarantees from the co-CEOs and Bloomia's CEO. The company also doubled its authorized shares to 10M, signaling more dilution is likely coming.
How filings like this one have moved
In the 30 days to Sep 30, 2026, 34.7% of the 1013 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.50%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, TULP was trading at $3.39 on NASDAQ in the Industrial Applications And Services sector, with a market capitalization of approximately $16.2M. The 52-week trading range was $3.11 to $6.19. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.