Lendway, Inc. is a specialty agricultural company that concentrates on making and managing its ag investments in the United States and internationally. The company’s primary operation is the production and sale of fresh cut tulip stems through its majority ownership of Bloomia, which grows tulips hydroponically in greenhouses located in the United States, South Africa and the Netherlands.
Lendway generates revenue mainly from the sale of fresh cut tulip stems to mass…
Lendway, Inc. is a specialty agricultural company that concentrates on making and managing its ag investments in the United States and internationally. The company’s primary operation is the production and sale of fresh cut tulip stems through its majority ownership of Bloomia, which grows tulips hydroponically in greenhouses located in the United States, South Africa and the Netherlands.
Lendway generates revenue mainly from the sale of fresh cut tulip stems to mass market retailers in the United States. The company purchases tulip bulbs from suppliers in the Netherlands, Chile and New Zealand, grows the bulbs hydroponically in its own greenhouses, harvests the stems and distributes them to retail distribution centers for consumer sales. Additional revenue is derived from the small greenhouse interest in Chile and the South African operation, but the bulk of sales come from the U. S. tulip business.
The company operates through the following segments.
- Agribusiness: This segment produces fresh cut tulip stems by sourcing bulbs from the Netherlands, Chile and New Zealand, growing them hydroponically in company owned greenhouses, and selling the stems to mass market retailers in the United States, South Africa and Chile.
Lendway holds a leading position among U. S. producers of fresh cut tulips, accounting for roughly 20% of domestically grown cut tulip stems. The company competes with both domestic growers and foreign importers, primarily from the Netherlands, but maintains a competitive advantage through its integrated supply chain, year round hydroponic production and lower freight costs from shipping bulbs by sea instead of importing stems by air. Its ability to source bulbs from both hemispheres allows it to meet demand outside the traditional winter spring peak, reducing reliance on seasonal labor and improving margins.
The company’s customer base consists principally of large mass market retailers in the United States, with 3 customers representing 34%, 20% and 11% of its U. S. revenue in fiscal year 2024. In South Africa the greenhouse output is sold to local retailers, while the Chilean joint venture Araucania supplies retailers in Chile and Brazil. No individual consumer sales are reported; all revenue flows through wholesale and retail distribution channels.