cbdMD Reports Second Quarter Fiscal 2024 Results
cbdMD, Inc. (YCBD) announced its financial results for the second quarter of fiscal 2024, ending March 31, 2024. The company reported a net loss of $4.0 million, or $1.35 per share, compared to a net loss of $2.3 million, or $1.74 per share, in the same quarter of the previous year.
Despite the loss, management remains optimistic about the company's future. CEO & CFO Ronan Kennedy stated, "Transformation is not always linear, and while our second fiscal quarter 2024 results fell short of our ambitions, we believe the operational changes we've enacted are set to propel us forward."
These operational changes include cost-cutting measures projected to save approximately $2.4 million annually by August. These measures include staff reductions, renegotiated vendor contracts, and consolidation operations. The company aims to achieve positive cash flow in the upcoming quarters through these efforts.
profitability is imperative. Their input has further fueled our commitment to making tough yet crucial decisions, setting us up for success by the fiscal year's end," Kennedy added.
Net Sales: $4.4 million for Q2 fiscal 2024, down 30% from $6.2 million in Q2 fiscal 2023.
$4.0 million, or $1.35 per share, in Q2 fiscal 2024, compared to $2.3 million, or $1.74 per share, in Q2 fiscal 2023.
59% in Q2 fiscal 2024, compared to 64% in Q2 fiscal 2023.
$0.75 million in Q2 fiscal 2024, down 44% from $1.3 million in Q2 fiscal 2023.
$3.2 million (excluding accrued preferred dividend) and $2.1 million cash on hand at March 31, 2024.
cbdMD is optimistic about revenue growth in the third fiscal quarter of 2024, expecting it to surpass the March 2024 quarter. The company's ATRx Platinum line's national rollout at GNC is seen as a key growth driver, expanding its market presence into functional mushrooms.