CV Sciences, Inc. (OTCQB:CVSI) a hemp-focused wellness company announced on Tuesday its financial results for the second quarter that ended June 30, 2024, revealing a flat revenue year-over-year at $4 million for the period.
"Revenues for our core business remained stable at $4 million in the second quarter of 2024 despite a challenging environment," said CEO Joseph Dowling. "With our recently completed acquisitions and new product innovations, we are planning to grow our revenue in the second half of 2024. Our 47.0% gross margin in the second quarter of 2024 is our best gross margin in the last 13 quarters."
Q2 2024 Financial Highlights
- Gross profit totaled $1.86 million, up from $1.7 million in the prior year's period.
- Recognized gross margin of 47% for the second quarter of 2024 compared to 43.3% for the second quarter of 2023 and a quarter-over-quarter improvement from 46.3% for the first quarter of 2024.
- Total operating expenses amounted to $2.4 million down from $2.8 million in the same quarter of 2023.
- Net loss amounted to $584 000, representing an improvement from the $1.3 million net loss in the corresponding period of the last fiscal year.
- Cash balance of $0.5 million at quarter end compared to $1.3 million at the end of 2023.
- Total assets amounted to $8.9 million as of June 30, 2024, down from $9.2 million as of Dec. 31, 2023.
"Our second quarter 2024 progress demonstrates our continuous commitment to innovation and cost-efficient execution as we move closer to profitability and positive cash flow," Dowling added. "We are excited about the additional opportunities of Elevated Softgels, our most recent acquisition, which we closed in May 2024. In addition, we are thrilled to appoint Maxim as our strategic financial advisor to accelerate our organic and non-organic growth opportunities."
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