Market Overview

Charlotte's Web Trades Down After Reporting $1.3M Q3 Net Loss, Increases In E-Commerce, Retail Sales

Charlotte's Web Trades Down After Reporting $1.3M Q3 Net Loss, Increases In E-Commerce, Retail Sales

Charlotte's Web Holdings, Inc. (TSX: CWEB) (OTC: CWBHF) reported third-quarter revenue of $25.1 million on Wednesday, a 41.8% year-over-year increase. 

The company posted a net loss of $1.3 million versus net income of $1.8 million in the same period one year ago. 

The quarterly loss amounts to 1 cent per share as compared to earnings of 2 cents per share in the third quarter of 2018.

The company achieved positive adjusted EBITDA for the quarter of $700,000 versus adjusted EBITDA of $5.3 million in the same quarter of 2018.

B2C e-commerce sales jumped 38.7%, while B2B retail sales increased 66.4%, Charlotte's Web said. 

Don’t miss out on the top cannabis stories of the day. Click here to sign up for our daily insider newsletter.

"In an increasingly crowded, noisy and confusing CBD market, brands matter, and Charlotte's Web is the most trusted hemp extract in the world," CEO Deanie Elsner said in a statement. "Consumers are becoming more informed about product ingredients, production quality and variances between CBD isolate and full-spectrum hemp extract efficacy. Consumer education is increasing and a 68% year-over-year increase in traffic through our online store drove Q3 B2C sales to new highs.”

The CBD company updated its revenue guidance. 

"We're pleased with our growth of 42% for Q3 and 49.6% year-to-date. We expect full year revenue for 2019 to be in the range of $95 to $100 million and to maintain growth rates for 2020 in the 40% to 50% range or until clear regulations are set," Elsner said. 

Charlotte’s Web stock was trading down 6.87% at $9.36 at the time of publication. 

Photo courtesy of Charlotte's Web. 

Posted-In: CBDCannabis Earnings News Guidance Markets


Related Articles (CWBHF)

View Comments and Join the Discussion!

Cannabis Movers

Sign up for our secret cannabis newsletter!
Never miss out on the breaking news in the Cannabis Industry!

Analysts Upbeat On Skyworks' Fundamentals

Brake Violations Decline During Latest Inspection Blitz