On the heels of a major M&A deal, Charlotte's Web Holdings Inc. CWEB CWBHF posted Tuesday its fourth quarter and full-year 2019 financial results.
The hemp wellness company generated quarterly revenue of $22.8 million, compared to $21.5 million in the same period of the prior year. For the full year, Charlotte's Web disclosed revenue of $94.6 million, versus $69.5 million in 2018.
During the last quarter of 2019, Charlotte’s Web had a net loss of $18.8 million or 19 cents per share, which compares to a net income of $3.2 million or 3 cents per share, whereas for the entire 2019, it reported a net loss of $15.6 million, versus a net income of $11.8 million in the previous year.
Its adjusted EBITDA for the fourth quarter was a loss of $10.2 million, or $1.7 million for the full year, compared to positive adjusted EBITDA of $3.4 million for the quarter, and $19.4 million for the year.
"In 2019 we began a transition from startup to a standup CPG company capable of servicing the mass retail channels," Deanie Elsner, CEO of Charlotte's Web, said in a statement. "We assembled highly experienced CPG management, sales, and marketing teams that rapidly captured the broadest retail customer footprint in the category.”
Elsner said Charlotte's Web adapted its strategies with the changing market dynamics within its sales channels.
Among important recent business milestones the company noted announced acquisition of Abacus Health, surpassing 10,000 retail stores distributing its products, launching 24 new pet product SKUs, obtaining NASC certification for its pet line of products, and acquiring $10 million secured credit line support from JPMorgan.
Charlotte's Web shared its enthusiastic, but also modest outlook, for 2020 affected by coronavirus pandemic. The company anticipates first quarter revenue for 2020 to be in the $20 million range. Charlotte's Web also forecasts a 10% to 20% topline growth for the full year.
Charlotte's Web‘s shares were trading 12.16% higher at $3.95 per share on Tuesday.
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