Charlotte's Web Holdings, Inc. CWBHF CWEB released its financial results for the second quarter ended June 30, 2023, revealing net revenue of $16.0 million, a decrease of 15.2% compared to $18.9 million in the second quarter of 2022.
Q2 2023 Financial Highlights
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Gross profit was $8.9 million, or 55.7% of revenue, as compared to gross profit of $9.3 million, or 49.4% of revenue, in the second quarter of 2022.
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Net income was $2.8 million, or $0.02 per share basic and diluted, for the second quarter of 2023. This was an improvement versus a net loss of $7.9 million, or $0.05 per share basic and diluted, in Q2 2022.
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Adjusted EBITDA was negative $7.1 million, compared to negative $5.4 million in the second quarter of 2022.
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The company's cash and working capital as of June 30, 2023, were $61.7 million and $72.3 million respectively, compared to $67.0 million and $82.3 million on December 31, 2022, respectively.
"We reported positive cash flow in the second quarter, including collecting our $4.2 million IRS employee retention credit as well as prudent expense management, partially offset by MLB quarterly rights payment of $2.0 million," stated Jessica Saxton, CFO of Charlotte's Web. "Our cash balance increased to $61.7 million at quarter end, providing ample working capital to support continued execution of our strategy."
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