CV Sciences, Inc. CVSI reported Monday its financial results for the quarter ended June 30, 2023, disclosing revenue of $4.0 million, compared to $4.1 million for the same period of 2022.
"We continue to increase our distribution network in the natural product retail channel. Our flagship PlusCBD™ brand continues to improve its number one position and gain market share in the natural product channel, and, with our portfolio of high-quality and proven products, we believe the Company is positioned for future growth," stated Joseph Dowling, CEO of CV Sciences. "Our second quarter gross margins exceeded our expectations and we are encouraged by improvements we have made to reduce operating expenses. We have strengthened our balance sheet and continue to operate cost efficiently and plan to continue participating in the consolidation and brand contraction of the CBD market as we execute on our key strategic initiatives, and leverage core competitive advantages to drive long-term growth and shareholder value."
Q2 Financial Summary
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Gross profit was of $1.72 million, compared to $1.27 million in the second quarter of last year.
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Gross margin was 43.3% for the period, versus 30.7% in the second quarter of 2022.
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Net loss amounted to $1.29 million, which compares to a net loss of $2.65 million in the corresponding period of prior year.
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Adjusted EBITDA was a loss of $1.2 million, compared to adjusted EBITDA loss of $1.8 million in the same quarter of 2022.
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Cash balance of $1.7 million at quarter end compared to $600,000 at the end of 2022.
Price Action
CV Sceinces shares were trading 2.07% higher at $0.0385 per share at the time of publishing Monday morning.
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