cbdMD Q1 Net Sales Decline 35% YoY, What About Net Loss?

cbdMD, Inc. YCBD released its first quarter of fiscal 2023 results, revealing net sales of $6.1 million, a decrease of 22% compared to net sales of $7.8 million in the Q4 2022, and a decrease of 35% compared to $9.3 million in the Q1 2022.

Q1 2023 Financial Highlights

• Gross profit was $3.6 million compared to $5 million in Q1 2022.

• Gross profit margin was 59% versus 54% for the prior year period.

• Net loss improved to $3.9 million on sales of $6.1 million as compared to a $19.1 million net loss on sales of $9.3 million in the prior year comparative quarter.

• Loss from operations of approximately $4.0 million for the quarter ending December 31, 2022 compared to a $25.1 million loss from operations for our quarter ending December 31, 2021, a reduction of approximately $21 million or 84% year over year.

Other Highlights

• The company launched cbdMD Max with patented Univestin that has clinical pain claims.

• cbdMD Therapeutics completed our human clinical study and results indicated our proprietary broad spectrum reduces pain in healthy adults, in addition to other significant indications on mood, immunity and sleep. The data is currently being used to support product development and marketing campaigns.

• Adara Acquisition Corporation completed its merger with Alliance Entertainment Inc. on February 10, 2023 and the company received back its $1 million investment in Adara Sponsor, LLC.

• cbdMD entered into an agreement for advertising placement with a360 Media, LLC in which a360 will provide professional media support and advertising placement in exchange for shares of the company's common stock.

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