CV Sciences ( (CVSI) ) has released its Q3 earnings. Here is a breakdown of the information CV Sciences presented to its investors.
CV Sciences, Inc. is a prominent consumer wellness company focused on hemp extracts and natural ingredients, operating within the nutraceuticals and plant-based food sector. The company recently released its financial results for the third quarter of 2024, highlighting a stable revenue stream amid a challenging market environment.
For the third quarter of 2024, CV Sciences reported revenue of $3.9 million, which reflects a slight decrease from the previous year. Despite this, the company maintained a strong gross margin of 46.0%. Noteworthy developments during the quarter include the launch of +PlusHLTH™, a new line of cannabinoid-free supplements, and additional pet chews for health and calming purposes.
The company also reinforced its position as the leading hemp extract brand in the natural product retail sales channel. Operating losses improved slightly to $0.3 million, attributed to enhanced gross margins and reduced operating expenses. Furthermore, CV Sciences secured $0.9 million in financing and managed an adjusted EBITDA loss of $75,000, moving closer to a break-even cash flow.
Looking ahead, CV Sciences remains committed to innovation and cost-efficient operations, aiming to achieve profitability and positive cash flow. The management is optimistic about revenue growth in 2025, driven by recent acquisitions and product innovations, while also exploring organic growth and merger opportunities to enhance shareholder value.
