HEMP - CBD-Focused Charlotte's Web Revenue Drops 29% In Q1 Amid Strategic Adjustments | Benzinga
Charlotte’s Web Holdings, Inc. (OTCQX:CWBHF) (TSX:CWEB) announced its first quarter financial results Wednesday for 2024. The Colorado-based hemp extract wellness producer faced a challenging quarter, reporting a 29% decline in revenue to $12.1 million from $17 million in the same period last year.
Q1 2024 Financial Highlights
- Revenue was $12.1 million, falling 29% compared to the $17 million of the same period last year.
- Net loss was $9.7 million, or $0.06 per share basic and diluted, compared to a net loss of $2.9 million, or $0.02 per share basic and diluted, for Q1 2023.
- Adjusted EBITDA loss was $4 million, compared to the $3.3 million in the first quarter of 2023.
- Gross profit was $6.9 million, compared to the $9.9 million of the same period last year.
Despite the dip in revenue, the company managed to maintain a relatively strong gross profit margin at 57%, totaling $6.9 million, down slightly from 58.3% or $9.9 million in Q1 ...