- CV Sciences ( OTCQB:CVSI ) stock fell ~7% on Aug. 15 after Q2 revenue declined -19.6% Y/Y.
- Q2 sales were $4.1M, compared to $5.1M in the Q2 2021. The company said the decline was mainly due to lower sales in the retail channel, primarily to FDM accounts, higher discounts for new product placements and changes in sales mix to lower priced products.
- The total number of units sold declined -5% Y/Y.
- CV Sciences said it continues to evaluate strategic review, including merger, sale, acquisition or other options for the company as a whole or for any business segments.
- The company added that it reduced its operating loss to -$2.3M, compared to -$3.5M in Q2 2021, mainly due to reductions in selling, general and administrative expenses.
- Non-GAAP loss per share remained flat at -$0.02.
- Adjusted EBITDA of -$1.8M, compared to -$2.4M in Q2 2021.
- At Q2 end, total cash balance was $1.1M.
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CV Sciences Q2 revenue falls 19% Y/Y while strategic review continues