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Better Choice Company Announces Fourth Quarter and Full Year 2024 Financial Results

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Better Choice Company (NYSE: BTTR) reported strong Q4 2024 financial results with revenue growth of 26% year-over-year to $7.2 million, driven by a 32% increase across Chewy and Amazon platforms. The company demonstrated significant improvements with gross margin expanding to 36%, representing a 2,705 basis point increase year-over-year.

Q4 2024 highlights include a 90% improvement in net loss to $(1.6) million, and loss per share improving 97% to $(0.50). The adjusted EBITDA loss improved 80% to $(0.7) million. For full-year 2024, the company achieved a $6.2 million gain on debt extinguishment, with net loss improving 99% to $(0.2) million and loss per share improving 100% to $(0.10).

The company maintained a healthy working capital position of $7.9 million, with $3.1 million in cash and cash equivalents and $2.4 million available in credit facility borrowing capacity as of December 31, 2024.

Better Choice Company (NYSE: BTTR) ha riportato risultati finanziari solidi per il quarto trimestre del 2024, con una crescita dei ricavi del 26% rispetto all'anno precedente, raggiungendo i 7,2 milioni di dollari, grazie a un aumento del 32% sulle piattaforme Chewy e Amazon. L'azienda ha mostrato miglioramenti significativi, con un margine lordo che si è espanso al 36%, rappresentando un aumento di 2.705 punti base rispetto all'anno precedente.

Tra i punti salienti del quarto trimestre 2024 si segnala un miglioramento del 90% nella perdita netta, che si attesta a $(1,6) milioni, e un miglioramento del 97% nella perdita per azione, che scende a $(0,50). La perdita EBITDA rettificata è migliorata dell'80%, raggiungendo $(0,7) milioni. Per l'intero anno 2024, l'azienda ha registrato un guadagno di 6,2 milioni di dollari dalla estinzione del debito, con una perdita netta migliorata del 99% a $(0,2) milioni e una perdita per azione migliorata del 100% a $(0,10).

L'azienda ha mantenuto una solida posizione di capitale circolante di 7,9 milioni di dollari, con 3,1 milioni di dollari in contante e equivalenti e 2,4 milioni di dollari disponibili in capacità di prestito da linea di credito al 31 dicembre 2024.

Better Choice Company (NYSE: BTTR) reportó resultados financieros sólidos para el cuarto trimestre de 2024, con un crecimiento de ingresos del 26% interanual, alcanzando los 7.2 millones de dólares, impulsado por un aumento del 32% en las plataformas de Chewy y Amazon. La compañía demostró mejoras significativas, con un margen bruto que se expandió al 36%, lo que representa un aumento de 2,705 puntos básicos interanuales.

Los aspectos destacados del cuarto trimestre de 2024 incluyen una mejora del 90% en la pérdida neta, que se situó en $(1.6) millones, y una mejora del 97% en la pérdida por acción, que bajó a $(0.50). La pérdida de EBITDA ajustada mejoró un 80%, alcanzando $(0.7) millones. Para el año completo 2024, la empresa logró una ganancia de 6.2 millones de dólares por la extinción de deudas, con una pérdida neta mejorada del 99% a $(0.2) millones y una pérdida por acción mejorada del 100% a $(0.10).

La empresa mantuvo una posición de capital de trabajo saludable de 7.9 millones de dólares, con 3.1 millones de dólares en efectivo y equivalentes, y 2.4 millones de dólares disponibles en capacidad de endeudamiento de línea de crédito al 31 de diciembre de 2024.

베터 초이스 컴퍼니 (NYSE: BTTR)는 2024년 4분기 재무 결과를 발표하며 전년 대비 26% 성장한 720만 달러의 수익을 기록했습니다, 이는 Chewy와 Amazon 플랫폼에서 32% 증가한 데 힘입은 것입니다. 이 회사는 총 마진이 36%로 확대되며 전년 대비 2,705 베이시스 포인트 증가하는 등 상당한 개선을 보여주었습니다.

2024년 4분기의 주요 내용으로는 순손실이 90% 개선되어 $(1.6) 백만에 이르렀고, 주당 손실이 97% 개선되어 $(0.50)으로 줄어들었습니다. 조정된 EBITDA 손실은 80% 개선되어 $(0.7) 백만이 되었습니다. 2024년 전체 연도에 대해 이 회사는 부채 소각으로 620만 달러의 이익을 달성했으며, 순손실은 99% 개선되어 $(0.2) 백만, 주당 손실은 100% 개선되어 $(0.10)으로 나타났습니다.

회사는 2024년 12월 31일 기준으로 790만 달러의 건전한 운전 자본을 유지했으며, 현금 및 현금 등가물로 310만 달러, 신용 시설 차입 가능성으로 240만 달러를 보유하고 있습니다.

Better Choice Company (NYSE: BTTR) a annoncé des résultats financiers solides pour le quatrième trimestre 2024, avec une croissance des revenus de 26 % par rapport à l'année précédente, atteignant 7,2 millions de dollars, tirée par une augmentation de 32 % sur les plateformes Chewy et Amazon. L'entreprise a montré des améliorations significatives, avec une marge brute s'élargissant à 36 %, représentant une augmentation de 2 705 points de base par rapport à l'année précédente.

Les faits marquants du quatrième trimestre 2024 incluent une amélioration de 90 % de la perte nette, qui s'élève à $(1,6) million, et une amélioration de 97 % de la perte par action, qui passe à $(0,50). La perte EBITDA ajustée s'est améliorée de 80 %, atteignant $(0,7) million. Pour l'année entière 2024, l'entreprise a réalisé un gain de 6,2 millions de dollars sur l'extinction de la dette, avec une perte nette améliorée de 99 % à $(0,2) million et une perte par action améliorée de 100 % à $(0,10).

L'entreprise a maintenu une position de fonds de roulement solide de 7,9 millions de dollars, avec 3,1 millions de dollars en espèces et équivalents et 2,4 millions de dollars disponibles en capacité d'emprunt de ligne de crédit au 31 décembre 2024.

Better Choice Company (NYSE: BTTR) hat für das vierte Quartal 2024 starke finanzielle Ergebnisse gemeldet, mit einem Umsatzwachstum von 26% im Jahresvergleich auf 7,2 Millionen Dollar, angetrieben durch einen Anstieg von 32% auf den Plattformen Chewy und Amazon. Das Unternehmen zeigte erhebliche Verbesserungen, da die Bruttomarge auf 36% anstieg, was einem Anstieg von 2.705 Basispunkten im Jahresvergleich entspricht.

Zu den Highlights des vierten Quartals 2024 gehört eine Verbesserung des Nettoverlusts um 90% auf $(1,6) Millionen, und der Verlust pro Aktie verbesserte sich um 97% auf $(0,50). Der bereinigte EBITDA-Verlust verbesserte sich um 80% auf $(0,7) Millionen. Für das gesamte Jahr 2024 erzielte das Unternehmen einen Gewinn von 6,2 Millionen Dollar aus der Schuldentilgung, wobei der Nettoverlust um 99% auf $(0,2) Millionen und der Verlust pro Aktie um 100% auf $(0,10) verbessert wurde.

Das Unternehmen hielt zum 31. Dezember 2024 eine gesunde Liquiditätsposition von 7,9 Millionen Dollar, mit 3,1 Millionen Dollar in bar und liquiden Mitteln sowie 2,4 Millionen Dollar an verfügbaren Kreditlinien.

Positive
  • 26% revenue growth in Q4 2024 to $7.2 million
  • Gross margin expanded significantly to 36% (2,705 basis points increase)
  • 90% improvement in net loss to $(1.6) million in Q4
  • $6.2 million gain from debt extinguishment
  • Strong working capital position of $7.9 million
  • 32% growth across Chewy and Amazon platforms
  • Four consecutive quarters of gross margin improvement
Negative
  • Company still operating at a loss with $(0.7) million adjusted EBITDA loss in Q4
  • Net loss of $(1.6) million in Q4 2024 despite improvements
  • cash position of $3.1 million

Insights

Better Choice's Q4 results demonstrate significant financial improvement despite ongoing operational losses. The 26% revenue growth to $7.2 million, primarily driven by 32% growth across e-commerce channels (Chewy/Amazon), indicates strong digital momentum in the competitive pet space.

The dramatic gross margin expansion to 36% (up 2,705 basis points year-over-year) reflects substantially improved operational efficiency. This margin improvement, combined with the 90% reduction in quarterly net loss to $1.6 million and 80% improvement in Adjusted EBITDA loss, creates a clear trajectory toward profitability.

Full-year results show similar progress with net loss improving 99% to just $0.2 million and loss per share improving to $0.10. However, investors should note the $6.2 million one-time gain from debt extinguishment significantly aided annual results.

The company's liquidity position has improved with $3.1 million cash on hand plus $2.4 million available credit and a healthier $7.9 million working capital position. With four consecutive quarters of margin improvement and three straight quarters of reduced losses, BTTR appears to be successfully executing its turnaround strategy, particularly in high-margin digital channels.

Fourth Quarter 2024 Revenue Growth of 26% Year-Over-Year to $7.2 million

Fourth Quarter 2024 Loss per Share Improves 97% Year-Over-Year to $(0.50)

Fourth Quarter 2024 Adjusted EBITDA Loss Improves 80% to $(0.7) million Year-Over-Year1

Full Year 2024 Loss per Share Improves 100% year-over-year to $(0.10)

Full Year 2024 Adjusted EBITDA Loss Improves 78% year-over-year to $(1.9) million1

TAMPA, Fla., March 27, 2025 (GLOBE NEWSWIRE) -- Better Choice Company Inc. (NYSE American: BTTR) (the “Company” or “Better Choice”), a pet health and wellness company, today announced its results for the fourth quarter and year ended December 31, 2024.

“Our fourth quarter results built on the momentum we saw during the third quarter and exceeded our internal projections across all key financial metrics," commented Chief Executive Officer, Kent Cunningham. "The most encouraging for me was the 26% sales growth in the fourth quarter we achieved year-over-year driven notably by a 32% increase across Chewy and Amazon platforms.   Combined with continued year-over-year expansion in our gross margin to 36% for the quarter, this gives us continued confidence in our strategy and our team’s ability to drive sustained, profitable growth going forward.”

Nina Martinez, Chief Financial Officer, also commented, "Our fourth quarter revenue growth achievement year-over-year, along with 80% year-over-year improvement to our adjusted EBITDA loss, reflects our unwavering focus on driving sustainable, profitable growth. In addition to achieving a 36% gross margin, we successfully reduced short-term obligations, generating a $6.2 million gain and transitioning to a healthy working capital position of $7.9 million. These results, combined with four consecutive quarters of improved gross margin and three straight quarters of net loss improvement, strengthen our confidence in our ability to achieve profitability through operational leverage in 2025."

FOURTH QUARTER 2024 FINANCIAL HIGHLIGHTS

  • Revenue increased 26% year-over-year to $7.2 million
  • Gross margin increased 2,705 basis points year-over-year to 36%
  • Net loss improved 90% year-over-year to $(1.6) million
  • Loss per share improved 97% year-over-year to $(0.50)
  • Adjusted EBITDA loss improved 80% year-over-year to $(0.7) million1

FULL YEAR 2024 FINANCIAL HIGHLIGHTS

  • Gross margin increased 657 basis points year-over-year to 37%
  • $6.2 million gain on extinguishment of debt and accounts payable
  • Net loss improved 99% year-over-year to $(0.2) million
  • Loss per share improved 100% year-over-year to $(0.10)
  • Adjusted EBITDA loss improved 78% year-over-year to $(1.9) million1

LIQUIDITY AND CAPITAL RESOURCES

As of December 31, 2024, cash and cash equivalents were $3.1 million and the Company had $2.4 million of borrowing capacity under its credit facility.

CONFERENCE CALL AND WEBCAST INFORMATION

Better Choice will host a conference call and webcast to discuss fourth quarter 2024 results today at 4:30 PM ET. The dial-in number for the conference call is 1-888-348-8935 or 1-412-317-0454. A live webcast of the conference call will be available by visiting https://viavid.webcasts.com/starthere.jsp?ei=1710449&tp_key=75345a2769, also available on the Company's investor relations website at ir.betterchoicecompany.com.

For interested individuals unable to join the conference call, the webcast replay of the call will be available for 90 days under the ‘Events & Presentations’ section of the Company website by visiting https://ir.betterchoicecompany.com/news-events/events-presentations.

About Better Choice Company Inc.

Better Choice Company Inc. is a pet health and wellness company focused on providing pet products and services that help dogs and cats live healthier, happier and longer lives. We offer a broad portfolio of pet health and wellness products for dogs and cats sold under our Halo brand across multiple forms, including foods, treats, toppers, dental products, chews, and supplements. We have a demonstrated, multi-decade track record of success and are well positioned to benefit from the mainstream trends of growing pet humanization and consumer focus on health and wellness. Our products consist of kibble and canned dog and cat food, freeze-dried raw dog food and treats, vegan dog food and treats, oral care products and supplements. Halo’s core products are made with high-quality, thoughtfully sourced ingredients for natural, science-based nutrition. Each innovative recipe is formulated with leading veterinary and nutrition experts to deliver optimal health. For more information, please visit https://www.betterchoicecompany.com.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “will,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. The Company has based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Some or all of the results anticipated by these forward-looking statements may not be achieved. Further information on the Company’s risk factors is contained in our filings with the SEC. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

Company Contact:
Better Choice Company Inc.
Kent Cunningham, CEO

Investor Contact:
KCSA Strategic Communications
Valter Pinto, Managing Director
T: 212-896-1254
Valter@KCSA.com


 
Better Choice Company Inc.
Consolidated Statements of Operations
(Dollars in thousands, except share and per share amounts)
 
 Year ended December 31,
  2024   2023 
Net sales$34,975  $38,592 
Cost of goods sold 21,986   26,795 
Gross profit 12,989   11,797 
Operating expenses:   
Selling, general and administrative 18,956   24,444 
Impairment of intangible assets    8,532 
Total operating expenses 18,956   32,976 
Loss from operations (5,967)  (21,179)
Other income (expense):   
Interest expense (467)  (1,353)
Change in fair value of warrant liabilities    (236)
Gain on extinguishment of debt and accounts payable 6,206    
Other income 69    
Total other income (expense) 5,808   (1,589)
Net loss before income taxes (159)  (22,768)
Income tax expense (9)  (2)
Net loss available to common stockholders$(168) $(22,766)
Weighted average number of shares outstanding, basic 1,615,487   705,185 
Weighted average number of shares outstanding, diluted 1,615,487   705,185 
Net loss per share available to common stockholders, basic$(0.10) $(32.29)
Net loss per share available to common stockholders, diluted$(0.10) $(32.29)


 
Better Choice Company Inc.
Condensed Consolidated Balance Sheets
(Dollars in thousands, except share and per share amounts)
 
 December 31,
2024
 December 31,
2023
Assets   
Cash and cash equivalents$3,066  $4,455 
Accounts receivable, net 5,371   4,354 
Notes receivable 2,211    
Inventories 3,869   6,611 
Prepaid expenses and other current assets 484   812 
Total Current Assets 15,001   16,232 
Fixed assets, net 138   230 
Right-of-use assets, operating leases 64   120 
Goodwill 405    
Other assets 193   155 
Total Assets$15,801  $16,737 
Liabilities & Stockholders’ Equity   
Current Liabilities   
Accounts payable$3,137  $6,928 
Accrued and other liabilities 1,535   2,085 
Line of credit 2,414   1,741 
Term loan, net    2,881 
Operating lease liability 62   57 
Total Current Liabilities 7,148   15,433 
Non-current Liabilities   
Operating lease liability 5   67 
Total Non-current Liabilities 5   67 
Total Liabilities 7,153   15,500 
Stockholders’ Equity   
Common Stock, $0.001 par value, 200,000,000 shares authorized, 1,830,097 & 729,026 shares issued and outstanding as of December 31, 2024 and 2023, respectively 2   32 
Additional paid-in capital 330,156   324,288 
Accumulated deficit (321,510)  (321,342)
Total Stockholders’ Equity 8,648   2,978 
Total Liabilities and Stockholders’ Equity$15,801  $18,478 


Better Choice Company Inc.
Non-GAAP Measures

Adjusted EBITDA

We define Adjusted EBITDA to supplement the financial measures prepared in accordance with GAAP. Adjusted EBITDA adjusts EBITDA to eliminate the impact of certain items that we do not consider indicative of our core operations. Adjusted EBITDA is determined by adding the following items to net loss: interest expense, tax expense, depreciation and amortization, share-based compensation, gain on extinguishment of debt and accounts payable, loss on disposal of assets, transaction-related expenses, and other non-recurring expenses.

We present Adjusted EBITDA as it is a key measure used by our management and board of directors to evaluate our operating performance, generate future operating plans and make strategic decisions regarding the allocation of capital. We believe that the disclosure of Adjusted EBITDA is useful to investors as this non-GAAP measure forms the basis of how our management team reviews and considers our operating results. By disclosing this non-GAAP measure, we believe that we create for investors a greater understanding of and an enhanced level of transparency into the means by which our management team operates our company. We also believe this measure can assist investors in comparing our performance to that of other companies on a consistent basis without regard to certain items that do not directly affect our ongoing operating performance or cash flows.

Adjusted EBITDA does not represent cash flows from operations as defined by GAAP. Adjusted EBITDA has limitations as a financial measure and you should not consider it in isolation, or as a substitute for, or superior to, financial measures calculated in accordance with GAAP. Because of these limitations, you should consider Adjusted EBITDA alongside other financial performance measures, including various cash flow metrics, net loss, gross margin, and our other GAAP results.

The following table presents a reconciliation of net loss, the closest GAAP financial measure, to EBITDA and Adjusted EBITDA for each of the periods indicated (in thousands):

Reconciliation of Net Loss to EBITDA and Adjusted EBITDA
 
 Three Months Ended December 31, Year Ended December 31,
  2024   2023   2024   2023 
Net loss$(1,518) $(14,701) $(168) $(22,770)
Interest (income) expense, net (69)  433   467   1,353 
Income tax expense 6   2   9   2 
Depreciation and amortization 30   417   130   1,678 
EBITDA (1,551)  (13,849)  438   (19,737)
Share-based compensation 72   157   833   1,775 
Impairment of intangible assets    8,532      8,532 
Change in fair value of warrant liabilities    1,575      236 
Loss on disposal of assets    1      12 
Gain on extinguishment of debt and accounts payable       (6,206)   
Transaction-related expenses (a) 484   137   1,356   935 
Strategic branding initiatives (b) 321   44   423   128 
Co-manufacturing partner transition (c) 113   44   113   52 
Other single occurrence expenses (d) (112)     1,155   (357)
Adjusted EBITDA$(673) $(3,359) $(1,888) $(8,424)
(a) Legal fees, professional fees, and other expenses for transaction-related business matters
(b) One-time costs related to marketing agency and design, strategic re-branding initiatives, Elevate® launch, product innovation and reformulations
(c) Single occurrence expenses related to the transition of our largest dry kibble co-manufacturing supplier
(d) One-time items related to employee severance, executive recruitment, other non-recurring professional fees, and insurance claim reimbursements.

FAQ

What was Better Choice Company's (BTTR) revenue growth in Q4 2024?

BTTR achieved 26% year-over-year revenue growth to $7.2 million in Q4 2024, with a 32% increase across Chewy and Amazon platforms.

How much did BTTR's gross margin improve in Q4 2024?

BTTR's gross margin increased by 2,705 basis points year-over-year to 36% in Q4 2024.

What was Better Choice's (BTTR) net loss improvement in Q4 2024?

BTTR's net loss improved 90% year-over-year to $(1.6) million in Q4 2024.

How much debt reduction did BTTR achieve in 2024?

BTTR generated a $6.2 million gain through the extinguishment of debt and accounts payable in 2024.

What is BTTR's current liquidity position as of December 2024?

BTTR had $3.1 million in cash and cash equivalents, plus $2.4 million in available credit facility borrowing capacity.
Better Choice Co Inc.

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