CV Sciences, Inc. Reports Fiscal Year-End 2024 Financial Results
CV Sciences (OTCQB:CVSI) reported its fiscal year 2024 results with revenue of $15.7 million, slightly down 1.9% from $16.0 million in 2023. The company's Q4 2024 revenue was $3.9 million, up 2.2% from $3.8 million in Q4 2023.
Key financial metrics include improved gross margin of 45.6% for 2024 (up from 44.3% in 2023), reduced operating expenses by 5.4% to $9.4 million, and an adjusted EBITDA loss of $0.8 million, significantly improved from a $2.3 million loss in 2023.
Notable developments include the acquisition of Elevated Softgels, launch of +PlusHLTH™ supplement line, partnership with Chewy for pet products, and introduction of Lunar Fox vegan food line. The company maintained its position as the top-selling hemp extract brand in natural product retail.
CV Sciences (OTCQB:CVSI) ha riportato i risultati per l'anno fiscale 2024 con un fatturato di 15,7 milioni di dollari, in calo leggero dell'1,9% rispetto ai 16,0 milioni di dollari del 2023. Il fatturato del quarto trimestre 2024 è stato di 3,9 milioni di dollari, in aumento del 2,2% rispetto ai 3,8 milioni di dollari del quarto trimestre 2023.
I principali indicatori finanziari includono un margine lordo migliorato del 45,6% per il 2024 (in aumento rispetto al 44,3% del 2023), una riduzione delle spese operative del 5,4% a 9,4 milioni di dollari e una perdita di EBITDA rettificato di 0,8 milioni di dollari, significativamente migliorata rispetto a una perdita di 2,3 milioni di dollari nel 2023.
Sviluppi notevoli includono l'acquisizione di Elevated Softgels, il lancio della linea di integratori +PlusHLTH™, una partnership con Chewy per prodotti per animali domestici e l'introduzione della linea di cibi vegani Lunar Fox. L'azienda ha mantenuto la sua posizione di leader come marchio di estratti di canapa più venduto nel retail di prodotti naturali.
CV Sciences (OTCQB:CVSI) informó sus resultados del año fiscal 2024 con ingresos de 15,7 millones de dólares, ligeramente abajo un 1,9% desde los 16,0 millones de dólares en 2023. Los ingresos del cuarto trimestre de 2024 fueron 3,9 millones de dólares, un aumento del 2,2% desde los 3,8 millones de dólares en el cuarto trimestre de 2023.
Métricas financieras clave incluyen un margen bruto mejorado del 45,6% para 2024 (aumentando desde el 44,3% en 2023), gastos operativos reducidos en un 5,4% a 9,4 millones de dólares, y una pérdida de EBITDA ajustado de 0,8 millones de dólares, significativamente mejorada desde una pérdida de 2,3 millones de dólares en 2023.
Desarrollos notables incluyen la adquisición de Elevated Softgels, el lanzamiento de la línea de suplementos +PlusHLTH™, una asociación con Chewy para productos para mascotas, y la introducción de la línea de alimentos veganos Lunar Fox. La empresa mantuvo su posición como la marca de extracto de cáñamo más vendida en el comercio de productos naturales.
CV Sciences (OTCQB:CVSI)는 2024 회계연도 결과를 보고했으며, 수익은 1,570만 달러로 2023년의 1,600만 달러에서 1.9% 감소했습니다. 2024년 4분기 수익은 390만 달러로 2023년 4분기의 380만 달러에서 2.2% 증가했습니다.
주요 재무 지표로는 2024년 총 마진이 45.6%로 개선되었으며(2023년 44.3%에서 증가), 운영 비용은 5.4% 줄어들어 940만 달러가 되었고, 조정된 EBITDA 손실은 80만 달러로 2023년의 230만 달러 손실에서 크게 개선되었습니다.
주목할 만한 발전으로는 Elevated Softgels의 인수, +PlusHLTH™ 보충제 라인의 출시, 애완동물 제품을 위한 Chewy와의 파트너십, 그리고 Lunar Fox 비건 식품 라인의 도입이 있습니다. 이 회사는 자연 제품 소매에서 가장 많이 판매되는 대마 추출물 브랜드로서의 입지를 유지했습니다.
CV Sciences (OTCQB:CVSI) a annoncé ses résultats pour l'exercice 2024 avec un chiffre d'affaires de 15,7 millions de dollars, en légère baisse de 1,9% par rapport à 16,0 millions de dollars en 2023. Le chiffre d'affaires du quatrième trimestre 2024 était de 3,9 millions de dollars, en hausse de 2,2% par rapport à 3,8 millions de dollars au quatrième trimestre 2023.
Les principaux indicateurs financiers incluent une marge brute améliorée de 45,6% pour 2024 (en hausse par rapport à 44,3% en 2023), une réduction des dépenses d'exploitation de 5,4% à 9,4 millions de dollars, et une perte d'EBITDA ajusté de 0,8 million de dollars, considérablement améliorée par rapport à une perte de 2,3 millions de dollars en 2023.
Les développements notables incluent l'acquisition d'Elevated Softgels, le lancement de la ligne de suppléments +PlusHLTH™, un partenariat avec Chewy pour des produits pour animaux de compagnie, et l'introduction de la ligne de nourriture végétalienne Lunar Fox. L'entreprise a maintenu sa position de marque d'extrait de chanvre la plus vendue dans le commerce des produits naturels.
CV Sciences (OTCQB:CVSI) berichtete über die Ergebnisse des Geschäftsjahres 2024 mit einem Umsatz von 15,7 Millionen Dollar, was einem leichten Rückgang von 1,9% gegenüber 16,0 Millionen Dollar im Jahr 2023 entspricht. Der Umsatz im vierten Quartal 2024 betrug 3,9 Millionen Dollar, was einem Anstieg von 2,2% gegenüber 3,8 Millionen Dollar im vierten Quartal 2023 entspricht.
Wichtige Finanzkennzahlen umfassen eine verbesserte Bruttomarge von 45,6% für 2024 (von 44,3% im Jahr 2023 gestiegen), gesenkte Betriebskosten um 5,4% auf 9,4 Millionen Dollar und einen bereinigten EBITDA-Verlust von 0,8 Millionen Dollar, was eine erhebliche Verbesserung gegenüber einem Verlust von 2,3 Millionen Dollar im Jahr 2023 darstellt.
Bemerkenswerte Entwicklungen umfassen die Übernahme von Elevated Softgels, die Einführung der +PlusHLTH™-Produktlinie, eine Partnerschaft mit Chewy für Haustierprodukte und die Einführung der veganen Lebensmittelmarke Lunar Fox. Das Unternehmen behauptete seine Position als die meistverkaufte Marke für Hanfextrakte im Naturprodukt-Einzelhandel.
- Improved gross margin to 45.6% from 44.3% in 2023
- Reduced operating expenses by 5.4% to $9.4 million
- Improved adjusted EBITDA loss to $0.8M from $2.3M in 2023
- 28% of revenue came from new products launched since 2023
- Maintained #1 position in hemp extract brand sales in natural product retail channel
- Revenue declined 1.9% to $15.7M from $16.0M in 2023
- Operating loss of $2.2M compared to operating income of $3.4M in 2023
- Cash balance decreased to $0.5M from $1.3M at end of 2023
- Unit sales decreased by 9.2% during fiscal 2024
- Continued adjusted EBITDA losses, though improved
SAN DIEGO, CA / ACCESS Newswire / March 27, 2025 / CV Sciences, Inc. (OTCQB:CVSI) (the "Company", "CV Sciences", "our", "us" or "we"), a preeminent consumer wellness company specializing in hemp extracts and other proven science-backed, natural ingredients and products, today announced its financial results for the year and quarter ended December 31, 2024.
Fiscal 2024, Fourth Quarter 2024 and Recent Financial and Operating Highlights
Generated revenue of
$15.7 million for fiscal 2024 compared to$16.0 million for 2023; Revenue of$3.9 million for the fourth quarter 2024 compared to$3.8 million for the fourth quarter 2023 and$3.9 million for the third quarter 2024;Recognized gross margin of
45.6% for fiscal year 2024, a significant improvement from44.3% for 2023; Gross margin of43.2% for the fourth quarter 2024 compared to45.8% for the fourth quarter 2023 and46.0% for the third quarter 2024;Cash balance of
$0.5 million at year end compared to$1.3 million at the end of 2023;Continued to reduce operating expenses by
5.4% to$9.4 million for fiscal year 2024 compared to$9.9 million for 2023, excluding benefit from reversal of accrued payroll taxes;Recognized an adjusted EBITDA loss of
$0.8 million for fiscal 2024, significantly improved from an adjusted EBITDA loss of$2.3 million for 2023, and close to achieving operating cash flow break-even.Further established number one position as top-selling hemp extract brand in the natural product retail sales channel, according to SPINS, the leading provider of syndicated data and insights for the natural, organic and specialty products industry;
Expanded +PlusCBD™ Pet product offering with the launch of pet chews for hip and joint health and calming care chews (Q1 2024);
Entered into a strategic partnership with Chewy to offer our best selling pet products on www.chewy.com (Q3 2024);
Acquired Elevated Softgels, a leading manufacturer of encapsulated softgels and tinctures for the supplement and nutrition industry, based in Colorado (Q2 2024);
Launched +PlusHLTH™, an all-new line of cannabinoid-free supplements delivering targeted formulations for optimized health, improved performance, and increased vitality. The initial launch of our +PlusHLTH™ brand includes three new innovative supplements: our first new product is CLARITY, a cognitive enhancer, our second is PEACE, for help with occasional stress, and third, RESHAPE, for metabolic support. Our +PlusHLTH™ product line extension allows us to leverage our existing distribution and infrastructure in both our B2B and B2C channels, and, provides diversification alongside our traditional cannabinoid supplement and topical products. Consumers and retailers have responded extremely well to these new products and we are evaluating additional product line extensions under our new +PlusHLTH™ brand (Q3 2024);
Entered into a financings with Streeterville for net proceeds of
$0.9 million (Q3 2024) and an institutional investor for net proceeds of$1.6 million (Q1 2025);Launched our new plant-based company and product line - Lunar Fox, which will leverage our success with Cultured Foods in Europe. Our initial offering includes seven products that provide plant-based alternatives for traditional, animal-based proteins, including vegan cheese, egg and meat products. All Lunar Fox products are vegan, sustainable and nutritious food alternatives addressing consumer needs for the growing vegan category. The global vegan food market is expected to grow 5 times by 2030 with millennials and flexitarians as the driving force behind souring vegan food sales. Our Lunar Fox products are now available at select retailers throughout the U.S. market and online at www.lunarfoxfoods.com. The launch of our Lunar Fox product line represents a key milestone in our transition to a global health and wellness company (Q1 2025); and
Retained Maxim Group LLC ("Maxim") as non-exclusive financial advisor and investment banker to provide strategic financial advisory and investment banking services (Q3 2024). Working with Maxim, the Company intends to continue building an efficient and cost effective consumer products platform. We intend to continue to evaluate inbound and outbound merger, sale, acquisition or other opportunities for the Company.
"We are pleased with our fiscal year 2024 results. Revenues for our core business remained stable around the
Operating Results - Full Year 2024 Compared to Full Year 2023
Sales for fiscal 2024 were
We generated an operating loss of
Fourth Quarter 2024 Results
During the fourth quarter of 2024, sales increased
Conference Call and Webcast
The Company will host a conference call and webcast to discuss these results today at 10:00 am EDT/7:00 am PDT. The webcast of the conference call will be available on the Investor Relations section of the Company's website at https://ir.cvsciences.com/news-events or directly at https://viavid.webcasts.com/starthere.jsp?ei=1710928&tp_key=ccf1cdb9ed. Investors interested in participating in the live call can also dial (877) 407-0784 from the U.S. or international callers can dial (201) 689-8560. A telephone replay will be available approximately three hours after the call concludes, and will be available through Thursday, April 3, 2025, by dialing (844) 512-2921 from the U.S. or (412) 317-6671 from international locations, and entering confirmation code 13752212.
About CV Sciences, Inc.
CV Sciences, Inc. (OTCQB:CVSI) is a consumer wellness company specializing in nutraceuticals and plant-based foods. The Company's hemp extracts and other proven, science-backed, natural ingredients and products are sold through a range of sales channels from B2B to B2C. The Company's +PlusCBD™ branded products are sold at select retail locations throughout the U.S. and are the top-selling hemp-extract brand in the natural products market, according to SPINS, the leading provider of syndicated data and insights for the natural, organic and specialty products industry. With a commitment to science, PlusCBD™ product benefits in healthy people are supported by human clinical research data, in addition to three published clinical case studies available on PubMed.gov. +PlusCBD™ was the first hemp extract supplement brand to invest in the scientific evidence necessary to receive self-affirmed Generally Recognized as Safe (GRAS) status. The Company also produces cannabinoid-free supplements under its +PlusHLTH™ brand, with targeted formulations to optimize health, improve performance, and increase vitality. Our Cultured Foods™ brand provides a variety of
Forward-Looking Statements
This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risk and uncertainties. CV Sciences does not undertake any obligation to publicly update any forward-looking statements, except as required by applicable law. As a result, investors should not place undue reliance on such forward-looking statements.
Contact Information
ir@cvsciences.com
CV SCIENCES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
| Year ended December 31, |
| ||||||
| 2024 |
|
| 2023 |
| |||
Product sales, net |
| $ | 15,705 |
|
| $ | 16,004 |
|
Cost of goods sold |
|
| 8,537 |
|
|
| 8,919 |
|
Gross profit |
|
| 7,168 |
|
|
| 7,085 |
|
|
|
|
|
|
|
|
| |
Operating expenses: |
|
|
|
|
|
|
|
|
Research and development |
|
| 118 |
|
|
| 151 |
|
Selling, general and administrative |
|
| 9,240 |
|
|
| 9,745 |
|
Benefit from reversal of accrued payroll taxes |
|
| - |
|
|
| (6,171 | ) |
Total operating expenses |
|
| 9,358 |
|
|
| 3,725 |
|
|
|
|
|
|
|
|
| |
Operating income (loss) |
|
| (2,190 | ) |
|
| 3,360 |
|
Other expense, net |
|
| 212 |
|
|
| 264 |
|
Income (loss) before income taxes |
|
| (2,402 | ) |
|
| 3,096 |
|
Income tax benefit |
|
| (8 | ) |
|
| (6 | ) |
Net income (loss) |
| $ | (2,394 | ) |
| $ | 3,102 |
|
|
|
|
|
|
|
|
| |
Weighted average common shares outstanding |
|
|
|
|
|
|
|
|
Basic |
|
| 175,585 |
|
|
| 153,954 |
|
Diluted |
|
| 175,585 |
|
|
| 153,955 |
|
Net income (loss) per common share |
|
|
|
|
|
|
|
|
Basic |
| $ | (0.01 | ) |
| $ | 0.02 |
|
Diluted |
| $ | (0.01 | ) |
| $ | 0.02 |
|
CV SCIENCES, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
| December 31, 2024 |
|
| December 31, 2023 |
| |||
Assets |
|
|
|
|
|
| ||
Current assets: |
|
|
|
|
|
| ||
Cash |
| $ | 454 |
|
| $ | 1,317 |
|
Accounts receivable, net |
|
| 522 |
|
|
| 431 |
|
Inventory |
|
| 4,897 |
|
|
| 5,655 |
|
Prepaid expenses and other |
|
| 370 |
|
|
| 535 |
|
Total current assets |
|
| 6,243 |
|
|
| 7,938 |
|
|
|
|
|
|
|
|
| |
Property and equipment, net |
|
| 399 |
|
|
| 379 |
|
Right of use assets |
|
| 94 |
|
|
| 167 |
|
Intangibles, net |
|
| 93 |
|
|
| 78 |
|
Goodwill |
|
| 971 |
|
|
| 342 |
|
Other assets |
|
| 127 |
|
|
| 296 |
|
Total assets |
| $ | 7,927 |
|
| $ | 9,200 |
|
|
|
|
|
|
|
|
| |
Liabilities and stockholders' equity |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
| $ | 1,925 |
|
| $ | 2,309 |
|
Accrued expenses |
|
| 3,424 |
|
|
| 3,422 |
|
Operating lease liability - current |
|
| 83 |
|
|
| 130 |
|
Debt |
|
| 677 |
|
|
| 254 |
|
Total current liabilities |
|
| 6,109 |
|
|
| 6,115 |
|
|
|
|
|
|
|
|
| |
Operating lease liability - net of current portion |
|
| 19 |
|
|
| 58 |
|
Deferred tax liability |
|
| 4 |
|
|
| 19 |
|
Other liabilities |
|
| - |
|
|
| 105 |
|
Total liabilities |
|
| 6,132 |
|
|
| 6,297 |
|
|
|
|
|
|
|
|
| |
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Stockholders' equity |
|
|
|
|
|
|
|
|
Preferred stock, par value |
|
| - |
|
|
| - |
|
Common stock, par value |
|
| 18 |
|
|
| 16 |
|
Additional paid-in capital |
|
| 88,773 |
|
|
| 87,464 |
|
Accumulated deficit |
|
| (86,981 | ) |
|
| (84,587 | ) |
Accumulated other comprehensive income (loss) |
|
| (15 | ) |
|
| 10 |
|
Total stockholders' equity |
|
| 1,795 |
|
|
| 2,903 |
|
|
|
|
|
|
|
|
| |
Total liabilities and stockholders' equity |
| $ | 7,927 |
|
| $ | 9,200 |
|
CV SCIENCES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
| Year ended December 31, |
| ||||||
| 2024 |
|
| 2023 |
| |||
OPERATING ACTIVITIES |
|
|
|
|
|
| ||
Net income (loss) |
| $ | (2,394 | ) |
| $ | 3,102 |
|
Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
| 334 |
|
|
| 235 |
|
Stock-based compensation |
|
| 258 |
|
|
| 218 |
|
Amortization of debt discount |
|
| 209 |
|
|
| 112 |
|
Amortization of right of use assets |
|
| 122 |
|
|
| 108 |
|
Gain in fair value of contingent consideration liabilities |
|
| (188 | ) |
|
| - |
|
Impairment of intangible assets |
|
| - |
|
|
| 251 |
|
Benefit from reversal of accrued payroll tax |
|
| - |
|
|
| (6,171 | ) |
Deferred taxes |
|
| (15 | ) |
|
| (14 | ) |
Other |
|
| 355 |
|
|
| 407 |
|
Change in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable, net |
|
| (84 | ) |
|
| 352 |
|
Inventory |
|
| 803 |
|
|
| 1,042 |
|
Prepaid expenses and other |
|
| 342 |
|
|
| 2,931 |
|
Accounts payable and accrued expenses |
|
| (603 | ) |
|
| (320 | ) |
Net cash flows provided by (used in) operating activities |
|
| (861 | ) |
|
| 2,253 |
|
|
|
|
|
|
|
|
| |
INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
Purchases of property and equipment |
|
| (18 | ) |
|
| - |
|
Acquisition of business, net of cash acquired |
|
| (10 | ) |
|
| (156 | ) |
Net cash flows used in investing activities |
|
| (28 | ) |
|
| (156 | ) |
|
|
|
|
|
|
|
| |
FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
Proceeds from note payable |
|
| 900 |
|
|
| - |
|
Debt issuance costs related to note payable |
|
| (5 | ) |
|
| - |
|
Repayment of note payable |
|
| (622 | ) |
|
| (1,117 | ) |
Repayment of unsecured debt |
|
| (241 | ) |
|
| (274 | ) |
Net cash flows provided by (used in) financing activities |
|
| 32 |
|
|
| (1,391 | ) |
Effect of exchange rate changes on cash |
|
| (6 | ) |
|
| - |
|
Net increase (decrease) in cash |
|
| (863 | ) |
|
| 706 |
|
Cash, beginning of period |
|
| 1,317 |
|
|
| 611 |
|
Cash, end of period |
| $ | 454 |
|
| $ | 1,317 |
|
Supplemental cash flow disclosures: |
|
|
|
|
|
|
|
|
Interest paid |
| $ | 8 |
|
| $ | 7 |
|
Income tax paid |
| $ | 6 |
|
| $ | - |
|
Supplemental disclosure of non-cash transactions: |
|
|
|
|
|
|
|
|
Services paid with common stock |
| $ | 182 |
|
| $ | 100 |
|
Right of use asset financed by lease liabilities |
| $ | 49 |
|
| $ | - |
|
Debt issuance cost for note payable |
| $ | (284 | ) |
| $ | - |
|
Purchase of insurance through issuance of note payable |
| $ | 177 |
|
| $ | 259 |
|
Fair value of assets acquired, excluding cash |
| $ | 414 |
|
| $ | 275 |
|
Liabilities assumed |
| $ | (73 | ) |
|
| (77 | ) |
Goodwill on acquisition |
|
| 640 |
|
|
| 336 |
|
Common stock consideration |
|
| (871 | ) |
|
| (250 | ) |
Holdback liability |
|
| - |
|
|
| (18 | ) |
Contingent consideration |
|
| (100 | ) |
|
| (88 | ) |
Deferred tax liabilities |
|
| - |
|
|
| (22 | ) |
Cash paid for acquisition |
| $ | 10 |
|
| $ | 156 |
|
CV SCIENCES, INC.
NON-GAAP FINANCIAL MEASURES (UNAUDITED)
We prepare our consolidated financial statements in accordance with generally accepted accounting principles for the United States (GAAP). The non-GAAP financial measures, such as net income (loss) per share and Adjusted EBITDA included in this press release are different from those otherwise presented under GAAP. We use non-GAAP measures internally to evaluate our performance and make financial and operational decisions that are presented in a manner that adjusts from their equivalent GAAP measures or that supplement the information provided by our GAAP measures. The non-GAAP financial measures exclude non-cash compensation expense for stock options. When evaluating the performance of our business and developing short and long-term plans, we do not consider share-based compensation charges. Although share-based compensation is necessary to attract and retain quality employees, our consideration of share-based compensation places its primary emphasis on overall shareholder dilution rather than the accounting charges associated with such grants. Because of the varying availability of valuation methodologies and subjective assumptions, we believe that the exclusion of share-based compensation allows for more accurate comparison of our financial results to previous periods. In addition, we believe it useful to investors to understand the specific impact of the application of the fair value method of accounting for share-based compensation on our operating results.
Adjusted EBITDA is defined by us as EBITDA (net income (loss) plus depreciation, amortization, and interest expense, less income tax benefit, further adjusted to exclude certain non-cash expenses and other adjustments as set forth below. We use Adjusted EBITDA because we believe it more clearly highlights trends in our business that may not otherwise be apparent when relying solely on GAAP financial measures, since Adjusted EBITDA eliminates from our results specific financial items that have less bearing on our core operating performance.
We use Adjusted EBITDA in communicating certain aspects of our results and performance, including in this press release, and believe that Adjusted EBITDA, when viewed in conjunction with our GAAP results and the accompanying reconciliation, can provide investors with greater transparency and a greater understanding of factors affecting our financial condition and results of operations than GAAP measures alone. In addition, we believe the presentation of Adjusted EBITDA is useful to investors in making period-to-period comparison of results because the adjustments to GAAP are not reflective of our core business performance.
A reconciliation from our GAAP net income (loss) to non-GAAP net loss for the years ended December 31, 2024 and 2023 is detailed below (in thousands, except per share data):
| Year ended December 31, |
| ||||||
| 2024 |
|
| 2023 |
| |||
Net income (loss) - GAAP |
| $ | (2,394 | ) |
| $ | 3,102 |
|
Stock-based compensation (1) |
|
| 258 |
|
|
| 218 |
|
Professional fees associated with legal dispute (2) |
|
| 828 |
|
|
| - |
|
Benefit from reversal of accrued payroll tax (3) |
|
| - |
|
|
| (6,171 | ) |
Intangible asset impairment (4) |
|
| - |
|
|
| 251 |
|
Note discount and interest expense (5) |
|
| 212 |
|
|
| 112 |
|
Net loss - non-GAAP |
| $ | (1,096 | ) |
| $ | (2,488 | ) |
|
|
|
|
|
|
|
| |
Diluted EPS - GAAP |
| $ | (0.01 | ) |
| $ | 0.02 |
|
Stock-based compensation (1) |
|
| - |
|
|
| - |
|
Professional fees associated with legal dispute (2) |
|
| - |
|
|
| - |
|
Benefit from reversal of accrued payroll tax (3) |
|
| - |
|
|
| (0.04 | ) |
Intangible asset impairment (4) |
|
| - |
|
|
| - |
|
Note discount and interest expense (5) |
|
| - |
|
|
| - |
|
Diluted EPS - non-GAAP |
| $ | (0.01 | ) |
| $ | (0.02 | ) |
|
|
|
|
|
|
|
| |
Shares used to calculate diluted EPS - GAAP and non-GAAP |
|
| 175,585 |
|
|
| 153,955 |
|
Represents stock-based compensation expense related to stock options awarded to employees and non-executive directors based on the grant date fair value using the Black-Scholes valuation model.
Represents legal and other professional expenses incurred during 2024 associated with the legal dispute with founder.
Represents benefit from reversal of accrued payroll tax associated with RSU release to founder in 2019.
Represents intangible asset impairment charge for 2023.
Represents amortization of OID/debt issuance costs and interest expense for notes payable.
A reconciliation from our net income (loss) to Adjusted EBITDA, a non-GAAP measure, for the years ended December 31, 2024 and 2023 is detailed below (in thousands):
| Year ended December 31, |
| ||||||
| 2024 |
|
| 2023 |
| |||
Net income (loss) |
| $ | (2,394 | ) |
| $ | 3,102 |
|
Depreciation expense |
|
| 313 |
|
|
| 235 |
|
Amortization expense |
|
| 21 |
|
|
| - |
|
Interest expense |
|
| 212 |
|
|
| 60 |
|
Income tax benefit |
|
| (8 | ) |
|
| (6 | ) |
EBITDA |
|
| (1,856 | ) |
|
| 3,391 |
|
Stock-based compensation (1) |
|
| 258 |
|
|
| 218 |
|
Professional fees associated with legal dispute (2) |
|
| 828 |
|
|
| - |
|
Intangible asset impairment (3) |
|
| - |
|
|
| 251 |
|
Benefit from reversal of accrued payroll tax (4) |
|
| - |
|
|
| (6,171 | ) |
Adjusted EBITDA |
| $ | (770 | ) |
| $ | (2,311 | ) |
Represents stock-based compensation expense related to stock options awarded to employees and non-executive directors based on the grant date fair value using the Black-Scholes valuation model.
Represents legal and other professional expenses incurred during 2024 associated with the legal dispute with founder.
Represents intangible asset impairment charge during 2023.
Represents benefit from reversal of accrued payroll tax associated with RSU release to founder in 2019.
SOURCE: CV Sciences, Inc.
View the original press release on ACCESS Newswire