Charlotte-based cbdMD Inc. (NYSE: YCBD) reported net income of $15,095 for its first quarter of fiscal 2025 – ending Dec 31 – an impressive turn around year over year from its loss of more than $960,000 during its inaugural fiscal 2024 quarter and $1.2 million loss during fourth quarter operations.
A healthy bottom line was realized despite an 18% year-over-year decrease in total sales to $5.1 million from $5.3 million, as direct-to-consumer sales fell 11% year-over-year while wholesale sales experienced significant growth of 22% year-on-year.
Similarly, the company significantly reduced its operational loss from $1.1 million a year prior to $80,000 during this quarter.
“This quarter’s results provide us with an indication of earnings potential under our new cost structure,” Ronan Kennedy, the company’s CEO said in a press release.
In this quarter, cbdMD also unveiled Herbal Oasis – an anti-oxidant beverage made with hemp – giving them a presence in one of the fastest-growing segments within industry.
This week, cbdMD also filed its proxy statement for its April shareholder meeting and announced its plan to convert all Series A Preferred stock and any accrued dividends into common stock.
At the end of December, cbdMD had $11.5 million in assets including $1.9 million cash on hand against $9.7 million total liabilities with an resulting working capital deficit of $2.8 million.
cbdMD Announces First Quarter Profit Even with Reduced Sales | Medcan24
