cbdMD Announces 6% YoY Increase to $ 44.5 Million in Net Sales in 2021
cbdMD, Inc. (NYSE: YCBD) announced its financial results friday for the fourth quarter and the fiscal year ended September 30.
Based in Charlotte, North Carolina, the company net sales hit a record $ 44.5 million in fiscal 2021.
Despite “anemic growth in the sector, cbdMD was able to exceed the sector average and record net sales of more than 6% for fiscal year 2021 and gross sales of more than 10% compared to fiscal 2020”, Martin A. Sumichrast, President and Co-CEO of the Company noted.
He also announced the third anniversary of cbdMD’s entry into the CBD industry with the acquisition of Cure Based Development.
“In three short years, we have gone from an unknown start-up brand competing with thousands of other CBD brands, overtaking the pack to position ourselves firmly at the top of the CBD industry, with our three brands. leaders, ”Sumichrast said.
Financial highlights for fiscal year 2021
- Gross profit margin increased to 67% by 63% in fiscal year 2020.
- The adjusted non-GAAP gross margin is 19.6%, against 67.7% last year.
- Operating loss of $ 19.6 million against a loss of $ 17.5 million in fiscal 2020.
- The adjusted non-GAAP operating loss was approximately $ 13.6. million, compared to our adjusted non-GAAP operating loss in fiscal 2020 of approximately $ 11.5 million.
- Net loss attributable to common shareholders was approximately $ 25.9 million, or $ 0.41 per share, compared to fiscal 2020 net income of about $ 12.2 million, or $ 0.28 per share.
- As of September 30, the company had a working capital about $ 29.6 million and cash about $ 26.4 million compared to working capital of approximately $ 16.0 million and cash on hand of approximately $ 14.8 million.
- Record Net Sales of $ 32.9 Million in Ecommerce, Direct-to-Consumer Selling (DTC), or 74.2% of total net sales, an increase of $ 2.5 million, or an 8% increase year-over-year.
- The CBD pet brand, Paw CBD, reported net sales of $ 5.7 million, an increase of 27%, compared to $ 4.5 million for fiscal 2020.
Q4 2021 Financial Highlights
- Net sales fell 16% year-on-year to $ 9.8 million compared to $ 11.7 million in the fourth quarter of fiscal 2020.
- Gross profit margin increased to 58.6% in the fourth quarter compared to 54.4% in the fourth quarter of fiscal 2020.
- The operating loss was around $ 7 million compared to $ 4.5 million from the previous fiscal quarter.
- The adjusted non-GAAP operating loss was approximately $ 4.8 million, compared to a non-GAAP adjusted operating loss of $ 1.2 million compared to the prior year quarter.
- E-commerce, net direct-to-consumer (DTC) sales of $ 7.2 million, a decrease of 15% from $ 8.6 million in the fourth quarter of fiscal 2020.
- Paw CBD Reported Net Sales Of Around $ 1.2 Million, which is a 25% decrease from $ 1.6 million from the prior year quarter.
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CbdMD price action
cbdMD stocks traded down 5.64% to $ 1.255 per share at the time of writing, Monday morning.
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