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Better Choice Company Inc. (BTTR-2.94%) has submitted its annual report on Form 10-K for the fiscal year ended December 31, 2024 filing.
The filing reports net sales of $34.975 million for 2024, a decrease from $38.592 million in 2023. The decrease is attributed to strategic exits from unprofitable customers in the Brick & Mortar channel and the shutdown of the Direct-to-Consumer (DTC) channel.
Cost of goods sold for the year was $21.986 million, down from $26.795 million in 2023, resulting in a gross profit of $12.989 million, an increase from $11.797 million in the previous year.
Operating expenses totaled $18.956 million, a decrease from $32.976 million in 2023. This decrease was primarily due to the absence of an $8.532 million impairment charge on intangible assets that was recorded in 2023.
The company reported a net loss of $168,000 for 2024, a significant improvement from a net loss of $22.770 million in 2023. This improvement was largely due to a gain on the extinguishment of debt and accounts payable amounting to $6.206 million.
Cash used in operating activities was $4.357 million, compared to cash provided by operating activities of $97,000 in 2023. The increase in cash used was primarily due to the gain on extinguishment of debt.
Better Choice Company Inc. ended the year with $3.066 million in cash and cash equivalents, down from $4.455 million at the end of 2023.
The company has implemented plans to achieve operating profitability, including margin improvement initiatives, optimization of pricing strategies, and new product innovation.
Better Choice Company Inc. has also entered into an Arrangement Agreement to acquire SRx Health Solutions, Inc. in an all-stock transaction, subject to customary closing conditions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Better Choice Company Inc. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.