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CV Sciences, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in product sales to $3.9 million from $4.1 million in the same quarter the previous year. The decrease is attributed to lower B2B sales.
Cost of goods sold for the quarter was $2.1 million, representing 54% of sales, compared to 55% in the same quarter of the previous year. This decrease in cost ratio is due to lower freight and cost savings.
The company reported a gross profit of $1.8 million for the quarter, compared to $1.8 million in the previous year, with a slight improvement in gross margin from 45.1% to 46.0%.
Research and development expenses were $29,000, down from $40,000, reflecting reduced spending on new product development.
Selling, general, and administrative expenses decreased to $2.1 million from $2.2 million, primarily due to lower marketing expenses.
Net loss for the quarter was $456,000, compared to a net loss of $447,000 in the previous year.
Cash used in operating activities was $697,000 for the nine months ended September 30, 2024, compared to cash provided by operating activities of $2.4 million in the previous year.
The company had a working capital of $600,000 as of September 30, 2024. Management anticipates dependence on additional investment capital to fund operations and growth initiatives.
The filing details recent acquisitions, including Cultured Foods and Elevated Softgels, aimed at expanding product offerings and market reach.
CV Sciences continues to focus on increasing revenue and operating cash flows, while acknowledging the challenges posed by a fragmented and competitive market.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the CV Sciences Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.