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CV Sciences Inc. (CVSI-2.58%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements showing product sales of $15.7 million for 2024, a slight decrease from $16.0 million in 2023. The decrease is attributed to lower business-to-business sales, although business-to-consumer sales increased.
Cost of goods sold was $8.5 million, down from $8.9 million in 2023, resulting in a gross profit of $7.2 million compared to $7.1 million in the previous year.
Research and development expenses decreased to $0.1 million from $0.2 million in 2023, reflecting reduced new product development activities.
Selling, general, and administrative expenses decreased by $0.5 million to $9.2 million, primarily due to reduced marketing expenses.
The company reported a net loss of $2.4 million for 2024, compared to a net income of $3.1 million in 2023, which included a benefit from the reversal of accrued payroll taxes.
CV Sciences acquired Elevated Softgels LLC in May 2024 and Cultured Foods Sp. z.o.o. in December 2023, expanding its product offerings and market reach.
The company entered into a securities purchase agreement in February 2025, issuing a secured promissory note for $1.6 million to support operations.
CV Sciences continues to face regulatory challenges and intense competition in the hemp-based CBD market, impacting its financial performance.
The company remains focused on expanding its product line and exploring strategic partnerships to enhance its market position.
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. annual 10-K report dated March 27, 2025. To report an error, please email earnings@qz.com.