Charlotte's Web Q2 revenue falls 15% to $16M; net income $2.8M (non-cash) but adjusted EBITDA loss widens

Charlotte's Web Holdings, Inc.

2023-Q2 EPS reported $0.00 revenue$33,016,000

Revenue $16.0M vs $18.9M YoY (-15%); gross margin improved to 55.7% from 49.4%.
Net income of $2.8M due to $10.7M non-cash gain on DeFloria investment and $4.2M derivative gain; vs net loss of $7.9M YoY.
Adjusted EBITDA loss of $7.1M vs $5.4M loss YoY; SG&A up 13.7% to $19.6M including MLB amortization.
Cash balance $61.7M at quarter end; positive operating cash flow of $1.0M; received $4.2M IRS ERC.
Regulatory progress: FDA committed to work with Congress on CBD; H.R. 1629 bill; House hearing July 27.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Charlotte's Web Holdings, Inc. reported financial results for second quarter ended June 30, 2023.

Period: second quarter ended June 30, 2023
Result: reported results

Exact text from the filing

On August 10, 2023, Charlotte’s Web Holdings, Inc. (the “Company”) issued an earnings release announcing its financial results for the three months and six months ended June 30, 2023.

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Charlotte's Web Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001279569-23-001032

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