Charlotte's Web Q2 revenue $12.3M, net loss $11.0M; cuts costs, launches new e-commerce platform

Charlotte's Web Holdings, Inc.

2024-Q2 EPS reported -$0.13 vs consensus -$0.05 ▼ miss (-154.9%)

Revenue $12.3M, down 23% YoY; net loss $11.0M ($0.07/sh) vs income $2.8M in Q2 2023.
Gross margin hit by $3.8M inventory provision; adjusted gross margin 52.2% vs 56.5% YoY.
SG&A reduced 25% to $14.7M; expects >$20M full-year cut from 2023; cash burn improving.
Cash and working capital $32.5M and $38.5M, down from $47.8M and $54.5M at Dec 31, 2023.
Launched new DTC e-commerce platform and expanded Walmart distribution to 827 stores in June 2024.

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