Digital Brands Q2 revenue drops to $3.4M; net loss $3.5M; pays off $5M debt

Digital Brands Group, Inc.

2024-Q2 EPS reported -$2.46 revenue$6,972,656

Net revenue of $3.4M, down 24% YoY from $4.5M, due to no digital advertising spend.
Net loss of $3.5M ($2.08 per diluted share) vs net loss of $5.7M (excluding $10.7M non-cash benefit) a year ago.
Gross margin fell to 45.9% from 52.0%, reflecting lower-margin e-commerce mix.
G&A expenses reduced 27% to $2.9M; sales & marketing spend cut to $615K from $1.1M.
CEO says company paid off over $5M in debt/H1 2024; digital ads resumed with 2.6x-2.9x ROAS.

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