CV Sciences Q1 revenue $4.4M (-8% YoY); operating loss narrows to $1.5M on ERC benefit

CV Sciences, Inc.

2022-Q1 EPS reported -$0.02 revenue$4,447,000

Revenue $4.4M, down 8% from $4.8M in Q1 2021; units shipped up 3% offset by discounts and mix.
Operating loss narrowed to $1.5M from $3.1M in Q1 2021; included $2.0M employee retention credit.
Gross margin 26.0%, down from 32.4% in Q4 2021 sequentially; pressure from discounts/mix.
Negative adjusted EBITDA $2.5M vs $2.3M a year ago; cash rose to $2.4M from $1.4M.
Strategic review continues for possible merger/sale; launched new PlusCBD and OTC pain products.

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