Luvu Brands reports record full-year net sales $23.1M, net income $2.6M

Luvu Brands, Inc.

Full-year net sales $23.1M (+26% YoY); record Q4 sales $5.8M (+7% YoY).
Full-year net income $2.6M ($0.03/diluted share) vs $860K in fiscal 2020.
Q4 net income $300K ($0.00/share) vs $796K in prior-year quarter; gross margin down to 26% from 33% due to cost increases.
Adjusted EBITDA $3.173M for year, up from $1.622M in prior year.
Cash $1.0M at June 30, 2021; $1.1M gain on PPP loan forgiveness included in other income.

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