Charlotte’s Web Holdings (TSX: CWEB) shared this morning its financial results for Q2 2021, highlighting revenue of US$24.2 million. This is an increase from Q1 2021’s revenue of US$23.4 million and Q2 2020’s revenue of US$21.7 million.
Breaking down the topline revenue figure, the company’s direct-to-consumer e-commerce contributed US$15.7 million while business-to-business generated US$8.5 million for the quarter.
While the company reduced its operating expenses by 15.2%, the figure ended at US$25.0 million this quarter compared to US$29.5 million last year. This contributed to notching a net loss of US$5.4 million this quarter, an improvement from last year’s net loss of US$14.4 million. This quarterly net loss translates to US$0.04 per share.
Considering financial recalibrations, adjusted EBITDA came in at a loss of US$3.9 million vis-a-vis last year’s loss of US$5.7 million. The company further relayed that while operating expenses reduction was ahead of plan, it incurred additional expenditure related to its CW Labs R&D division and Abacus Health acquisition.
The company ended the quarter with US$27.1 million in cash and cash equivalent from a starting balance of US$35.0 million. Current liabilities at quarter’s end carry a balance of US$24.2 million.
The Colorado-based firm also shared that it recently planted its first hemp crop in Canada and expects initial product sales to roll in by early 2022.
Charlotte’s Web Holdings last traded at $4.13 on the TSX.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.