Charlotte’s Web Holdings, Inc. (TSX: CWEB) released its Q1 2021 financial results this morning, which saw the company post US$23.4 million in revenue. This is a decline from Q4 2020’s revenue of US$26.9 million, but an increase from Q1 2020’s revenue of US$21.5 million.
The revenue for this quarter consists of US$16.1 million from direct-to-consumer ecommerce sales and US$7.3 million from business-to-business sales. Charlotte’s Web also recorded a US$13.9 million net loss for the quarter, a decline from last year’s net loss of US$11.5 million. This translates to US$0.10 loss per share.
Gross profit for the quarter is at US$13.7 million, or 58.4% gross profit margin. The margin is a decline from last year’s 70.3%, which the company attributes to the product mix and pricing realignment implemented in Q2 2020.
The company ended the quarter with US$35.0 million in cash and cash equivalents, a drop from last quarter’s US$52.8 million. It also reported that it invested US$1.6 million in expanding its new 137,000 sq. ft. facility with extraction infrastructure and R&D expansion.
Charlotte’s Web Holdings, Inc. last traded at $4.78 on the TSX.
Information for this briefing was found via Sedar and Charlotte’s Web Holdings Inc. 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.