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Synergy CHC Corp.(SNYR) - 2024 Q4 - Annual Results
SNYRSynergy CHC Corp.(SNYR)2025-03-31 12:26

Financial Performance - Fourth quarter 2024 revenue was 10.3million,down2210.3 million, down 22% from 13.2 million in Q4 2023; full year revenue was 34.8million,down1934.8 million, down 19% from 42.8 million in 2023[6] - Gross margin for Q4 2024 was 63.3%, compared to 82.3% in Q4 2023; full year gross margin was 67.9%, down from 75.0% in 2023[7] - Net income for Q4 2024 was 105.7thousand,adecreasefrom105.7 thousand, a decrease from 2.6 million in Q4 2023; full year net income was 2.1million,downfrom2.1 million, down from 6.3 million in 2023[10] - EBITDA for Q4 2024 was 1.7million,downfrom1.7 million, down from 4.5 million in Q4 2023; full year EBITDA was 6.5million,comparedto6.5 million, compared to 10.8 million in 2023[11] - Adjusted EBITDA for Q4 2024 was 2.8million,up1,0332.8 million, up 1,033% from (0.3) million in Q4 2023; full year Adjusted EBITDA was 7.4million,anincreaseof217.4 million, an increase of 21% from 6.1 million in 2023[12] - Total revenue for the year ended December 31, 2024, was 34,834,243,adecreaseof18.634,834,243, a decrease of 18.6% compared to 42,777,633 in 2023[28] - Gross profit for 2024 was 23,643,019,downfrom23,643,019, down from 32,080,310 in 2023, reflecting a gross margin decline[28] - Net income after tax for 2024 was 2,124,976,asignificantdecreaseof66.52,124,976, a significant decrease of 66.5% from 6,338,750 in 2023[28] - Comprehensive income for 2024 was 2,179,666,downfrom2,179,666, down from 6,213,894 in 2023, reflecting the decline in net income[28] Operating Expenses - Operating expenses in Q4 2024 were 5.1million,adecreaseof205.1 million, a decrease of 20% from 6.4 million in Q4 2023; full year operating expenses were 17.9million,down1617.9 million, down 16% from 21.3 million in 2023[8] - Operating expenses for 2024 were 17,841,771,downfrom17,841,771, down from 21,273,564 in 2023, reflecting cost control measures[28] Cash and Liabilities - As of December 31, 2024, Synergy had approximately 687.9thousandincashandcashequivalents,anincreasefrom687.9 thousand in cash and cash equivalents, an increase from 632.5 thousand as of December 31, 2023[13] - Total liabilities decreased to 33.0millionasofDecember31,2024,downfrom33.0 million as of December 31, 2024, down from 39.5 million as of December 31, 2023, reflecting an improvement of 6.6million[13]−Totalcurrentassetsincreasedto6.6 million[13] - Total current assets increased to 16,059,768 in 2024 from 11,822,849in2023,primarilydrivenbyariseinaccountsreceivable[26]−Totalliabilitiesdecreasedto11,822,849 in 2023, primarily driven by a rise in accounts receivable[26] - Total liabilities decreased to 32,974,444 in 2024 from 39,545,489in2023,indicatingimprovedfinancialleverage[26]−Cashandcashequivalentsattheendof2024were39,545,489 in 2023, indicating improved financial leverage[26] - Cash and cash equivalents at the end of 2024 were 687,920, an increase from 632,534in2023[26]−Thecompanyreportedanetcashusedinoperatingactivitiesof632,534 in 2023[26] - The company reported a net cash used in operating activities of 4,803,390 for 2024, compared to a net cash provided of 421,729in2023[30]ShareholderInformation−Theweightedaveragecommonsharesoutstandingincreasedto7,588,095in2024from7,373,745in2023,impactingearningspershare[28]−Thecompanycompleteditsinitialpublicofferingof1,150,000sharesat421,729 in 2023[30] Shareholder Information - The weighted average common shares outstanding increased to 7,588,095 in 2024 from 7,373,745 in 2023, impacting earnings per share[28] - The company completed its initial public offering of 1,150,000 shares at 9.00 on October 24, 2024[15] Partnerships and Expansion - Synergy expanded partnerships with BJ's Wholesale Clubs and Publix, offering FOCUSfactor products in all 267 BJ's locations and two products in all 1,200 Publix stores[15]