Financial Performance - Fourth quarter 2024 revenue was $10.3 million, down 22% from $13.2 million in Q4 2023; full year revenue was $34.8 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 $105.7 thousand, a decrease from $2.6 million in Q4 2023; full year net income was $2.1 million, down from $6.3 million in 2023[10] - EBITDA for Q4 2024 was $1.7 million, down from $4.5 million in Q4 2023; full year EBITDA was $6.5 million, compared to $10.8 million in 2023[11] - Adjusted EBITDA for Q4 2024 was $2.8 million, up 1,033% from $(0.3) million in Q4 2023; full year Adjusted EBITDA was $7.4 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, a decrease of 18.6% compared to $42,777,633 in 2023[28] - Gross profit for 2024 was $23,643,019, down from $32,080,310 in 2023, reflecting a gross margin decline[28] - Net income after tax for 2024 was $2,124,976, a significant decrease of 66.5% from $6,338,750 in 2023[28] - Comprehensive income for 2024 was $2,179,666, down from $6,213,894 in 2023, reflecting the decline in net income[28] Operating Expenses - Operating expenses in Q4 2024 were $5.1 million, a decrease of 20% from $6.4 million in Q4 2023; full year operating expenses were $17.9 million, down 16% from $21.3 million in 2023[8] - Operating expenses for 2024 were $17,841,771, down from $21,273,564 in 2023, reflecting cost control measures[28] Cash and Liabilities - As of December 31, 2024, Synergy had approximately $687.9 thousand in cash and cash equivalents, an increase from $632.5 thousand as of December 31, 2023[13] - Total liabilities decreased to $33.0 million as of December 31, 2024, down from $39.5 million as of December 31, 2023, reflecting an improvement of $6.6 million[13] - Total current assets increased to $16,059,768 in 2024 from $11,822,849 in 2023, primarily driven by a rise in accounts receivable[26] - Total liabilities decreased to $32,974,444 in 2024 from $39,545,489 in 2023, indicating improved financial leverage[26] - Cash and cash equivalents at the end of 2024 were $687,920, an increase from $632,534 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 $421,729 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]
Synergy CHC Corp.(SNYR) - 2024 Q4 - Annual Results