Core Insights - Better Choice Company Inc. reported a net sales of $7.9 million for Q1 2024, with 75% of sales driven by its Halo Holistic® product line [3][5] - The company achieved an adjusted EBITDA improvement of 27% year over year, reaching $(1.4) million, and an adjusted EBITDA margin expansion of 299 basis points to (18)% [1][5] - The net loss available to common stockholders improved by 19% to $(2.8) million, with EPS improving by 28% to $(3.60) per share [5][6] Financial Performance - Net sales for Q1 2024 were $7.9 million, down from $9.2 million in Q1 2023 [4] - Gross profit decreased to $2.6 million, compared to $3.2 million in the previous year, resulting in a gross margin of 33% [4][5] - Operating expenses were reduced to $5.1 million from $6.5 million year over year, leading to a loss from operations of $(2.5) million, an improvement from $(3.3) million [4][5] Operational Highlights - The company improved inventory levels by approximately 50% over the last 15 months, achieving an average fill rate of 96% for the quarter [3] - The Halo Elevate line was successfully launched on Chewy, receiving an average product rating of 4.6 stars, indicating strong consumer satisfaction [3] - Better Choice is focusing on a digital-first strategy to enhance brand awareness and optimize its product portfolio [3] Balance Sheet Overview - As of March 31, 2024, total assets were $15.4 million, down from $16.7 million at the end of 2023 [7] - Current liabilities increased to $14.3 million from $13.8 million, with accounts payable rising to $7.5 million [7] - Stockholders' equity decreased to $1.1 million from $3.0 million, reflecting the ongoing net losses [7]
Better Choice Company Announces First Quarter 2024 Results