Core Insights - Better Choice Company Inc. reported a net revenue of $7.9 million for Q1 2024, with a gross margin of 33% and a net loss of $2.8 million, which is an improvement of 19% year over year [2][3] - The company achieved an EPS improvement of 28% to $(3.60) per share and an adjusted EBITDA growth of 27% year over year to $(1.4) million, with an adjusted EBITDA margin improvement of 299 basis points to (18)% [1][2] - Approximately 75% of the sales volume was driven by the Halo Holistic® product line, and the company launched the Halo Elevate line on Chewy, receiving an average product rating of 4.6 stars [2][10] Financial Performance - Net sales for Q1 2024 were $7.9 million, down from $9.2 million in Q1 2023 [3] - Cost of goods sold decreased to $5.3 million from $6.0 million year over year, resulting in a gross profit of $2.6 million compared to $3.2 million in the previous year [3] - Total operating expenses were $5.1 million, down from $6.5 million in Q1 2023, leading to a loss from operations of $(2.5) million, an improvement from $(3.3) million [3] 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 [2] - The CEO emphasized a digital-first strategy and marketing investment shifts to enhance brand awareness and discoverability [2] - Better Choice is focused on optimizing its product portfolio and addressing consumer barriers to purchase [2] Balance Sheet Overview - As of March 31, 2024, total assets were $15.4 million, down from $16.7 million at the end of 2023 [4] - Current liabilities increased to $14.3 million from $13.7 million, while total liabilities rose to $14.3 million from $13.8 million [4] - Stockholders' equity was reported at $1.1 million, reflecting an accumulated deficit of $(324.2) million [4]
Better Choice Company Announces First Quarter 2024 Results