cbdMD, Inc. (YCBD) Misses Q2 EPS by 21c, Revenues Miss

cbdMD, Inc. (NYSE: YCBD) reported Q2 EPS of ($0.24), $0.21 worse than the analyst estimate of ($0.03). Revenue for the quarter came in at $11.8 million versus the consensus estimate of $12.63 million.

Financial highlights for the Quarter Ended March 31, 2021:

• Net sales of $11.8 million for the second quarter of fiscal 2021 increased by 26% year-over-year from $9.4 million in the second quarter of fiscal 2020 for a record high for the March quarter.
• Gross profit margin for the second quarter of fiscal 2021 remained strong at approximately 69%, down slightly from 71% in the prior year’s second quarter.
• E-commerce direct-to-consumer net sales were $8.4 million, an increase of 23.3% from the prior year’s second fiscal quarter.
• Wholesale (including brick and mortar retail customers) net sales were $3.4 million, an increase of 31.3% from the prior year’s second fiscal quarter.
• Paw CBD (our award-winning CBD pet brand) had net sales of $1.4 million, an increase of 84% from the prior year’s second fiscal quarter.
• Quarterly operating expenses for the second quarter of fiscal 2021 remained relatively constant as compared to the second quarter of fiscal 2020 at $12.3 million.
• Loss from operations decreased by 25.6% to $4.1 million for the second quarter of fiscal 2021 compared to $5.6 million from the prior year’s second fiscal quarter.
• Non-GAAP adjusted operating loss decreased by 44% to $2.7 million, compared to $4.9 million from the prior year’s quarter, and for the six months ending March 31, 2021, our non-GAAP adjusted operating loss decreased by 67% to $3.3 million compared to $9.9 million for the prior year’s period.
• Net loss attributable to common shareholders for the second quarter of fiscal 2021 was approximately $13.1 million, or ($0.24) per share, as compared to net income of approximately $14.8 million, or $0.41 per share from the prior year’s second fiscal quarter. Our net loss attributable to common shareholders was principally attributable to an increase of approximately $8.9 million in the non-cash contingent liability which is associated with earnout shares which may be issued under the terms of the December 2018 acquisition of Cure Based Development (which owned the cbdMD brand).
• As of March 31, 2021, we had working capital of approximately $27.9 million and cash on hand of approximately $23.7 million as compared to working capital of approximately $16.0 million and cash on hand of approximately $14.8 million at September 30, 2020.

For earnings history and earnings-related data on cbdMD, Inc. (YCBD) click here.

You May Also Be Interested In

• Growth isn't weak enough to truly undercut inflation pressures - BMO
• Super Micro Computer (SMCI) Falls 6%
• Safe & Green (SGBX) Provides Update on Audit and Planned 10-K Filing