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Charlotte's Web Holdings, Inc. (OTCQX:CWBHF) (TSX:CWEB) net revenue for the first quarter ended March 31, 2023, was $17.0 million, a decrease of 12.1% from $19.4 million in the first quarter of 2022. The decrease was primarily due to lower oil tincture sales volume and related product mix for the periods.
Q1 2023 Financial Highlights
Gross profit was $9.9 million, or 58.3% of revenue, as compared to gross profit of $11.8 million, or 60.5% of revenue, in the first quarter of 2022.
Net loss for the first quarter was $2.9 million, or ($0.02) per share on a basic and diluted basis, as compared to a net loss of $8.6 million, or ($0.06) per share, on a basic and diluted basis in Q1 2022.
Adjusted EBITDA loss for the first quarter of 2023 was $3.3 million, an improvement of $2.0 million, or 57.7% as compared to an adjusted EBITDA loss of $5.3 million for the first quarter of 2022.
"In the first quarter, we maintained prudent cost controls to balance softness in the CBD category due to the unregulated environment. We successfully reduced operating expenses by 14% on a year-over-year basis and ended the first quarter with a cash balance of $61 million. This provides ample working capital to support growth plans, including the launch of ReCreate, our new NSF Certified for Sport lifestyle brand," stated Jessica Saxton, CFO. "We continue to maintain healthy gross profit margins and have improved our operating margins, despite a net revenue decline of 12.1% year-over-year."
Balance Sheet and Cash Flow
Net cash used from operations, for the three months ended March 31, 2023, was $6.1 million as compared to $4.7 million in Q1 2022. The first quarter of 2023 included rights fee payments to MLB which did not occur in the prior year period.
The company's cash and working capital as of March 31, 2023, were $60.8 million and $78.5 million respectively, compared to $67.0 million and $82.3 million at December 31, 2022, respectively.
Photo by Tim Foster on Unsplash
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