Hemp-Focused CV Sciences Reports Flat Revenue And Over 8% YoY Increase In Gross Profit In Q2
Portfolio Pulse from Jelena Martinovic
CV Sciences, Inc. (OTCQB:CVSI), a hemp-focused wellness company, reported flat revenue of $4 million for Q2 2024 but saw an 8% YoY increase in gross profit. The company achieved a gross margin of 47%, the highest in 13 quarters, and reduced its net loss to $584,000. Operating expenses decreased, and the company plans to grow revenue in the second half of 2024 through acquisitions and new product innovations.
August 13, 2024 | 3:25 pm
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CV Sciences reported flat revenue but an 8% YoY increase in gross profit for Q2 2024. The company achieved a gross margin of 47%, the highest in 13 quarters, and reduced its net loss to $584,000. Operating expenses decreased, and the company plans to grow revenue in the second half of 2024 through acquisitions and new product innovations.
The flat revenue might be seen as a neutral factor, but the significant increase in gross profit and the highest gross margin in 13 quarters are positive indicators. The reduction in net loss and decreased operating expenses further strengthen the company's financial position. Plans for growth through acquisitions and new products could drive future revenue increases.
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