FlexShopper (NASDAQ:FPAY) reported quarterly sales of $30.47 million which missed the analyst consensus estimate of $31.60 million by 3.58 percent. This is a 0.72 percent decrease over sales of $30.69 million the same period last year.
CBD Giant’s Challenging Year: Q4 Net Sales Slide By 27% But Net Loss Narrows 67% YoY
cbdMD reported a 27% year-over-year drop in net sales for the fourth quarter of 2023, totaling $5.7 million. The company attributed the decline to industry trends, reduced marketing spend, and lower wholesale pricing for its new high-strength products. For the full fiscal year 2023, net sales reached $24.2 million, down from $35.4 million in the previous year. Gross profit for the year was approximately $15 million, a decrease from $22.3 million in fiscal 2022. The company reported a net loss of about $23 million, compared to $70 million in 2022. Operating expenses fell to $24.2 million from $40 million in the prior year. cbdMD's working capital on September 30, 2023, was $3.4 million, down from $10.7 million on the same date in 2022. The company also launched its hempMD and ATRx brands in 2023, expanding its product channels into Amazon and other consumer products channels.
