CV Sciences, Inc. reported fiscal year 2024 revenue of $15.7 million, a slight decrease from $16.0 million in 2023. For the fourth quarter of 2024, revenue was $3.9 million, compared to $3.8 million in the fourth quarter of 2023.
The company recognized a gross margin of 45.6% for fiscal year 2024, an improvement from 44.3% in 2023. Fourth-quarter 2024 gross margin was 43.2%, compared to 45.8% in the prior year's fourth quarter.
Operating expenses for fiscal year 2024 decreased by 5.4% to $9.4 million, excluding the benefit from reversal of accrued payroll taxes. CV Sciences reported an adjusted EBITDA loss of $0.8 million for fiscal 2024, a significant improvement from an adjusted EBITDA loss of $2.3 million in 2023, indicating progress towards operating cash flow break-even.
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