Starco Brands announced its fourth quarter and full year 2024 financial results on April 18, 2025. For the full year 2024, net revenue was $58.7 million, a decrease from $63.6 million in 2023, primarily due to periods of out-of-stocks on key items. Gross profit for the year was $20.9 million, down from $26.0 million in 2023.
The company reported a full year 2024 net loss of $17.3 million, an improvement from a net loss of $46.4 million in 2023. This improvement was largely influenced by significant reductions in operating expenses, including compensation and professional fees. However, Adjusted EBITDA for 2024 was $1.3 million, a decline from $6.2 million in 2023.
For the fourth quarter of 2024, net revenue was $12.1 million, compared to $18.5 million in Q4 2023, attributed to one-time balance sheet reconciliations, supply chain pressures, and lower retail volumes for Soylent and Whipshots. Despite this, Q4 2024 saw a net profit of $4.8 million, a significant turnaround from a $41.1 million net loss in Q4 2023, driven by a $26.2 million gain for fair value share adjustment, partially offset by a $14.3 million goodwill impairment.
Operating expenses saw substantial reductions, with fourth quarter 2024 compensation expense decreasing by $8.8 million and professional fees by $0.9 million compared to the prior year. Full year 2024 compensation expense decreased by $6.9 million and professional fees by $2.4 million. These reductions reflect successful integrations and operational efficiency initiatives.
Cash on the balance sheet as of December 31, 2024, was $1.2 million, down from $1.8 million at the end of 2023. Inventory decreased to $8.2 million from $10.7 million over the same period. These figures indicate ongoing efforts in working capital management.
Segment performance for full year 2024 showed Starco Brands segment gross revenues at $12.1 million, Skylar at $10.5 million, and Soylent at $36.1 million. Whipshots revenue declined due to prior year stocking orders, while Winona revenue increased due to distribution adds.
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