cbdMD, Inc. announced its financial results for the full fiscal year ended September 30, 2024, on December 18, 2024, reporting a loss from operations of $3.3 million. This represents a $19.1 million year-over-year improvement from the $22.9 million loss recorded in the prior fiscal year, marking the second consecutive year of significant financial improvement.
The company attributed this progress to aggressive cost controls, including the elimination and settlement of its headquarter lease obligations, and strengthened its cash position through disciplined working capital management. Management projects Q1 fiscal 2025 revenues to approach $5 million and is focused on achieving positive non-GAAP EBITDA in fiscal 2025.
Despite these operational advancements, the audited consolidated financial statements for fiscal year 2024 included an explanatory paragraph related to cbdMD's ability to continue as a going concern. The company remains committed to addressing its equity capital structure to unlock shareholder value and ensure compliance with NYSE American listing standards.
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