Simply Better Brands Corp. (SBBC) announced its financial results for the second quarter ended June 30, 2024, revealing a revenue of $7 million, a decline from $8.4 million in the same period last year. This 17% year-over-year decrease was attributed to a drop in revenue within the CBD segment.
Despite the revenue decline, SBBC’s CEO and Chairman, Kingsley Ward, expressed optimism about the company’s progress. He highlighted achievements in expanding distribution, strengthening financial standing, and bolstering the leadership team and board. Ward also emphasized the completion of restructuring efforts following the divestment of non-core assets, aligning the company’s focus on key growth areas.
The company reported a gross profit of $3.3 million, representing a 47% gross margin percentage, compared to $1.8 million in the second quarter of 2023. Operating costs rose to $4.1 million, a 24% increase from the previous year. Despite these figures, adjusted EBITDA from continuing operations came in at a positive $0.3 million, showcasing a $0.7 million improvement compared to the same period in 2023.
While net loss from continuing operations reached $7.1 million, compared to $2.7 million in the previous year’s second quarter, SBBC remains focused on its growth strategies. The company recently appointed J.R. Kingsley Ward as its permanent CEO, having successfully led the company through a period of transition and growth since February 2024 as interim CEO. The board of directors also welcomed Erica Groussman, Brock Bundy, and St. John Walshe as new members during the quarter.
Looking ahead, SBBC continues to invest in brand growth and capability expansion, aiming to deliver value to its shareholders. While facing challenges in the CBD segment, the company remains committed to its long-term growth objectives and strategic initiatives.
