{"id":404806,"date":"2020-12-22T16:08:36","date_gmt":"2020-12-22T21:08:36","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=404806"},"modified":"2020-12-22T16:08:36","modified_gmt":"2020-12-22T21:08:36","slug":"cbdmd-reports-fiscal-september-30-2020-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/cbdmd-reports-fiscal-september-30-2020-results\/","title":{"rendered":"cbdMD Reports Fiscal September 30, 2020 Results"},"content":{"rendered":"

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cbdMD Reports Fiscal September 30, 2020 Results<\/b><\/p>\n

Fiscal Year Net Sales Increased 77% To Record $41.9 Million<\/b><\/p>\n

e-Commerce Direct-to-Consumer Sales Jump 106% to $30.5 Million<\/b><\/p>\n

CHARLOTTE, N.C.–(BUSINESS WIRE<\/a>)–
\ncbdMD, Inc. (NYSE American: YCBD, YCBDpA)<\/i>, one of the nation\u2019s leading and most highly trusted and recognized cannabidiol (CBD) brands, today announced its financial results for the fourth quarter and fiscal year ended September 30, 2020.\n<\/p>\n

\nCommenting on today\u2019s results, Chairman and co-CEO Martin A. Sumichrast said, \u201cWe believe cbdMD is now one of the most successful CBD companies in world, with two of the most recognized and valuable CBD brands, cbdMD and Paw CBD. We are committed to continuing to deliver on our financial goals. We have grown quarterly sales over 900% in eight fiscal quarters. We have remained focused on our core competency, which is e-commerce direct-to-consumer sales, which increased to $30.5 million, or 73% of total net sales in fiscal 2020, a 106% increase from the prior year. We have also maintained one of the strongest balance sheets in the CBD industry and we believe we have more than ample enough capital to execute on our 2021 strategy. In fact, we have recently more than doubled our liquidity, which now stands today at approximately $30 million in cash, with virtually no debt. To put this into context, we built two brands in two years with less cash than we have in the bank today. In addition, we dramatically reduced our non-GAAP adjusted loss from operations from over $10 million in the first half of fiscal 2020 to approximately $1.3 million in the second half of fiscal 2020. Earlier this year we set a goal of achieving positive adjusted operating income during calendar year 2020, a non-GAAP financial measure. We are presently confident we will reach this milestone in early fiscal 2021. However, based upon marketing opportunities that may arise during the year, achieving this goal may be extended later into the fiscal year. While we have not committed to any financial guidance, we do expect continued robust sales growth in fiscal 2021.\u201d\n<\/p>\n

Financial Highlights:<\/span><\/p>\n

Fiscal 2020:<\/span><\/p>\n