cbdMD’s Financial Results: Cost-Cutting Measures For Positive Cash Flow Amid Increasing Losses
cbdMD, Inc. (NYSE: YCBD) announced its financial results for the second quarter of fiscal 2024, ending March 31, 2024. Despite an increase in operational losses from $1.4 million in Q2 fiscal 2023 to $1.5 million in Q2 fiscal 2024, management remains optimistic.
“Transformation is not always linear, and while our second fiscal quarter 2024 results fell short of our ambitions, we believe the operational changes we’ve enacted are set to propel us forward,” Ronan Kennedy, CEO & CFO of cbdMD, stated.
Cost-Cutting Measures And Financial Projections
cbdMD reported implementing cost-cutting measures projected to save approximately $2.4 million annually by August, including staff reductions, renegotiated vendor contracts and consolidation operations to save $0.6 million per quarter.
These efforts aim to position the company for positive cash flow in upcoming …