Charlotte's Web Holdings, Inc. (TSX: CWEB) (OTC: CWBHF) reported third-quarter revenue of $25.1 million on Wednesday, a 41.8% year-over-year increase.
The company posted a net loss of $1.3 million versus net income of $1.8 million in the same period one year ago.
The quarterly loss amounts to 1 cent per share as compared to earnings of 2 cents per share in the third quarter of 2018.
The company achieved positive adjusted EBITDA for the quarter of $700,000 versus adjusted EBITDA of $5.3 million in the same quarter of 2018.
B2C e-commerce sales jumped 38.7%, while B2B retail sales increased 66.4%, Charlotte's Web said.
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"In an increasingly crowded, noisy and confusing CBD market, brands matter, and Charlotte's Web is the most trusted hemp extract in the world," CEO Deanie Elsner said in a statement. "Consumers are becoming more informed about product ingredients, production quality and variances between CBD isolate and full-spectrum hemp extract efficacy. Consumer education is increasing and a 68% year-over-year increase in traffic through our online store drove Q3 B2C sales to new highs.”
The CBD company updated its revenue guidance.
"We're pleased with our growth of 42% for Q3 and 49.6% year-to-date. We expect full year revenue for 2019 to be in the range of $95 to $100 million and to maintain growth rates for 2020 in the 40% to 50% range or until clear regulations are set," Elsner said.
Charlotte’s Web stock was trading down 6.87% at $9.36 at the time of publication.
Photo courtesy of Charlotte's Web.