Better Choice Company Announces Fourth Quarter and Full Year 2024 Financial Results

Fourth Quarter 2024 Revenue Growth of 26% Year-Over-Year to $7.2 million

Fourth Quarter 2024 Loss per Share Improves 97% Year-Over-Year to $(0.50)

Fourth Quarter 2024 Adjusted EBITDA Loss Improves 80% to $(0.7) million Year-Over-Year(1)

Full Year 2024 Loss per Share Improves 100% year-over-year to $(0.10)

Full Year 2024 Adjusted EBITDA Loss Improves 78% year-over-year to $(1.9) million(1)

TAMPA, Fla., March 27, 2025 (GLOBE NEWSWIRE) -- Better Choice Company Inc. (NYSE American: BTTR) (the "Company" or "Better Choice"), a pet health and wellness company, today announced its results for the fourth quarter and year ended December 31, 2024.

"Our fourth quarter results built on the momentum we saw during the third quarter and exceeded our internal projections across all key financial metrics," commented Chief Executive Officer, Kent Cunningham. "The most encouraging for me was the 26% sales growth in the fourth quarter we achieved year-over-year driven notably by a 32% increase across Chewy and Amazon platforms. Combined with continued year-over-year expansion in our gross margin to 36% for the quarter, this gives us continued confidence in our strategy and our team's ability to drive sustained, profitable growth going forward."

Nina Martinez, Chief Financial Officer, also commented, "Our fourth quarter revenue growth achievement year-over-year, along with 80% year-over-year improvement to our adjusted EBITDA loss, reflects our unwavering focus on driving sustainable, profitable growth. In addition to achieving a 36% gross margin, we successfully reduced short-term obligations, generating a $6.2 million gain and transitioning to a healthy working capital position of $7.9 million. These results, combined with four consecutive quarters of improved gross margin and three straight quarters of net loss improvement, strengthen our confidence in our ability to achieve profitability through operational leverage in 2025."

FOURTH QUARTER 2024 FINANCIAL HIGHLIGHTS

   -- Revenue increased 26% year-over-year to $7.2 million 
 
   -- Gross margin increased 2,705 basis points year-over-year to 36% 
 
   -- Net loss improved 90% year-over-year to $(1.6) million 
 
   -- Loss per share improved 97% year-over-year to $(0.50) 
 
   -- Adjusted EBITDA loss improved 80% year-over-year to $(0.7) million1 

FULL YEAR 2024 FINANCIAL HIGHLIGHTS

   -- Gross margin increased 657 basis points year-over-year to 37% 
 
   -- $6.2 million gain on extinguishment of debt and accounts payable 
 
   -- Net loss improved 99% year-over-year to $(0.2) million 
 
   -- Loss per share improved 100% year-over-year to $(0.10) 
 
   -- Adjusted EBITDA loss improved 78% year-over-year to $(1.9) million1 

LIQUIDITY AND CAPITAL RESOURCES

As of December 31, 2024, cash and cash equivalents were $3.1 million and the Company had $2.4 million of borrowing capacity under its credit facility.

CONFERENCE CALL AND WEBCAST INFORMATION

Better Choice will host a conference call and webcast to discuss fourth quarter 2024 results today at 4:30 PM ET. The dial-in number for the conference call is 1-888-348-8935 or 1-412-317-0454. A live webcast of the conference call will be available by visiting https://viavid.webcasts.com/starthere.jsp?ei=1710449&tp_key=75345a2769, also available on the Company's investor relations website at ir.betterchoicecompany.com.

For interested individuals unable to join the conference call, the webcast replay of the call will be available for 90 days under the 'Events & Presentations' section of the Company website by visiting https://ir.betterchoicecompany.com/news-events/events-presentations.

About Better Choice Company Inc.

Better Choice Company Inc. is a pet health and wellness company focused on providing pet products and services that help dogs and cats live healthier, happier and longer lives. We offer a broad portfolio of pet health and wellness products for dogs and cats sold under our Halo brand across multiple forms, including foods, treats, toppers, dental products, chews, and supplements. We have a demonstrated, multi-decade track record of success and are well positioned to benefit from the mainstream trends of growing pet humanization and consumer focus on health and wellness. Our products consist of kibble and canned dog and cat food, freeze-dried raw dog food and treats, vegan dog food and treats, oral care products and supplements. Halo's core products are made with high-quality, thoughtfully sourced ingredients for natural, science-based nutrition. Each innovative recipe is formulated with leading veterinary and nutrition experts to deliver optimal health. For more information, please visit https://www.betterchoicecompany.com.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "believe," "may," "estimate," "continue," "anticipate," "intend," "should," "plan," "could," "target," "potential," "is likely," "will," "expect" and similar expressions, as they relate to us, are intended to identify forward-looking statements. The Company has based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Some or all of the results anticipated by these forward-looking statements may not be achieved. Further information on the Company's risk factors is contained in our filings with the SEC. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

Company Contact:

Better Choice Company Inc.

Kent Cunningham, CEO

Investor Contact:

KCSA Strategic Communications

Valter Pinto, Managing Director

T: 212-896-1254

Valter@KCSA.com

 
 
                       Better Choice Company Inc. 
                  Consolidated Statements of Operations 
            (Dollars in thousands, except share and per share 
                                amounts) 
 
                                              Year ended December 31, 
                                                  2024         2023 
                                               ----------    -------- 
Net sales                                   $      34,975   $  38,592 
Cost of goods sold                                 21,986      26,795 
                                               ----------    -------- 
Gross profit                                       12,989      11,797 
Operating expenses: 
    Selling, general and administrative            18,956      24,444 
    Impairment of intangible assets                    --       8,532 
                                               ----------    -------- 
Total operating expenses                           18,956      32,976 
                                               ----------    -------- 
Loss from operations                               (5,967)    (21,179) 
Other income (expense): 
    Interest expense                                 (467)     (1,353) 
    Change in fair value of warrant 
     liabilities                                       --        (236) 
    Gain on extinguishment of debt and 
    accounts payable                                6,206          -- 
    Other income                                       69          -- 
                                               ----------    -------- 
Total other income (expense)                        5,808      (1,589) 
Net loss before income taxes                         (159)    (22,768) 
    Income tax expense                                 (9)         (2) 
Net loss available to common stockholders   $        (168)  $ (22,766) 
                                               ==========    ======== 
Weighted average number of shares 
 outstanding, basic                             1,615,487     705,185 
Weighted average number of shares 
 outstanding, diluted                           1,615,487     705,185 
Net loss per share available to common 
 stockholders, basic                        $       (0.10)  $  (32.29) 
Net loss per share available to common 
 stockholders, diluted                      $       (0.10)  $  (32.29) 
 
 
 
                        Better Choice Company Inc. 
                   Condensed Consolidated Balance Sheets 
             (Dollars in thousands, except share and per share 
                                 amounts) 
 
                                           December 31,     December 31, 
                                               2024             2023 
                                          --------------  ---------------- 
Assets 
Cash and cash equivalents                  $      3,066    $      4,455 
Accounts receivable, net                          5,371           4,354 
Notes receivable                                  2,211              -- 
Inventories                                       3,869           6,611 
Prepaid expenses and other current 
 assets                                             484             812 
                                              ---------       --------- 
Total Current Assets                             15,001          16,232 
Fixed assets, net                                   138             230 
Right-of-use assets, operating leases                64             120 
Goodwill                                            405              -- 
Other assets                                        193             155 

(MORE TO FOLLOW) Dow Jones Newswires

March 27, 2025 16:05 ET (20:05 GMT)