Q2 2024 Better Choice Company Inc Earnings Call Transcript
Key Points
- Achieved an average fill rate of 95%, a significant improvement from 78% in Q2 of last year.
- Reduced finished goods inventory by 57% year-over-year, showcasing operational discipline.
- Second quarter adjusted EBITDA improved by 98% year-over-year.
- Subscription-based revenue increased on both Chewy and Amazon platforms.
- Gross margin improved by 400 basis points year-over-year, reaching 38% in Q2.
- Total net sales for the first half of 2024 were $16.5 million, down from $19.8 million last year.
- Strategic exits from unprofitable brick-and-mortar customers negatively impacted year-over-year top line.
- The closing of the legacy Halo Pets direct-to-consumer channel contributed to the sales decline.
- Despite improvements, the company still reported a $30,000 adjusted EBITDA loss for the quarter.
- Operating loss, although improved by 72% year-over-year, indicates ongoing financial challenges.
Thank you, and welcome to the Better Choice Company second quarter 2024 earnings call. Todayâs call is being recorded. Joining me today are Kent Cunningham, our Chief Executive Officer; and Nina Martinez, our Chief Financial Officer.
Our earnings release will be posted to the Investor Relations section of our website betterchoicecompany.com this evening and will be followed by our Form 10-Q to be filed with the SEC tomorrow on August 14, 2024.
Please note that remarks made today may include forward-looking statements subject to various assumptions, risks and uncertainties. The companyâs actual results may differ materially from those contemplated by such statements. For a more detailed discussion, please refer to the note regarding forward-looking statements in the companyâs earnings release and SEC filings.
Also during todayâs call, we will discuss certain non-GAAP financial measures. Reconciliations of these non-GAAP items to the most directly comparable GAAP financial measures will be provided on the companyâs earnings release and made available on the Investors section of
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