SAN DIEGO, Aug. 13, 2024 /PRNewswire/ -- CV Sciences, Inc. (OTCQB:CVSI) (the "Company", "CV Sciences", "our", "us" or "we"), a preeminent consumer wellness company specializing in hemp extracts and other proven science-backed, natural ingredients and products, today announced its financial results for the quarter ended June 30, 2024. Second Quarter 2024 and Recent Financial and Operating Highlights Generated revenue of $4.0 million for second quarter 2024, consistent with $4.0 million for the second quarter 2023 and the first quarter 2024; Recognized gross margin of 47.0% for second quarter 2024 compared to 43.3% for the second quarter 2023 and a sequential improvement from 46.3% for the first quarter 2024; Cash balance of $0.5 million at quarter end compared to $1.3 million at the end of 2023; Further established number one position as top-selling hemp extract brand in the natural product retail sales channel, according to SPINS, the leading provider of syndicated data and insights for the natural, organic and specialty products industry; Generated additional shelve placement and associated revenue after the launch of pet chews for hip and joint health and calming care chews; Entered into a financing with Streeterville for net proceeds of $0.9 million; Recognized an adjusted EBITDA loss of $6,000 for the second quarter 2024, close to achieving operating cash flow break-even; Acquired Elevated Softgels, a leading manufacturer of encapsulated softgels and tinctures for the supplement and nutrition industry, based in Colorado; and Appointed Maxim Group LLC ("Maxim") as non-exclusive financial advisor and investment banker to provide strategic financial advisory and investment banking services. With the help of Maxim, the Company intends to continue to build an efficient and cost effective consumer products platform and continue to evaluate inbound and outbound merger, sale, acquisition or other options for the Company. "We are pleased with our second quarter 2024 results. Revenues for our core business remained stable at $4 million in the second quarter 2024 despite a challenging environment. With our recently completed acquisitions and new product innovations, we are planning to grow our revenue in the second half of 2024. Our 47.0% gross margin in the second quarter 2024 is our best gross margin in the last 13 quarters," stated Joseph Dowling, Chief Executive Officer of CV Sciences. "Our second quarter 2024 progress demonstrates our continuous commitment to innovation and cost-efficient execution as we move closer to profitability and positive cash flow. We are excited about the additional opportunities of Elevated Softgels, our most recent acquisition, which we closed in May 2024. In addition, we are thrilled to appoint Maxim as our strategic financial advisor to accelerate our organic and non-organic growth opportunities." Operating Results - Second Quarter 2024 Compared to Second Quarter 2023 Sales for second quarter 2024 were $4.0 million, flat compared to the second quarter 2023. Our B2B sales declined slightly by 3%, offset by a 4% increase in our B2C sales. B2C sales increased by $0.1 million to $1.7 million in the second quarter 2024 mostly due to additional revenue from our subscription customers. The total number of units sold during the second quarter 2024 decreased by 12.5%, offset by higher average sales prices per unit of 12.1%. The average sales price per unit improved due to product and channel mix. We generated an operating loss of $0.6 million in the second quarter 2024, compared to an operating loss of $1.1 million in the second quarter 2023. The improvement is mostly due to higher gross margins and reduced operating expenses. The Company had negative adjusted EBITDA of $6,000 for the second quarter 2024 compared to $0.9 million in the second quarter of 2023. Conference Call and Webcast The Company will host a conference call and webcast to discuss these results today at 10:00 am EDT/7:00 am PDT. The webcast of the conference call will be available on the Investor Relations section of the Company's website at https://ir.cvsciences.com/news-events or directly at https://viavid.webcasts.com/starthere.jsp?ei=1676369&tp_key=2c558c26e6. Investors interested in participating in the live call can also dial (877) 407-0784 from the U.S. or international callers can dial (201) 689-8560. A telephone replay will be available approximately three hours after the call concludes, and will be available through Tuesday, August 20, 2024, by dialing (844) 512-2921 from the U.S. or (412) 317-6671 from international locations, and entering confirmation code 13747169. About CV Sciences, Inc. CV Sciences, Inc. (OTCQB:CVSI) is a consumer wellness company specializing in nutraceuticals and plant-based foods. The Company's hemp extracts and other proven, science-backed, natural ingredients and products are sold through a range of sales channels from B2B to B2C. The Company's +PlusCBD™ branded products are sold at select retail locations throughout the U.S. and are the top-selling brands of hemp extracts in the natural products market, according to SPINS, the leading provider of syndicated data and insights for the natural, organic and specialty products industry. With a commitment to science, +PlusCBD™ product benefits in healthy people are supported by human clinical research data, in addition to three published clinical case studies available on PubMed.gov. +PlusCBD™ was the first hemp extract supplement brand to invest in the scientific evidence necessary to receive self-affirmed Generally Recognized as Safe (GRAS) status. The Company's Cultured Foods™ brand provides a variety of 100% plant-based food products. Committed to crafting nutritious and flavorful alternatives, Cultured Foods™ caters to individuals seeking vegan, gluten-free, or flexitarian options for a wholesome and satisfying culinary experience. In addition, the Company owns Elevated Softgels, a leading manufacturer of encapsulated softgels and tinctures for the supplement and nutrition industry. CV Sciences, Inc. has primary offices and facilities in San Diego, California, Grand Junction, Colorado, and Warsaw, Poland. The Company also operates a drug development program focused on developing and commercializing CBD-based novel therapeutics. Additional information is available from OTCMarkets.com or by visiting www.cvsciences.com.  Forward Looking Statements This press release may contain certain forward-looking statements and information, as defined within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the Safe Harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements by definition involve risk and uncertainties. CV Sciences does not undertake any obligation to publicly update any forward-looking statements, except as required by applicable law. As a result, investors should not place undue reliance on such forward-looking statements. Contact   CV SCIENCES, INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)(in thousands, except per share data) Three months endedJune 30, Six months endedJune 30, 2024 2023 2024 2023 Product sales, net $ 3,954 $ 3,966 $ 7,956 $ 8,114 Cost of goods sold 2,094 2,248 4,243 4,614 Gross profit 1,860 1,718 3,713 3,500 Operating expenses: Research and development 28 36 64 71 Selling, general and administrative 2,415 2,758 4,852 4,914 Benefit from reversal of accrued payroll taxes — — — (6,171) Total operating expenses 2,443 2,794 4,916 (1,186) Operating income (loss) (583) (1,076) (1,203) 4,686 Other expense, net 1 209 3 265 Income (loss) before income taxes (584) (1,285) (1,206) 4,421 Income tax expense — 3 6 3 Net income (loss) $ (584) $ (1,288) $ (1,212) $ 4,418 Weighted average common shares outstanding, basic and diluted 172,418 152,599 167,823 152,353 Net income (loss) per common share, basic and diluted $ (0.00) $ (0.01) $ (0.01) $ 0.03   CV SCIENCES, INC.CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)(in thousands, except per share data) June 30, 2024 December 31, 2023 Assets Current assets: Cash $ 477 $ 1,317 Accounts receivable, net 639 431 Inventory