Charlotte’s Web (CSE: CWEB, OTCQX: CWBHF) CBD Sales Grew 57% to $17.7 Million in Q3 – RICH TV LIVE – November 27, 2018 – Charlotte’s Web Holdings, Inc. Reports Third Quarter 2018 Financial Results
Q3 revenue of $17.7 million on 57% year-over-year growth
Year-to-date revenue reaches $48.0 million with 34% Adjusted EBITDA
BOULDER, CO, Nov. 27, 2018 /PRNewswire/ – Charlotte’s Web Holdings, Inc. (“Charlotte’s Web” or the “Company”) (CSE:CWEB, OTCQX:CWBHF), the market share leader in hemp-based CBD wellness products, today reported financial results for the third quarter and nine-months ended September 30, 2018. All amounts are expressed in United States dollars. Certain metrics, including those expressed on an adjusted basis, are non-IFRS measures.
Highlights of Third Quarter 2018 Results versus Third Quarter 2017 Results
Organic revenue growth of 57% to $17.7 million
Gross profit (before biological asset adjustments) increased 54% to $13.8 million, or 78% of consolidated revenue
Adjusted EBITDA increased 23% to $5.4 million, or 31% of consolidated revenue
Significant marketing investment made in brand relaunch to be leveraged throughout 2019
Completed Initial Public Offering generating net proceeds of $71.5 million
Highlights of Nine-Months 2018 Results versus Nine-Months 2017 Results
Organic revenue growth of 75% to $48.0 million
Gross profit (before biological asset adjustments) increased 80% to $37.1 million, or 77% of consolidated revenue
Adjusted EBITDA increased 71% to $16.2 million, or 34% of consolidated revenue
During the third quarter we completed a successful initial public offering and private placement that generated significant capital for the Company that is being deployed to accelerate our growth in the hemp-derived CBD sector. This capital is being used primarily to expand the Company’s cultivation and production capacities to meet the increasing demand for our industry leading Charlotte’s Web products, both domestically and internationally.
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