Wed, Aug 14, 7:43 PM (153 days ago)
Avenir Wellness Solutions, Inc. reported significant declines in revenue and increased operating losses for Q2 2024. Revenue fell to $287,000 from $972,000 year-over-year, primarily due to reduced sales in the Seratopical Revolution and Nutri-Strip product lines, attributed to decreased advertising. For the first half of 2024, revenue totaled $727,000, down from $2.2 million in 2023. Cost of goods sold decreased, but the gross profit margin improved slightly. Operating expenses dropped substantially to $944,000 from $2.5 million year-over-year, mainly due to lower marketing and administrative costs. The net loss for Q2 was $897,000, compared to $987,000 in Q2 2023, and $2.2 million for the first half of 2024, worsening from $1.2 million in 2023. As of June 30, 2024, Avenir held $19,000 in cash and reported a working capital deficit of $12.7 million, raising substantial doubt about its ability to continue as a going concern. The company anticipates needing additional financing to support operations. Future operations may be impacted by ongoing economic uncertainties, including inflation and geopolitical tensions.