Wed, May 15, 12:32 PM (73 days ago)
Sow Good Inc. reported a significant revenue increase to $11.4 million for Q1 2024, primarily driven by the expansion of its freeze-dried candy product line, compared to $198.9 thousand in Q1 2023. Gross profit rose to $4.6 million, with a gross margin of 41%, though slightly lower than the previous year's 58% due to higher production costs. Operating expenses increased to $3.7 million, largely due to higher salaries, benefits, and professional services costs. Net income for the quarter was $510.6 thousand, a substantial improvement from the $1.4 million loss in Q1 2023. Cash flow from operations was positive at $1.3 million, and the company raised $3.7 million through a private placement. Future growth is expected from increased production capacity and expanded retail distribution.