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Better Choice Company (NYSE American: BTTR) received a warning letter from NYSE Regulation for noncompliance with the NYSE American Company Guide.
The company failed to notify the exchange at least ten minutes prior to its first-quarter 2024 results announcement on May 17, 2024, as required by Section 401(a).
The warning was issued on May 21, 2024, as per Section 1009(a)(i) of the Company Guide.
Better Choice Company (NYSE American: BTTR) announced its Q1 2024 results, highlighting a 28% year-over-year improvement in EPS to $(3.60) and a 27% growth in Adjusted EBITDA to $(1.4) million, with an Adjusted EBITDA margin of (18)%. The company reported a net revenue of $7.9 million, primarily driven by its Halo Holistic® product line.
Net loss improved by 19% to $(2.8) million, and gross margin stood at 33%. The Halo Elevate line, launched on Chewy, gained consumer traction with an average rating of 4.6 stars. CEO Kent Cunningham emphasized the company's digital-first strategy and inventory optimization, reducing inventory levels by 50% over the past 15 months and achieving a 96% fill rate.
Despite a decline in net sales from $9.2 million to $7.9 million, the company has shown progress in operational efficiency and cost management. However, operating expenses remain high at $5.1 million, and interest expenses increased to $362,000. The company's assets decreased to $15.4 million from $16.7 million, with liabilities at $14.3 million.
Better Choice Company (NYSE: BTTR) is encouraged by the potential DEA reclassification of marijuana. The company's subsidiary, Bona Vida CBD Dog and Cat treats, remains a significant asset with promising benefits. Chairman Michael Young is optimistic about the evolving regulatory environment in the cannabis industry.
Better Choice Company Inc., a pet health and wellness company listed on NYSE American under the symbol BTTR, received a notice of noncompliance with NYSE American listing standards due to insufficient stockholders' equity and recurring losses. The company must submit a compliance plan by May 24, 2024, to address the deficiencies and risks potential delisting if not resolved by October 24, 2025.
