Here are the 10-K annual reports from cbdMD, Inc. (YCBD) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow YCBD and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full YCBD filings page.
cbdMD, Inc. filed an amendment to its annual report for fiscal 2025 to add Part III information because it does not plan to file a proxy statement within 120 days of year-end. The filing details the company’s directors, executive officers and governance structure, including two independent board committees and an insider trading and whistleblower policy. It outlines executive and director compensation, highlighted by CEO/CFO T. Ronan Kennedy’s new employment agreement with a $340,000 base salary and performance bonus eligibility. The company describes its equity plans and a new 2025 Equity Incentive Plan reserving 891,316 shares, subject to shareholder approval. As of January 16, 2026, cbdMD had 10,495,561 common shares outstanding, and it reports audit and related fees for 2024 and 2025.
cbdMD, Inc. is a North Carolina-based consumer wellness company that sells hemp-derived CBD, Delta‑9 THC where permitted, functional mushroom products, pet wellness items, and a new THC-infused beverage line under brands including cbdMD, Paw CBD, ATRX and Oasis. For fiscal 2025, revenue was essentially flat at $19.2 million, but the company narrowed its GAAP operating loss from $3.3 million in 2024 to $2.1 million in 2025 through cost controls and portfolio optimization.
Management simplified the capital structure by converting Series A preferred stock and accrued dividends into roughly 91% of the outstanding common shares following an April 2025 shareholder vote, which was critical to regaining compliance with NYSE American listing standards. However, the company still has a history of losses, faces liquidity pressure, and its auditors highlight substantial doubt about its ability to continue as a going concern without improved profitability or new funding.
Growth efforts include expanding Oasis hemp-derived THC beverages across the Southeast, strengthening e-commerce (about 77% of 2025 sales) and international distribution, and investing about $4.4 million in 2025 marketing. A major risk is regulatory: a new federal law could cap THC at 0.4 mg per container from November 2026, potentially affecting 40–45% of revenue tied to full-spectrum products, with future legislative fixes uncertain.