Record D2C Channel Performance
Achieved record direct-to-consumer sales through the Bethesda partnership, highlighting the success of strategic partnerships and socially rooted marketing campaigns.
Significant Revenue Growth
Net revenue in the third quarter increased by 15% to $4.5 million compared to $3.9 million in the previous year, driven by growth in HD9, direct-to-consumer, and fountain products.
Improved Gross Margin
Gross profit increased by 76.7% to approximately $1.3 million, with gross margin as a percentage of net revenue rising significantly to 28.9% from 18.8% in the prior year.
Operational Efficiency Gains
Reduced selling, general, and administrative expenses by 20% and improved forecasting and inventory management, leading to lower freight and warehousing charges.
Strong Fourth Quarter Revenue Projection
Expected to generate more than $8 million in fourth-quarter revenue, underpinned by strategic partnerships and strong performance across various channels.