Successful Capital Restructuring
The conversion of Series A preferred stock into common stock was successfully completed, eliminating $6.7 million in accrued dividends and simplifying the capital structure. This raised the pro forma non-GAAP adjusted book value from approximately $670,000 to over $7 million.
Wholesale Revenue Growth
Wholesale revenue increased by 22% in the second quarter of fiscal 2025 compared to the same period in 2024, reaching $1.1 million.
Cost Reductions
SG&A expenses for Q2 2025 were reduced to $3.5 million from $4.1 million in the prior year, primarily due to reductions in payroll, professional fees, and the elimination of the headquarters lease.
Improvement in Non-GAAP Adjusted EBITDA
The non-GAAP adjusted EBITDA loss improved to $197,000 for Q2 2025 compared to a $680,000 loss in Q2 2024.
Award-Winning Herbal Oasis Brand
Herbal Oasis, a hemp-derived THC seltzer brand, received awards at the 2025 High Spirits Award and expanded distribution in several states.