CV Sciences (CVSI) Q4 2025 earnings summary

Executive summary

• Fiscal 2025 revenue was $13.8 million, down from $15.7 million in 2024, reflecting a 12.2% decline due to lower sales volume and regulatory challenges.

• Gross margin improved to 49.0% for 2025 from 45.6% in 2024, with Q4 gross margin reaching 50.5%.

• Operating expenses reduced by 17.2% to $7.7 million, narrowing operating loss to $0.5 million and adjusted EBITDA loss to $0.3 million for 2025; Q4 adjusted EBITDA was positive at $0.1 million.

• Advanced transition into a global health and wellness company, launching new non-cannabinoid product lines and expanding internationally.

• Launched new products and completed debt restructuring to support future growth.

Financial highlights

• Fiscal 2025 revenue was $13.8 million (down from $15.7 million in 2024); Q4 2025 revenue was $3.3 million, flat sequentially but down from $3.9 million in Q4 2024.

• Gross profit for 2025 was $7.0 million; Q4 2025 gross profit was $1.6 million.

• Operating expenses reduced by 17.2% to $7.7 million in 2025, excluding payroll tax reversal.

• Net loss for 2025 was $1.0 million, improved from $2.4 million in 2024; Q4 net loss was $0.2 million, improved from $0.7 million in Q4 2024.

• Cash balance at year-end was $0.3 million, down from $0.5 million at end of 2024.

Outlook and guidance

• Expect continued margin expansion and further cost efficiencies as more products are insourced in 2026.

• Anticipate realizing synergies from recent acquisitions and moving toward positive cash flow in the second half of 2026.

• Plans to accelerate growth through disciplined, strategic acquisitions and launch multiple non-cannabinoid products, expanding into select international markets.

• Focus on enhancing operating efficiency and driving consistent positive cash flow in 2026.