Q: Can you please comment on earnings.
5i Research Answer:
SBBC reported revenue of $12.1M up 124% year-over-year primarily driven by the growth of the Trubar brand. Trubar was launched in a number of major retailers including Walmart, Whole Foods Market, CVS and GNC helping to drive its growth. Profit from continuing operations was $4.1M, up from $0.4M a year ago, primarily due to changes in the fair value of warrants and derivative liabilities. SBBC had $3.7M in cash on hand at quarter end and working capital significantly improved from a deficit of $12.4M at the end of 2023 to a positive $2.9M for the quarter ended. It was solid quarter exemplified by the growth of Trubar. However, the profitability was driven by fair value adjustments and it is a bit too small for a strong endorsement.