CV Sciences (CVSI) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue was $3.3 million, down 16% year-over-year and 10% sequentially, mainly due to out-of-stock issues and restrictive regulation in some states.

• Gross margin improved to 48.5% from 46% a year ago, reflecting strong cost control and improved product/channel mix.

• Adjusted EBITDA loss was $118,000, compared to a $75,000 loss last year and a $59,000 profit in Q2.

• Net loss for Q3 2025 was $0.4 million, improved from $0.5 million last year.

• 39% of Q3 2025 revenue came from products launched since January 2023, with 38 new products introduced.

Financial highlights

• Q3 2025 net product sales: $3.3 million (down from $3.9 million in Q3 2024); gross margin: 48.5% (up from 46.0%).

• SG&A expenses for Q3 2025 decreased to $1.8 million from $2.1 million year-over-year.

• Net loss per share for Q3 2025 remained at $0.00.

• Cash at quarter-end was $0.4 million, down from $0.5 million at year-end.

• Cash used in operations for the nine months ended September 30, 2025 was $1.08 million.

Outlook and guidance

• Management expects continued dependence on additional investment capital to fund operations and growth initiatives.

• Strategic cost reductions, product innovation, and acquisition integration are ongoing to improve competitiveness and drive future growth.

• New federal legislation effective November 2026 will prohibit sale of hemp-derived products with >0.4mg THC per container, potentially impacting future product offerings and revenue.

• Full cost savings from insourcing manufacturing and acquisition synergies expected in 2026.

• Plans to launch several new cannabinoid and non-cannabinoid products in early 2026.