<p>Cbdmd Inc（YCBD）已召开其第二季度财报电话会议。请继续阅读会议的主要亮点。</p>
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<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级为市场领先者的投资组合，使用智能投资者精选</li>
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<p>Cbdmd Inc 最新的财报电话会议传达了谨慎乐观的语气，清晰的运营增长与持续的财务和监管压力相结合。管理层强调了收入增长加速、与 Bluebird Botanicals 交易的早期成功，以及向新的与医疗保险相关的医疗渠道的战略推进，同时承认利润压力、现金消耗和州级规则变化是近期的主要阻力。</p>
<h2>收入增长在环比和同比基础上重新加速</h2>
<p>Cbdmd 报告第二季度净销售额为 560 万美元，同比增长 19%，环比增长 12%，显示出重新回升的收入势头。这一增长的回归是管理层叙述的核心，表明业务正在稳定，并在此基础上追求零售和医疗机会。</p>
<h2>剔除 Bluebird 收购影响后的核心业务强劲</h2>
<p>剔除 Bluebird Botanicals 收购的影响，核心收入同比增加约 50 万美元，环比增加约 30 万美元。公司表示，这是自 2023 年 12 月以来的最高季度核心收入，强调在完全实现新品牌的协同效应之前，基础业务正在扩展。</p>
<h2>渠道组合变化，批发销售激增，直销保持稳定</h2>
<p>直销仍然是收入的支柱，约占 67%，但批发销售从去年同期的 23% 跃升至 33%。批发收入同比激增 65%，反映出更强的零售合作关系，但也因销售组合向低价批发倾斜而导致利润压力。</p>
<h2>Bluebird Botanicals 收购预计在第三季度实现增益</h2>
<p>1 月中旬收购 Bluebird 对第二季度业绩产生了负面影响，因过渡和整合成本影响了收益，而未能实现完整季度的收入。管理层指出，Bluebird 在 3 月开始对业绩产生积极贡献，并表示对该交易在第三季度应从拖累转为对收入和收益的增益充满信心。</p>
<h2>来自 CMS BEI 和联邦发展的监管利好</h2>
<p>4 月 1 日 CMS 物质接入受益者参与激励的启动，为医疗保险中的大麻衍生 CBD 创造了一个新的联邦支持的途径。Cbdmd 加大了对这一项目的临床和医疗渠道的投资，预计提供者的采用和收入将在未来 12 到 18 个月内逐步增长。</p>
<h2>每股亏损改善和灵活的资本定位</h2>
<p>归属于普通股股东的净亏损缩小至约 87.6 万美元，或每股 0.08 美元，而一年前约为 140 万美元，或每股 1.90 美元，这得益于消除或转换了 A 系列优先股股息。公司在季度末现金约为 260 万美元，并指出可用的股权融资和 ELOC 以支持运营和战略投资。</p>
<h2>管理层设定 EBITDA 盈亏平衡的路径</h2>
<p>调整后的非 GAAP EBITDA 亏损为 22 万美元，管理层强调，随着整合成本的降低和收入的扩大，EBITDA 和营运资金效率应有所改善。他们估计季度盈亏平衡收入远低于 700 万美元，这表明适度的增量增长可能使业务接近运营现金中立。</p>
<h2>由于组合变化和州级成本，毛利率压缩</h2>
<p>毛利率从去年同期的 62% 下降至 58%，下降了四个百分点，主要是由于批发比例增加和州级合规成本的增加。新的要求，如重新包装和扩展测试，给供应链增加了摩擦和成本，即使公司在向更高销量的批发关系倾斜。</p>
<h2>由于一次性和增长投资，运营亏损扩大</h2>
<p>运营亏损扩大至约 80.1 万美元，而一年前约为 48.6 万美元，增长约 65%，主要由于整合和增长支出。剔除一次性非现金股票归属费用，运营亏损约为 40.5 万美元，管理层认为这一水平更能代表基础业绩。</p>
<h2>调整后的 EBITDA 反映了工资、交易成本和 CMS 支出</h2>
<p>22 万美元的调整后非 GAAP EBITDA 亏损主要由工资、收购相关费用和与 CMS BEI 项目相关的战略投资增加所驱动。管理层将这些支出视为前期成本，旨在捕捉新兴的医疗渠道需求，尽管它们对近期盈利指标造成压力。</p>
<h2>营运资金的增加加剧现金消耗和流动性压力</h2>
<p>运营现金使用约为 72.3 万美元，因批发增长和相关付款条款，应收账款增加约 43.5 万美元，库存增加约 24 万美元（不包括收购的库存）。虽然这些营运资金的增加支持了更高的销售，但也在公司信用额度和股权工具的情况下加剧了近期的流动性压力。</p>
<h2>收购拖累和整合成本暂时压低收益</h2>
<p>管理层承认，Bluebird 在第二季度的影响不成比例地负面，因为 cbdmd 在没有完整季度收入的情况下吸收了过渡和整合费用。他们认为，随着整合的完成和合并运营的规模扩大，收购应在第三季度开始对利润和收益产生净积极影响。</p>
<h2>州级监管波动提高了结构成本和风险</h2>
<p>持续的州级监管变化仍然是一个结构性阻力，迫使重新包装和重新测试支出、SKU 限制以及偶尔的市场干扰。管理层提到了阿拉巴马州法律变更的例子，该法律限制了大麻衍生产品的销售，说明了 cbdmd 运营环境中合规复杂性和不确定性。</p>
<h2>长期医疗渠道机会带来执行风险</h2>
<p>与 CMS BEI 相关的医疗渠道被视为一个主要的战略支柱，但具有较长的前期准备时间和多个执行障碍。cbdmd 预计在建立临床证据、教育提供者和证明经济价值之前，将经历 12 到 18 个月的采用曲线，这一途径才能在实质上推动收入增长。</p>
<h2>指引和展望强调利润修复和现金纪律</h2>
<p>展望未来，管理层预计 Bluebird 在第三季度将实现盈利，同时核心势头持续，基于第二季度 19% 的同比和 12% 的环比销售增长以及更强的批发组合。他们的目标是提升 58% 的毛利率，缩小运营和 EBITDA 亏损，减少现金消耗，从第二季度的 723,000 美元水平降低，并在 2026 年之前推进 CMS BEI 医疗渠道和监管应急规划，同时保持资产负债表的灵活性。</p>
<p>cbdmd 的财报电话会议描绘了一幅公司在增长和监管驱动机会中前行的图景，尽管面临短期盈利能力和流动性压力。对于投资者而言，关键问题将是管理层能否将批发和 Bluebird 的势头转化为更强的利润率，谨慎管理现金，并在不过度扩张资产负债表的情况下执行长期的医疗保险渠道。</p>

YCBD

<p>Cbdmd Inc 报告了第二季度的财务业绩，净销售额为 560 万美元，同比增长 19%。尽管收入增长，公司面临由于转向批发销售和 Bluebird Botanicals 收购的整合成本而带来的利润压力和现金消耗。管理层对未来的增长保持乐观，特别是在与医疗保险相关的新机会方面，同时目标是实现 EBITDA 盈亏平衡。净亏损缩小至 87.6 万美元，现金储备为 260 万美元，表明公司专注于运营效率和战略投资</p>

<p>Cbdmd INc ((YCBD)) has held its Q2 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>Cbdmd Inc（YCBD）已召开其第二季度财报电话会议。请继续阅读会议的主要亮点。</p>
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<div class="lb-trans"><h3>在 TipRanks 上享受 55% 的折扣</h3>
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<div class="lb-trans"><ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级为市场领先者的投资组合，使用智能投资者精选</li>
</ul>
</div><p>Cbdmd Inc’s latest earnings call struck a cautiously optimistic tone, blending clear operational gains with ongoing financial and regulatory pressures. Management highlighted accelerating revenue growth, early wins from the Bluebird Botanicals deal, and a strategic push into a new Medicare-linked medical channel, while acknowledging margin pressure, cash burn, and state-level rule changes as key near-term headwinds.</p>
<div class="lb-trans"><p>Cbdmd Inc 最新的财报电话会议传达了谨慎乐观的语气，清晰的运营增长与持续的财务和监管压力相结合。管理层强调了收入增长加速、与 Bluebird Botanicals 交易的早期成功，以及向新的与医疗保险相关的医疗渠道的战略推进，同时承认利润压力、现金消耗和州级规则变化是近期的主要阻力。</p>
</div><h2>Revenue Growth Reaccelerates on Sequential and Year-Over-Year Basis</h2>
<div class="lb-trans"><h2>收入增长在环比和同比基础上重新加速</h2>
</div><p>Cbdmd reported Q2 net sales of $5.6 million, up 19% from a year ago and 12% sequentially from Q1 FY2026, signaling renewed topline momentum. This return to growth is central to management’s narrative that the business is stabilizing and building a higher base from which to pursue both retail and medical opportunities.</p>
<div class="lb-trans"><p>Cbdmd 报告第二季度净销售额为 560 万美元，同比增长 19%，环比增长 12%，显示出重新回升的收入势头。这一增长的回归是管理层叙述的核心，表明业务正在稳定，并在此基础上追求零售和医疗机会。</p>
</div><h2>Core Business Strength Excluding Bluebird Acquisition Effects</h2>
<div class="lb-trans"><h2>剔除 Bluebird 收购影响后的核心业务强劲</h2>
</div><p>Stripping out the impact of the Bluebird Botanicals acquisition, core revenue increased about $0.5 million year-over-year and roughly $0.3 million sequentially. The company said this was its highest quarterly core revenue since December 2023, underscoring that the underlying business is expanding even before fully realizing synergies from the new brand.</p>
<div class="lb-trans"><p>剔除 Bluebird Botanicals 收购的影响，核心收入同比增加约 50 万美元，环比增加约 30 万美元。公司表示，这是自 2023 年 12 月以来的最高季度核心收入，强调在完全实现新品牌的协同效应之前，基础业务正在扩展。</p>
</div><h2>Channel Mix Shifts as Wholesale Surges Alongside DTC</h2>
<div class="lb-trans"><h2>渠道组合变化，批发销售激增，直销保持稳定</h2>
</div><p>Direct-to-consumer sales remained the anchor at around 67% of revenue, but wholesale jumped to 33% from 23% in the prior-year quarter. Wholesale revenue surged 65% year-over-year, reflecting stronger retail partnerships though also contributing to margin pressure as the mix tilts toward lower-priced bulk sales.</p>
<div class="lb-trans"><p>直销仍然是收入的支柱，约占 67%，但批发销售从去年同期的 23% 跃升至 33%。批发收入同比激增 65%，反映出更强的零售合作关系，但也因销售组合向低价批发倾斜而导致利润压力。</p>
</div><h2>Bluebird Botanicals Acquisition Tracks Toward Q3 Accretion</h2>
<div class="lb-trans"><h2>Bluebird Botanicals 收购预计在第三季度实现增益</h2>
</div><p>The mid-January purchase of Bluebird weighed on Q2 results through transition and integration costs that hit earnings without a full quarter of revenue. Management noted Bluebird began contributing positively in March and expressed confidence that the deal should shift from drag to accretive for both revenue and earnings in Q3.</p>
<div class="lb-trans"><p>1 月中旬收购 Bluebird 对第二季度业绩产生了负面影响，因过渡和整合成本影响了收益，而未能实现完整季度的收入。管理层指出，Bluebird 在 3 月开始对业绩产生积极贡献，并表示对该交易在第三季度应从拖累转为对收入和收益的增益充满信心。</p>
</div><h2>Regulatory Tailwinds from CMS BEI and Federal Developments</h2>
<div class="lb-trans"><h2>来自 CMS BEI 和联邦发展的监管利好</h2>
</div><p>The April 1 activation of the CMS substance access beneficiary engagement incentive created a new federally supported pathway for hemp-derived CBD in Medicare. Cbdmd has accelerated investment in a dedicated clinical and healthcare channel around this program, expecting provider adoption and revenue to build gradually over the next 12 to 18 months.</p>
<div class="lb-trans"><p>4 月 1 日 CMS 物质接入受益者参与激励的启动，为医疗保险中的大麻衍生 CBD 创造了一个新的联邦支持的途径。Cbdmd 加大了对这一项目的临床和医疗渠道的投资，预计提供者的采用和收入将在未来 12 到 18 个月内逐步增长。</p>
</div><h2>Improved Per-Share Loss and Flexible Capital Positioning</h2>
<div class="lb-trans"><h2>每股亏损改善和灵活的资本定位</h2>
</div><p>Net loss attributable to common shareholders narrowed to about $876,000, or $0.08 per share, versus roughly $1.4 million, or $1.90 per share, a year earlier, helped by eliminating or converting the Series A preferred dividend. The company ended the quarter with approximately $2.6 million in cash and pointed to available equity facilities and an ELOC to support operations and strategic investments.</p>
<div class="lb-trans"><p>归属于普通股股东的净亏损缩小至约 87.6 万美元，或每股 0.08 美元，而一年前约为 140 万美元，或每股 1.90 美元，这得益于消除或转换了 A 系列优先股股息。公司在季度末现金约为 260 万美元，并指出可用的股权融资和 ELOC 以支持运营和战略投资。</p>
</div><h2>Management Targets Path Toward EBITDA Breakeven</h2>
<div class="lb-trans"><h2>管理层设定 EBITDA 盈亏平衡的路径</h2>
</div><p>Adjusted non-GAAP EBITDA loss came in at $220,000, with management emphasizing that EBITDA and working capital efficiency should improve as integration costs ease and revenue scales. They estimate quarterly breakeven revenue is well below $7 million, suggesting that modest incremental growth could bring the business close to operating cash neutrality.</p>
<div class="lb-trans"><p>调整后的非 GAAP EBITDA 亏损为 22 万美元，管理层强调，随着整合成本的降低和收入的扩大，EBITDA 和营运资金效率应有所改善。他们估计季度盈亏平衡收入远低于 700 万美元，这表明适度的增量增长可能使业务接近运营现金中立。</p>
</div><h2>Gross Margin Compression from Mix Shift and State Costs</h2>
<div class="lb-trans"><h2>由于组合变化和州级成本，毛利率压缩</h2>
</div><p>Gross margin slipped to 58% from 62% in the year-ago period, a four-point decline driven largely by a higher wholesale mix and incremental state-level compliance costs. New requirements such as repacking and expanded testing have added friction and cost to the supply chain even as the company leans into higher-volume wholesale relationships.</p>
<div class="lb-trans"><p>毛利率从去年同期的 62% 下降至 58%，下降了四个百分点，主要是由于批发比例增加和州级合规成本的增加。新的要求，如重新包装和扩展测试，给供应链增加了摩擦和成本，即使公司在向更高销量的批发关系倾斜。</p>
</div><h2>Operating Loss Widens on One-Time and Growth Investments</h2>
<div class="lb-trans"><h2>由于一次性和增长投资，运营亏损扩大</h2>
</div><p>Loss from operations widened to roughly $801,000 versus about $486,000 a year earlier, an increase of around 65% amid integration and growth spending. Excluding a one-time noncash stock vesting charge, operating loss would have been approximately $405,000, a level management argues is more representative of underlying performance.</p>
<div class="lb-trans"><p>运营亏损扩大至约 80.1 万美元，而一年前约为 48.6 万美元，增长约 65%，主要由于整合和增长支出。剔除一次性非现金股票归属费用，运营亏损约为 40.5 万美元，管理层认为这一水平更能代表基础业绩。</p>
</div><h2>Adjusted EBITDA Reflects Payroll, Deal Costs, and CMS Spend</h2>
<div class="lb-trans"><h2>调整后的 EBITDA 反映了工资、交易成本和 CMS 支出</h2>
</div><p>The $220,000 adjusted non-GAAP EBITDA loss was driven by payroll, acquisition-related expenses, and stepped-up strategic investments tied to the CMS BEI program. Management framed these outlays as front-loaded costs aimed at capturing emerging medical-channel demand, even though they weigh on near-term profitability metrics.</p>
<div class="lb-trans"><p>22 万美元的调整后非 GAAP EBITDA 亏损主要由工资、收购相关费用和与 CMS BEI 项目相关的战略投资增加所驱动。管理层将这些支出视为前期成本，旨在捕捉新兴的医疗渠道需求，尽管它们对近期盈利指标造成压力。</p>
</div><h2>Working Capital Build Fuels Cash Burn and Liquidity Pressure</h2>
<div class="lb-trans"><h2>营运资金的增加加剧现金消耗和流动性压力</h2>
</div><p>Operating cash use was about $723,000, with a roughly $435,000 increase in accounts receivable from growth in wholesale and related payment terms and about $240,000 in additional inventory, excluding acquired stock. While these working capital builds support higher sales, they also tighten near-term liquidity despite the company’s credit lines and equity tools.</p>
<div class="lb-trans"><p>运营现金使用约为 72.3 万美元，因批发增长和相关付款条款，应收账款增加约 43.5 万美元，库存增加约 24 万美元（不包括收购的库存）。虽然这些营运资金的增加支持了更高的销售，但也在公司信用额度和股权工具的情况下加剧了近期的流动性压力。</p>
</div><h2>Acquisition Drag and Integration Costs Temporarily Depress Earnings</h2>
<div class="lb-trans"><h2>收购拖累和整合成本暂时压低收益</h2>
</div><p>Management acknowledged that Bluebird’s Q2 impact was disproportionately negative because cbdmd absorbed transition and integration expenses without a full quarter of revenue. They argue that as integration completes and combined operations scale, the acquisition should become a net positive to margins and earnings beginning in Q3.</p>
<div class="lb-trans"><p>管理层承认，Bluebird 在第二季度的影响不成比例地负面，因为 cbdmd 在没有完整季度收入的情况下吸收了过渡和整合费用。他们认为，随着整合的完成和合并运营的规模扩大，收购应在第三季度开始对利润和收益产生净积极影响。</p>
</div><h2>State Regulatory Volatility Raises Structural Costs and Risks</h2>
<div class="lb-trans"><h2>州级监管波动提高了结构成本和风险</h2>
</div><p>Ongoing state-level regulatory shifts remain a structural headwind, forcing repacking and retesting spending, SKU limitations, and occasional market disruptions. Management cited the example of a law change in Alabama that curtailed hemp-derived product sales, illustrating the compliance complexity and uncertainty embedded in cbdmd’s operating environment.</p>
<div class="lb-trans"><p>持续的州级监管变化仍然是一个结构性阻力，迫使重新包装和重新测试支出、SKU 限制以及偶尔的市场干扰。管理层提到了阿拉巴马州法律变更的例子，该法律限制了大麻衍生产品的销售，说明了 cbdmd 运营环境中合规复杂性和不确定性。</p>
</div><h2>Long-Dated Medical Channel Opportunity Carries Execution Risk</h2>
<div class="lb-trans"><h2>长期医疗渠道机会带来执行风险</h2>
</div><p>The CMS BEI-linked medical channel is positioned as a major strategic pillar but with a long lead time and multiple execution hurdles. Cbdmd expects a 12- to 18-month adoption curve as it builds clinical evidence, educates providers, and proves economic value before this pathway can materially move the revenue needle.</p>
<div class="lb-trans"><p>与 CMS BEI 相关的医疗渠道被视为一个主要的战略支柱，但具有较长的前期准备时间和多个执行障碍。cbdmd 预计在建立临床证据、教育提供者和证明经济价值之前，将经历 12 到 18 个月的采用曲线，这一途径才能在实质上推动收入增长。</p>
</div><h2>Guidance and Outlook Emphasize Margin Repair and Cash Discipline</h2>
<div class="lb-trans"><h2>指引和展望强调利润修复和现金纪律</h2>
</div><p>Looking ahead, management expects Bluebird to turn accretive in Q3 while core momentum continues, building on Q2’s 19% year-over-year and 12% sequential sales growth and stronger wholesale mix. They aim to lift the 58% gross margin, narrow operating and EBITDA losses, reduce cash burn from the $723,000 Q2 level, and advance the CMS BEI medical channel and regulatory contingency planning through 2026 while preserving balance-sheet flexibility.</p>
<div class="lb-trans"><p>展望未来，管理层预计 Bluebird 在第三季度将实现盈利，同时核心势头持续，基于第二季度 19% 的同比和 12% 的环比销售增长以及更强的批发组合。他们的目标是提升 58% 的毛利率，缩小运营和 EBITDA 亏损，减少现金消耗，从第二季度的 723,000 美元水平降低，并在 2026 年之前推进 CMS BEI 医疗渠道和监管应急规划，同时保持资产负债表的灵活性。</p>
</div><p>Cbdmd’s earnings call painted a picture of a company leaning into growth and regulatory-driven opportunity despite near-term profitability and liquidity pressures. For investors, the key questions will be whether management can convert wholesale and Bluebird momentum into stronger margins, manage cash prudently, and execute on the long-cycle Medicare channel without overextending the balance sheet.</p>
<div class="lb-trans"><p>cbdmd 的财报电话会议描绘了一幅公司在增长和监管驱动机会中前行的图景，尽管面临短期盈利能力和流动性压力。对于投资者而言，关键问题将是管理层能否将批发和 Bluebird 的势头转化为更强的利润率，谨慎管理现金，并在不过度扩张资产负债表的情况下执行长期的医疗保险渠道。</p>
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cbdMD 公司财报电话会议：在利润压力下实现增长