Revenue: As of FY2026 Q2, the actual value is USD 5.64 M, beating the estimate of USD 5.292 M.EPS: As of FY2026 Q2, the actual value is USD -0.08.EBIT: As of FY2026 Q2, the actual value is USD -803.59 K.<h4>Segment Revenue</h4>For the three months ended March 31, 2026, cbdMD, Inc. reported total net sales of $5,640,059, an increase of $0.9 million or 19% compared to $4,749,426 for the same period in 2025. E-commerce sales were $3,796,219 (67.3% of total) in 2026, an increase from $3,634,793 (76.5%) in 2025, while wholesale sales were $1,843,840 (32.7%) in 2026, up from $1,114,633 (23.5%) in 2025.For the six months ended March 31, 2026, total net sales were $10,656,964, an increase of $794,062 from $9,862,902 in 2025. E-commerce sales were $7,398,085 (69.4% of total) in 2026, compared to $7,587,523 (76.9%) in 2025, and wholesale sales were $3,258,879 (30.6%) in 2026, up from $2,275,379 (23.1%) in 2025.<h4>Operational Metrics</h4><ul><li>Gross Profit: Gross profit for the three months ended March 31, 2026, was $3,256,922, with a gross profit margin of 57.7%, down from 62.3% in 2025. For the six months ended March 31, 2026, gross profit was $6,258,213, with a gross profit margin of 58.7%, down from 64.5% in 2025.</li><li>Cost of Sales: Cost of sales as a percentage of net sales increased to 42% for the three months ended March 31, 2026, from 38% in the prior year, primarily due to a shift to more wholesale business and increased warehouse labor for regulatory-related repacking projects. For the six months ended March 31, 2026, cost of sales was $4,398,751, compared to $3,502,929 in 2025.</li><li>Operating Expenses: Total operating expenses increased by approximately $0.6 million or 17.3% to $4,057,706 for the three months ended March 31, 2026, compared to $3,445,180 in 2025. For the six months ended March 31, 2026, operating expenses increased by $413,226 to $7,345,287, compared to $6,932,061 in 2025, driven by the acquisition of Bluebird, investments in the Medicare program, and higher stock-based compensation.</li><li>Loss from Operations: The company reported an operating loss of - $800,784 for the three months ended March 31, 2026, compared to - $485,816 in 2025. For the six months ended March 31, 2026, the operating loss was - $1,087,074, compared to - $572,088 in 2025.</li><li>Net Loss: Net loss attributable to cbdMD, Inc. common shareholders was - $876,783 for the three months ended March 31, 2026, an improvement from - $1,481,257 in 2025. For the six months ended March 31, 2026, the net loss attributable to common shareholders was - $1,201,387, an improvement from - $2,466,663 in 2025.</li><li>Adjusted EBITDA (Non-GAAP): Adjusted EBITDA for the three months ended March 31, 2026, was - $220,691, compared to - $197,986 in 2025. For the six months ended March 31, 2026, Adjusted EBITDA was - $256,607, compared to $16,831 in 2025.</li></ul><h4>Cash Flow</h4><ul><li>Operating Activities: Net cash used by operating activities was - $1.5 million for the six months ended March 31, 2026, compared to - $0.5 million for the same period in 2025.</li><li>Investing Activities: Cash used in investing activities was - $0.1 million for both the six months ended March 31, 2026, and March 31, 2025, primarily for fixed asset acquisitions.</li><li>Financing Activities: Cash provided by financing activities was $2.0 million for the six months ended March 31, 2026, due to proceeds from preferred stock issuance, compared to $0 for the same period in 2025.</li></ul><h4>Unique Metrics</h4><ul><li>Liquidity and Going Concern: As of March 31, 2026, cbdMD, Inc. had cash and cash equivalents of approximately $2.6 million, working capital of $5.4 million, and an accumulated deficit of approximately - $180.6 million. The company’s ability to continue as a going concern is dependent on improving profitability and acquiring additional funding.</li><li>Bluebird Acquisition Impact: The acquisition of Bluebird in January 2026 contributed approximately $340,000 in labor, marketing, and acquisition-related legal and transaction expenses during the second quarter of fiscal 2026, resulting in a - $75,000 drag on the P&amp;L. Bluebird is estimated to contribute over $500,000 in revenue per quarter at healthy contribution margins in forthcoming quarters.</li></ul><h4>Future Outlook and Strategy</h4>cbdMD, Inc. aims to achieve positive earnings by optimizing its product portfolio, right-sizing its cost structure, and investing in marketing for positive customer acquisition returns. The company plans to expand its Oasis beverage portfolio and participate in the President’s Medicare reimbursement program, while also exploring international markets and evaluating further acquisitions. The company acknowledges potential material adverse impacts from H.R. 5371, which narrows the federal definition of hemp, and is evaluating strategic alternatives to mitigate these effects.

cbdMD | 10-Q: FY2026 Q2 Revenue Beats Estimate at USD 5.64 M