Avenir Wellness Solutions Reports Encouraging Fourth Quarter 2023 Results

SHERMAN OAKS, CA – Avenir Wellness Solutions, Inc. announced its financial outcomes for Q4 2023, marking a slight increase in net revenue and initiatives towards margin expansion and cost management. The company reported net revenues of $1.1 million, an increase of 11.7% from the same quarter in 2022. This increase included a sequential growth from the third quarter of 2023 by $43 thousand.

The gross margin expanded by 407 basis points due to improved capital management, even though it faced a marginal sequential decline from prior quarters because of a shift in sales channels. Selling, General, and Administrative (SG&A) expenses saw a significant reduction, contributing to a decrease in net operating losses.

New partnership with the online retailer FabFitFun and optimization in digital marketing strategies were among the operational highlights. Notably, Avenir's newly launched product under its Seratopical line performed exceptionally, selling 80,000 units quickly. Also, their subscription base and wholesale through Amazon showed positive trends, complementing their existing strategy.