On net sequential quarter and GAAP another a all-time basis, of seasonal XXXX everybody. XX% fiscal you, increase Thank welcome, million total X%. hit a the of or for a second dip $XX.X of Marty, sales year-over-year and high
of the months same a year. in of reported total million, March For compared XXXX, X to last increase $XX.X period XX% ending we million $XX.X sales the fiscal
of of $X.X XX% e-commerce our increase. the fiscal represented XX% quarter net generated for second sales. quarter the in sales year-over-year of quarterly total business E-commerce a approximately XXXX, Our million
saw retention and average X non-GAAP the million for March sales on net $XX.X sales. and remain April. an traffic toward We XX, representing the year total associated to our our web end with $XX.X XX% value, strengthened compared rates million our KPIs e-commerce period, the prior quarter ending net fiscal operating the order direct-to-consumer For comparative focused of of and of generated XXXX, into business months
for Our generated of for fiscal net $X.X the million second comparative XXXX. wholesale compared sales fiscal to of $X.X XXXX as quarter the business million in quarter
business XXXX million generated ending wholesale net and $X.X of For XX, $X.X million, March the XXXX, and our months sales. respectively, X
normalcy. of uptick rates vaccination we as optimistic account prospects restrictions coming are people and quarters, about are to return starting cautiously over and slowly the We relief from activity an see COVID-XX to wholesale pre governmental see increase,
quarter, continue quarters. capitalize look received. the our for and coming our CBD in to well this initial Paw cbdMD of was During strong, was Botanicals to We demand on release
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was profit leverage we net total between and a model, gross X and XXXX, XX, Based XX% operational on the category XX%. of maintain and ending mix, our months expect XXXX ongoing our and our For to percentage sales gross XX%, March margins asset-light respectively, as XX% profit sales.
March XXXX, in XXXX, is the well a XX, increase increase quarter, quarter. for expenses expense. March December XX, totaled marketing quarter, Operational operating $XXX,XXX noncash XX, million XXXX up to compared in were Our expenses discretionary mostly the stock as $X.X which $XX.X the to due million, XX.X% as flat over
increase from million March a noncash million X is quarter million from dropped in XXXX, operational in reduction marketing For $X.X attributed in improvement comparative operating loss in months Overall, gross comp from the million $XX.X approximately the $XXX,XXX in of $X.X March XX, period. spend, the XXXX, in income the The profit. million fiscal to $X.X the operations and a in ending $X.X stock $XX.X the expenses over $X.X million million this XXXX period prior to quarter, of GAAP loss $XXX,XXX the December XXXX. mainly year for in resulted XX, drop
X XXXX gross the months as from $X.X For in as GAAP an increase expenses. result loss dollars $XX.X well revenue, improvement reduction profit our totaled ending a $X.X from and The of increased approximate million March respectively. in stems and million, XXXX, operations million operating million $X.X as XX,
XXXX. loss tightening increase and of include of the to noncash $X.X expenses gross in operating cost fiscal operating related as in loss non-GAAP improvements operating decrease stock quarter fiscal $XXX,XXX XXXX a resulting quarter adjusted revenue of dollars non-GAAP year in profit adjusted in second million and prior the of of second of non-GAAP The margin. XXXX expense $XXX,XXX, and was period the in in for depreciation onetime operating expense both compared a in fiscal nonrecurring an million accrued Our expense to loss quarter resulting adjusted $X.X the attributed gross second over to $XXX,XXX from mainly severance,
earn-out third operational the pursue our but current subsequently to added range common efficiency anticipate liability million contingent on we common objectives liability several balance fiscal More relationships additional an the contingent increase drive contingent This capital only the cost the not the to expense quarter. of to to during cost liability to of $XXX,XXX based paid-in redundancy, continue we recently, and savings market for We net volumes, in and merchant The a per a provides $XXX,XXX result value from processing in in income of of quarter. Other At structure. increases our were current $XX.X of from In period booked to contingent resulting million lower changes shares share. of contingent the the of income reclassified issued XXXX, of X.XXX noncash of in expenses our consolidated including in impacting liability end operating was a contingent creates $X.XX on $X.X total the at price valuation the our second liability in were quarter, sheet. remaining the was income. contingent $X.XX of the price time shares related liability acquisition million Cure we consolidated a our noncash December primarily corresponding the increase our the March statement, revalued XXXX the charge on Development. additional period. increase Based million issuance, to contingent stock $X.XX The during quarter. liability stock liability Any per and expense earn-out
contingent the had liability financial on years, statements. X last the Over impact volatile a our
creates the remain the No. are amended March, of earned which the as corresponding quarters periods earned to they market measurement earned X XX, liability remained In for March in agreement, merger period end period. the these third of revenue valuation. on each after shares overhang into Addendum shares quarter the impact within historically, based While have the This an with calculation revenue, for multiple quarterly until we XXXX. the beginning allows issuance, marking and measurement share quarterly ending entered and part
a revenue removing share quarters, X with updates. future will there issuance, calculation in the from earn-out of quarterly earned corresponding shares an a next each be For along measurement valuation
valuation overhang net the not this valuation to in calculation, contingent a time, impact the We no of liability XXXX. the volatile impact change, shares this has earn-out create believe, at reduce the longer in the change income. is There the will result a multi-quarter this XX, on the company's calculation. no As and March potential change earned the has over did
During sheet We million the capital This approximately equivalents approximately working cash of $XX.X equivalents compared roughly of held million dividends XXX,XXX quarter, of on we non-GAAP shares Corp., had to acquisition include The of million, our approximately SPAC. a investment XX, of to $XXX,XXX March cost $XX.X of million $X.X of operating increase at of our an cash company, ADRA and million $XXX,XXX $XX.X cash utilized and warrants. cash. investment equates approximately $X NYSE-listed $XX loss XX, or on million $XXX,XXX capital but main September XXXX. million as in in Acquisition and components cash approximately balance special working our XXXX, paid, and remains purpose approximately X increase working and capital and adjusted of
current XX, of current A Our assets as XXXX. XX% assets Series proceeds from in was increase net our increased from $XX.X December of XXXX, of million. XX, the driver March to stock in million primary A $XX.X approximate preferred September the XXXX, approximately in
The of for financing As accounts $X.X a which $X.X in facility $X.XX notes loan Paycheck company Program. as Protection the is current approximately well SBA of million the had our from XX, million is March $X.X and expenses. total equipment on liabilities million company's payable $XXX,XXX of as were manufacturing million, accrued
and loan drive an operational team ERP are our forgiveness We quarter. effort In to for past this our of have forgiveness the as NetSuite excellence, on the new submitted in to implemented process. PPP application middle continue the our XXX%
is to information Our to of have the improve to critical access real-time business better data goal decisions. the and drive richness
of are only and products believe part seeing system. and Quality new our our operation of we strategy. continue will positive a optimize We already key to supply on the as a visibility continue chain, impact into we efficiency are fine-tune to our drive our
Our including announced quality is trustworthy team NSF to products. and during U.S. high-quality, operations providing quarter, our Authority. Hemp and audits of certification quality committed underwent the cbdMD recently renewal the several
year. expect of are additional certifications, which through we the We the in of able the to be middle announce pursuing to balance
balance Our remains sheet strong.
operational excellence focus continue on We quality to and products.
have of are in partnerships great activating. we marketing the We process new
optimistic confident an in business, pipeline have wholesale we cautiously products are on our turn in building our uptick on execute now focused back remaining launch in the continue are with that we'll long-term our ability on new to months. the we And We I'd plan shareholder and All robust Marty. value. all, to call that, XXXX be of to to a and like coming over over
