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Sow Good Inc.
8/15/2024
Good morning, everyone, and thank you for participating in today's conference call to discuss SoGood's financial results for the second quarter ended June 30th, 2024. Joining us today are SoGood's co-founder and CEO, Claudia Goldfarb, and interim chief financial officer, Brendan Fisher. Following their remarks, we'll open the call for questions. Before we go further, I would like to turn the call over to Mr. Slack as he reads the company's safe harbor statement within the meaning of the Private Securities Litigation Reform Act of 1995 that provides important cautions regarding forward-looking statements. Cody, please go ahead.
Good morning, everyone, and thank you for joining us in today's conference call to discuss SoGood's financial results for the second quarter ended June 30, 2024. Certain statements made during this call are forward-looking statements, including those concerning our financial outlook, our market opportunities, and the impact of the global economic environment on our business. These statements are based on currently available information and assumptions and we undertake no duty to update this information except as required by law. These statements are also subject to a number of risks and uncertainties, including those highlighted in today's earnings release and our filings with the SEC. Additional information concerning these statements and the risks and uncertainties associated with them is highlighted in today's earnings release and in our filings with the SEC. Copies are available on SEC's website or on our investor relations website. Furthermore, we will discuss adjusted EBITDA and non-GAAP financial measure on today's call. A reconciliation of adjusted EBITDA to net income or loss, the nearest comparable non-GAAP financial measure on today's call is available in our earnings press release at our investor relations website. With that, I will turn the call over to Claudia.
Thank you, Cody, and good morning, everyone. We appreciate you joining us today to discuss our second quarter 2024 financial results. I am thrilled to report another exceptional quarter with sequential revenue growth of 37%, driving net income of $3.3 million or 29 cents per share. Adjusted EBITDA also surged to $6.2 million compared to a negative $2.1 million in Q2 of last year. These remarkable results highlight the power of our innovative and disruptive product offerings and the strength of our exceptional team. I extend my deepest gratitude to our employees for their unwavering commitment to so good and our vision. Our collective efforts have enabled us to help revolutionize the candy industry Introducing products that not only delight our customers, but also set new standards for quality and innovation. We have consistently pushed the boundaries, ensuring that our offerings remain at the forefront of the nascent freeze dried candy market. As we look ahead, we remain steadfast in our mission to innovate and lead this category. During our last call, we highlighted the significant milestones we reached early in our second quarter that have helped pave the way to achieving our initiatives as a public company. To summarize, in May, we successfully listed our common stock to the NASDAQ Capital Markets Exchange. This strategic move expanded our investor base and increased our market visibility. driving improvements in liquidity and long-term shareholder value. The positive impact of this listing is already evident, confirming that we are on the right path. Along with this listing, we completed an underwritten public offering, raising $12.8 million in proceeds net of underwriting fees. This influx of capital positions us exceptionally well to achieve our ambitious strategic objectives for 2024 and beyond. I will have more to say about these strategic initiatives that we've outlined at the beginning of the year. Our new product offerings, our increase in in-house manufacturing, the strengthening of our supply chain, and updates on the third quarter in my concluding remarks. But first, I will pass it to Brendan to walk through our Q2 results in detail. Brendan, over to you.
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