SRX Global Inc.

Better Choice reported full-year 2024 net revenues of $35 million, down 9% year-over-year, with gross profit margin of 37% for the year, up over 600 basis points. Full-year adjusted EBITDA loss improved 78% year-over-year to approximately $1.9 million, while Q4 revenue grew 26% year-over-year to $7.2 million and Q4 gross margin improved to 36%. Q4 adjusted EBITDA loss improved 80% year-over-year to about $700,000. On the bottom line, annual EPS was a loss of $0.11 per share versus a loss of $32 per share in 2023. For 2025, management did not provide formal revenue or earnings guidance, but said it expects continued e-commerce-driven top-line momentum, the Halo Asia deal to close by the end of April, and ongoing focus on profitable growth, expanding margins, and strengthening working capital.

CEO Kent Cunningham framed 2024 as a year of substantial turnaround progress, emphasizing profitability improvement, better operating discipline, and a stronger foundation for 2025. He pointed to the brand’s fourth-quarter 26% revenue growth, stronger Amazon and Chewy performance, and the launch on Chewy Canada as evidence that the strategy is working. He was upbeat about the planned Halo Asia transaction, the royalty distribution plan, and the pending SRx Health acquisition, describing them as ways to create long-term shareholder value and broaden the company’s health and wellness footprint.

CFO Nina Martinez focused on the mechanics of the turnaround: revenue was intentionally reduced by exiting unprofitable channels, while key digital platforms grew 8% for the year and international revenue rose 18%. She highlighted 37% full-year gross margin, 22% lower SG&A, and a 43% decline in total operating expenses, alongside the $6.2 million gain from extinguishing debt and accounts payable. Liquidity ended with $3 million of cash, $2.4 million of borrowing capacity, and $7.9 million of working capital; net cash used in operations was $4.4 million, investing cash outflow was $2.3 million, and financing cash provided $5.5 million, including $4.7 million from an equity offering.

There was no real analyst Q&A in the transcript; the operator closed the question-and-answer session without questions being asked. The main additional management commentary came in closing remarks, where Kent reiterated that the SRx Health acquisition has been unanimously approved by both companies’ shareholders and is expected to close in April. Management also said it expects operational efficiencies and synergies from the combination, but did not provide detailed financial guidance.