Gross Margin Improved 300 basis points to 31% Year-Over-Year Adjusted EBITDA Grew 30% Year-Over-Year EPS Grew 45% Year-Over-Year TAMPA, Fla., April 12, 2024 (GLOBE NEWSWIRE) -- Better Choice Company Inc. (NYSE:BTTR) (the "Company" or "Better Choice"), a pet health and wellness company, today reported its financial results for the fourth quarter and year ended December 31, 2023. Kent Cunningham, CEO of Better Choice, stated, "In 2023, we realized significant gross margin improvement to 31%, fueled by strategic pricing initiatives and a 3% YOY improvement of input costs - a reflection of operational discipline and unlocking profit through high production supply volumes. Our further continued focus on financial discipline and a path to profitability is reflected in the 29% adjusted EBITDA growth and significant improvement in cash burn during the year. The topline decline was a primary result of normalizing stock levels in our International markets, purposefully exiting unprofitable accounts, and attrition related to the late 2022 migration of the former TruDog brand to the Halo brand umbrella in our digital channels. Significant strategic shifts were purposefully made across channels to ensure recoverability and long-term viability of the Halo brand. Our 2024 annual operating plan includes a strategic pivot in our digital and marketing investment allocation strategies to drive brand growth and discoverability. Looking forward, we are focused on accelerating topline momentum, keeping product quality at the forefront, and continuous improvement initiatives to fuel our future growth trajectory. We closed the year with a solid footing to build upon brand equity and enhanced profitability further in 2024." FOURTH QUARTER 2023 FINANCIAL HIGHLIGHTS Operating loss improved 47% YOY to $(12.7) million Operating margin improved 3,800 basis points ("bps") YOY to (-223%) Net loss improved 40% YOY to $(14.7) million Earnings (loss) per share ("EPS") improved 40% YOY to ($20.84) Adjusted EBITDA improved 30% YOY to $(3.4) million1 FULL YEAR 2023 FINANCIAL HIGHLIGHTS Gross margin improved 300 bps YOY to 31% Operating loss improved 45% YOY to $(21.2) million Operating margin improved 1,600 bps YOY to (-55%) Net loss improved 42% YOY to $(22.8) million EPS improved 45% YOY to ($32.29) Adjusted EBITDA improved 32% YOY to $(8.0) million1     Better Choice Company Inc.Unaudited Condensed Consolidated Statements of Operations(Dollars in thousands, except share and per share amounts)       Year Ended December 31,   2023   2022 Net sales $ 38,592     $ 54,660   Cost of goods sold   26,795       39,399   Gross profit   11,797       15,261   Operating expenses:       Selling, general and administrative   24,444       35,430   Impairment of goodwill   —       18,614   Impairment of intangible assets   8,532       Total operating expenses   32,976       54,044   Loss from operations   (21,179 )     (38,783 ) Other expenses:       Interest expense, net   (1,353 )     (551 ) Change in fair value of warrant liability   (236 )     —   Total other expense, net   (1,589 )     (551 ) Net loss before income taxes   (22,768 )     (39,334 ) Income tax expense (benefit)   2       (18 ) Net loss available to common stockholders $ (27,770 )   $ (39,316 ) Weighted average number of shares outstanding, basic   705,185       667,114   Weighted average number of shares outstanding, diluted   705,185       667,114   Net loss per share available to common stockholders, basic $ (32.29 )   $ (58.93 ) Net loss per share available to common stockholders, diluted $ (32.29 )   $ (58.93 )   All share and per share amounts related to the Company's common stock for all periods presented herein have been retroactively adjusted, where applicable, to reflect the Reverse Stock Split.   Better Choice Company Inc.Unaudited Condensed Consolidated Balance Sheets(Dollars in thousands, except share and per share amounts)     December 31, 2023   December 31, 2022 Assets       Cash and cash equivalents $ 4,455     $ 3,173   Restricted cash   —