CV Sciences, Inc. (OTCQB: CVSI) released its financial results today for the first quarter ended March 31, 2023, revealing revenues of $4.1 million for the first quarter of 2023 compared to $4.4 million for the first quarter of 2022 and a sequential increase of 7%.
Q1 2023 Financial Results
- Generated revenue of $4.1 million for the first quarter of 2023 compared to $4.4 million for the first quarter of 2022 and a sequential increase of 7% from $3.9 million in the fourth quarter of 2022.
- Recognized gross margin of 43.0% for the first quarter of 2023 compared to 26.0% for the first quarter of 2022 and a sequential improvement from 40.4% for the fourth quarter of 2022;
- Cash balance of $0.7 million at quarter end compared to $0.6 …