The following is a summary of the Charles & Colvard, Ltd. (CTHR) Q3 2024 Earnings Call Transcript:
Financial Performance:
Charles & Colvard's Q3 2024 revenue was $5.3 million, a decrease of 21% compared to Q3 FY 2023.
Gross margin was 23%, down from 32% in the previous year.
Net sales from online channels were $4.1 million, forming 77% of total net sales.
Operating expenses increased by 13%, mainly due to investments in marketing and brand promotion.
A net loss of $3.6 million was reported for the quarter.
Business Progress:
Growth observed in lab-grown gem sales, with increase in revenues from its Forever One and KDL lab-grown diamond sales.
Rebranded moissanite line and expanded online partnerships.
Achieved significant reduction in inventory.
Investments made in next-gen web platform, HR, and marketing initiatives.
Strong Valentine's Day sales, constituting 52% of the quarter's revenue.
Future initiatives will focus on reducing expenses, driving revenue, and value delivery.
More details: Charles & Colvard IR
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