# Charlotte's Web Holdings, Inc. (CWBHF)

> Source: Nexqual · https://nexqual.com/CWBHF · data as of 2026-10-23 20:00 UTC · cite as "Nexqual, Charlotte's Web Holdings, Inc. (CWBHF), nexqual.com/CWBHF" · informational, not investment advice.

**Price:** USD 0.28 (+12.65% on the day) · last close of Oct 23, 2026; US market closed, not a live price. Prev close 0.25 · day 0.26–0.28 · 52w 0.08–0.97 · market cap $74.9M · OQX

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $46.8M, net income -$34.5M (-73.6% margin), free cash flow -$11.1M (SEC filings).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $39K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.00 on a 1–5 scale) (1 analysts).
- Total return with dividends: 1Y +64.3% vs S&P 500 +13.4%; 5Y -83.2% vs S&P 500 +76.9%.
- Next earnings: 2026-11-11, EPS estimate USD -0.02, revenue estimate $9.2M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $96.1M | $74.1M | $63.2M | $49.7M | $49.9M | $46.8M |
| Gross profit | $48.6M | $19.4M | $35.6M | $21.3M | $21.7M | — |
| Operating income | -$147M | -$52.5M | -$40.6M | -$32.0M | -$20.3M | -$19.5M |
| Net income | -$138M | -$59.3M | -$23.8M | -$29.8M | -$29.7M | -$34.5M |
| EPS (diluted) | -$0.98 | -$0.40 | -$0.16 | -$0.19 | -$0.19 | — |
| Free cash flow | -$34.5M | -$5.6M | -$19.1M | -$25.1M | -$14.7M | -$11.1M |
| Gross margin | 50.6% | 26.2% | 56.3% | 42.8% | 43.5% | — |
| Operating margin | -153.0% | -70.8% | -64.3% | -64.4% | -40.6% | -41.7% |
| Net margin | -143.3% | -80.0% | -37.7% | -60.1% | -59.6% | -73.6% |
| Revenue growth | +0.9% | -22.8% | -14.8% | -21.4% | +0.5% | — |
| Cash + short-term investments | $19.5M | $67.0M | $47.8M | $22.6M | $8.0M | — |
| Total debt | $0K | $37.4M | $42.5M | $43.6M | $50.8M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 1.6x · EV/Sales 1.3x · P/B 1.3x · FCF yield -14.82% · Earnings yield -46.05% · Net cash $14.0M · EV $60.9M

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $39K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-09-03 | Kunkel Raymond J. | Chief Operating Officer | 137,935 | $39K | 0.28 | Too little history (no open-market trades in 2023) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 1 analysts.

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +64.3% | -83.2% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | +64.6% | -30.0% |
| Volatility (annualized) | 129.6% | 100.1% |
| Max drawdown | -76.6% (Feb 2026→Jul 2026) | -96.1% (Nov 2021→Mar 2025) |

## Peers (Drug Manufacturers - Specialty & Generic)
SUPN (Supernus Pharmaceuticals, Inc.) USD 40.7 -3.26% · BHC (Bausch Health Companies Inc.) USD 6.44 -0.77% · HCM (HUTCHMED (China) Limited) USD 14.36 +0.56% · AMLX (Amylyx Pharmaceuticals, Inc.) USD 27.2 -4.80% · RGC (Regencell Bioscience Holdings L) USD 7.67 -21.81% · LQDA (Liquidia Corporation) USD 42.65 +7.46%

## More
Full page: https://nexqual.com/CWBHF · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Product revenue | $10.8M | 99.3% | -15.3% |
| Service revenue | $75,000 | 0.7% | +0.0% |
| Total revenue | $10.9M | 100% | — |

## Company outlook (8-K filed 2026-08-13)

- "Alongside the ASD program, DeFloria is evaluating multiple rare pediatric neurological indications for AJA001, each of which would be expected to be eligible for orphan drug designation."
- "Operationally, gross margin improved to 47.5% from 46.8% despite lower volume, and we expect the second half to show further cost improvement."
- "Management expects gross margin to continue improving toward the Company's target range of approximately 50%, supported by the shift away from lower-margin sales channels, reduced discounting, and cost benefits as in-house manufacturing scales."
- "The Company continues to expect quarterly SG&A to remain in a normalized range of approximately $10 million."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.02 | $-0.02 | +0.0% | $9.2M | 1 |
| Next quarter (ends 2026-12-31) | $-0.02 | $-0.02 | +0.0% | $9.4M | 1 |
| Current fiscal year (ends 2026-12-31) | $-0.14 | $-0.15 | -6.7% | $40.6M | 1 |
| Next fiscal year (ends 2027-12-31) | $-0.05 | $0.01 | -600.0% | $43.5M | 1 |