BETTER CHOICE PROVIDES POSITIVE PRELIMINARY RESULTS FOR THE SECOND QUARTER OF 2024

Estimates $2.7 Million Net Income for Second Quarter 2024, a 190% Increase YOY
Estimates Basic EPS of $2.98 per share for Second Quarter 2024, a 170% Increase YOY
Estimates Halo Breaks Even at $0.02 Million Adj. EBITDA for First Half 2024, a 101% Increase YOY*

TAMPA, FL, Aug. 02, 2024 (GLOBE NEWSWIRE) -- Better Choice Company Inc. (NYSE American: BTTR) (the “Company” or “Better Choice”), a pet health and wellness company, today announced preliminary, key financial metrics guidance for the three months and six months ended June 30, 2024.

Based on preliminary unaudited results, Better Choice anticipates reporting strong performance for the second quarter of 2024, highlighting estimated accelerated business growth:

• Net income of $2.7 million for the three months ended June 30, 2024, an increase of 190% year-over-year (“YOY”), and net loss of ($0.2) million for the six months ended June 30, 2024, an increase of 97% YOY.
• Cash used in operating activities of ($1.0) million for the six months ended June 30, 2024, a 20% improvement YOY
• Halo, Purely for Pets, Inc. (“Halo”), the Company’s premium pet food asset, breaks even with Adjusted EBITDA (“Adj. EBITDA”) of $0.02 Million for the first half of 2024, a 101% increase YOY.*
  

"With the retirement of our senior debt and strong topline sales growth, our first half performance has improved significantly versus year ago,” said Kent Cunningham, Chief Executive Officer of Better Choice. “Our ability to improve shareholder value with speed this quarter is a testament to the organization’s renewed focus on building the Halo brand and gives us confidence that our strategic pivots are taking root. We remain committed to strengthening the business and creating long-term value for Better Choice and its stakeholders.”

The estimated net income, subsidiary Adj. EBITDA* and Basic EPS results for the three months and six months ended June 30, 2024 are preliminary and unaudited and are subject to completion of the Company’s financial closing procedures. The Company’s independent registered public accounting firm has not conducted an audit or review of and does not express an opinion or any other form of assurance with respect to, the preliminary unaudited net income results. It is possible that the Company or its independent registered public accounting firm may identify items that require the Company to make adjustments to the preliminary estimates of net income, Adj. EBITDA* and/or Basic EPS set forth in this press release and those changes could be material. Accordingly, undue reliance should not be placed on the preliminary estimates.

¹ Adjusted EBITDA is a non-GAAP measure. Reconciliation of the Company’s consolidated Adjusted EBITDA to net income/loss, the most directly comparable GAAP financial measure, will be set forth in a reconciliation table accompanying the Company’s release of its final results on or before August 14, 2024. Halo, Purely for Pets, Inc., is a wholly-owned subsidiary of Better Choice Company, Inc.

About Better Choice Company Inc.

Better Choice Company Inc. is a pet health and wellness company focused on providing pet products and services that help dogs and cats live healthier, happier and longer lives. We offer a broad portfolio of pet health and wellness products for dogs and cats sold under our Halo brand across multiple forms, including foods, treats, toppers, dental products, chews, and supplements. We have a demonstrated, multi-decade track record of success and are well positioned to benefit from the mainstream trends of growing pet humanization and consumer focus on health and wellness. Our products consist of kibble and canned dog and cat food, freeze-dried raw dog food and treats, vegan dog food and treats, oral care products and supplements. Halo’s core products are made with high-quality, thoughtfully sourced ingredients for natural, science-based nutrition. Each innovative recipe is formulated with leading veterinary and nutrition experts to deliver optimal health. For more information, please visit https://www.betterchoicecompany.com.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “will,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. The Company has based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Some or all of the results anticipated by these forward-looking statements may not be achieved. Further information on the Company’s risk factors is contained in our filings with the SEC. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

Company Contact:
Better Choice Company Inc.
Kent Cunningham, CEO

Investor Contact:
KCSA Strategic Communications
Valter Pinto, Managing Director
T: 212-896-1254
Valter@KCSA.com

Released August 2, 2024