FORT WASHINGTON, PA — CCA Industries, Inc. (OTC: “CAWW”) has released its financial results for the fiscal year ending November 30, 2024, reporting a net loss of $6,119,738. This marks a significant increase from the company’s net loss of $422,866 in the previous fiscal year, reflecting a year of major transformation aimed at future growth.
Chief Executive Officer Christopher Dominello addressed the performance, emphasizing an optimistic outlook for 2025. “I will start with the most important part first. As we wrap up the first quarter of 2025, we expect EBITDA to be profitable for the quarter. This is a substantial jump from the first quarter of 2024 where we lost close to $300K, and we expect that trend to continue in the quarters to come,” Dominello stated.
The company attributed its 2024 results to pivotal restructuring initiatives as it transitioned from a traditional brick-and-mortar operation to a hybrid retail model with increased focus on online channels. As part of the restructuring, CCA consolidated its operations by reducing three warehouses to one, resulting in lower operational costs. “We have already seen the results of that change in the first two months of fiscal 2025, with much lower warehouse and shipping costs, and cost of goods that decreased by approximately 5%,” Dominello added.
The company’s 2024 results were also impacted by non-cash adjustments, including a $222,500 write-down of the Solar Sense trademark and an additional $4.6 million tax expense tied to a valuation allowance against tax loss carryforwards.
Though challenges remain, Dominello expressed confidence in the company’s trajectory. “We made many moves in 2024 that were hard decisions to make and others that were a bit easier, but we felt that all of them were the right ones for the future of CCA. … We still face challenges, but we are still clear-eyed on what we need to do and where we are going. I look forward to sharing Q1 results in the very near future.”
CCA Industries is optimistic that 2025 marks a turning point as its strategic changes begin to yield financial improvement.
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