SEC Filing Document

Company: Synergy CHC Corp.
Ticker: SNYR
CIK: 1562733
Filing Type: 8-K
Document Type: EX-99.1
Date Filed: 2025-03-31
Accession Number: 0001213900-25-025779
Exchange: Nasdaq
SIC Code: 2833
SIC Description: Medicinal Chemicals & Botanical Products
URL: https://www.sec.gov/Archives/edgar/data/1562733/000121390025025779/ea023622601ex99-1_synergy.htm

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Exhibit 99.1

Synergy
CHC Reports its Eighth Consecutive Quarter of Profitability and its Fourth Quarter and Full Year 2024 Financial Results

Appoints Jaime Fickett as Permanent Chief Financial
Officer

WESTBROOK, Maine, March 31, 2025 –
Synergy CHC Corp. (NASDAQ: SNYR) (“Synergy” or the “Company”), a provider of consumer health care and lifestyle
products, is announcing its financial results for the three and twelve months ended December 31, 2024.

“We are pleased to report another
fantastic year. We had another full of year of profitability, marking our eighth consecutive profitable quarter—a testament to
the continued strength of our business and the progress we achieved throughout 2024,” said Jack Ross, CEO of Synergy.
“While our fourth quarter results were still impacted by retailer de-inventorying from our FOCUSfactor packaging transition,
we saw sequential improvement, and this transition is behind us as we enter 2025. During 2024, we executed on several key
initiatives, including the successful rebranding of FOCUSfactor, expanding our distribution footprint with BJ’s Wholesale Club
and Publix, conducting our ready-to-drink (RTD) product testing in Canada, and completing our Initial Public Offering in October

“As we move into 2025, we are focused on returning Synergy to
top and bottom-line growth. In the first quarter of 2025, we launched seven new products under our Flat Tummy brand in response to the
growing interest in GLP-1 support products. Additionally, we are pleased to announce that Jaime Fickett has been appointed as our Chief
Financial Officer, continuing her valuable leadership and financial expertise with Synergy. We remain excited about the opportunities
ahead and confident in our ability to create long-term value for our shareholders.”

Fourth Quarter 2024 Financial Summary vs. Same
Year-Ago Period

●	Revenue of $10.3 million vs. $13.2 million.

●	Gross margin of 63.3% vs. 82.3%.

●	Income from operations of $1.4   million
vs. $4.4 million.

●	Net income of $105.7 thousand vs. $2.6 million.

●	Earnings per share of $0.01 vs. $0.34.

●	EBITDA, a non-GAAP financial measure, was $1.7
million vs. $4.5 million   .

●	Adjusted EBITDA, a non-GAAP financial measure,
was $2.8 million vs. $(0.3) million.

2024 Financial Summary vs. Same Year-Ago Period

●	Revenue of $34.8 million vs. $42.8 million.

●	Gross margin of 67.9% vs. 75.0%.

●	Income from operations of $5.8 million vs. $10.8
million.

●	Net income of $2.1 million vs. $6.3 million.

●	Earnings per share of $0.28 vs. $0.86

●	EBITDA, a non-GAAP financial measure, was $6.5
million vs. $10.8 million.

●	Adjusted EBITDA, a non-GAAP financial measure
was $7.4 million vs. $6.1 million.

Recent Business Highlights

●	Expanded
partnerships with blue-chip retailers including BJ’s Wholesale Clubs, now offering two FOCUSfactor products in all 267 locations,
as well as Publix, where two of our products are now available in all 1,200 Publix grocery stores.

October 24, 2024, Synergy announced the completion of its initial public offering of 1,150,000 shares of its common stock at $9.00. The
shares of common stock began trading on the Nasdaq Global Market on October 23, 2024, under the ticker symbol “SNYR”.

●	During
the fourth quarter, the Company reduced outstanding debt by $4.5 million.

Fourth Quarter and Full Year 2024 Financial
Results

Revenue in the fourth quarter of 2024 was $10.3
million, down 22% compared to $13.2 million in the fourth quarter of 2023. For the full year 2024, revenue was $34.8 million, down 19%
compared to $42.8 million in 2023. The decreases were largely driven by a rebranding and de-inventorying of FOCUSfactor, which was the
first rebranding since 2015, and a one-time return of a rotational item.

Gross margin in the fourth quarter of 2024 was
63.3% compared to 82.3% in the fourth quarter of 2023. For the full year 2024, gross margin was 67.9%, down 712 basis points compared
to 75.0% in 2023. The decrease was largely driven by a one-time gain to cost of sales in 2023 of $2.2 million. Without that gain, gross margin in the fourth quarter of 2023 would have been 65.3% and would have been 69.8% for the
full year of 2023.

Operating expenses in the fourth quarter of
2024 were $5.1 million, a decrease of 20% compared to $6.4 million in the fourth quarter of 2023. For the full year 2024, operating
expenses were $17.9 million, a decrease of 16% compared to $21.3 million in 2023. The lower operating expenses were driven by
improved management of operating costs.

Income from operations for the fourth quarter
of 2024 was $1.4 million compared to $4.4 million in the fourth quarter of 2023. For the full year 2024, income from operations was $5.8
million compared to $10.8 million in 2023. The decline in operating income was due to a decrease in net sales due to the rebranding.

Net income in the fourth quarter of 2024 was $105.7
thousand compared to net income of $2.6 million in the fourth quarter of 2023. For the full year 2024, net income was $2.1 million compared
to $6.3 million in 2023.

EBITDA (a non-GAAP
financial measure) in the fourth quarter of 2024 was $1.7 million, compared to $4.5  million
in the fourth quarter of 2023. For the full year 2024, EBITDA was $6.5 million compared to $10.8 million in 2023. The decrease was primarily
due to the decrease in net revenue due to the rebranding.

Adjusted EBITDA (a non-GAAP financial measure)
in the fourth quarter of 2024 was $2.8 million, up 1,033% compared to $(0.3) million in the fourth quarter of 2023. For the full year
2024, Adjusted EBITDA was $7.4 million compared to $6.1 million in 2023, an increase of 21%.

Balance Sheet and Cash Flow

As of December 31, 2024, Synergy had approximately
$687.9 thousand in cash and cash equivalents, compared to $632.5 thousand in cash and cash equivalents as of December 31, 2023. As of
December 31, 2024, Synergy had $33.0 million in total liabilities, compared to $39.5 million in total liabilities as of December 31, 2023,
an improvement of $6.6 million.

As of December 31, 2024, Synergy had $1.7 million
in inventory, compared to $3.7 million in inventory as of December 31, 2023.

Cash used in operating activities for the twelve
months ended December 31, 2024 was $4.8 million compared to cash provided by operating activities of $421.7 thousand for the twelve months
ended December 31, 2023. The decrease in cash provided by operating activities was primarily attributable to lower net income and a significant
increase in accounts receivable, other receivable, along with higher prepaid expenses and decrease in accounts payable and accrued liabilities.

EBITDA

Along with this information, to assist financial
statement users in an assessment of our historical performance, the Company discloses non-GAAP financial measures in press releases and
on investor conference calls and related events, as the Company believes that the non-GAAP information enhances investors’ overall understanding
of our financial performance, and should be read in addition to, rather than instead of, the financial statements prepared in accordance
with GAAP.

The following table reconciles net income to EBITDA
(in millions of US dollars):

3 Months ended
December 31 12 Months ended
December 31

Net income for the period 0.10 2.59 2.12 6.34

Adjusted for:

Interest expense, net 1.54 1.63 4.10 4.23

Amortization of intangible assets 0.03 0.03 0.13 0.03

Taxes expense (benefit) 0.01 0.20 0.10 0.23

EBITDA 1.67 4.45 6.45 10.83

Adjusted EBITDA

The Company believes that the provision of this
supplemental non-GAAP measure allows investors to evaluate the operational and financial performance of the Company’s core business using
similar evaluation measures to those used by management. The Company uses Adjusted EBITDA to measure its performance and prepare its budgets.
Since Adjusted EBITDA is a non-GAAP financial performance measure, the Company’s calculation of Adjusted EBITDA may not be comparable
to other similarly titled measures of other companies; and should not be considered in isolation, as a substitute for, or superior to
measures of financial performance prepared in accordance with GAAP.

The following table reconciles net income to Adjusted
EBITDA (in millions of US dollars):

3 Months ended
December 31 12 Months ended
December 31

Net income for the period 0.10 2.59 2.12 6.34

Adjusted for:

Interest expense, net 1.54 1.63 4.10 4.23

Amortization of intangible assets 0.03 0.03 0.13 0.03

Taxes expense (benefit) 0.01 0.20 0.10 0.23

One Time Expenses 0.99 0.00 0.74 0.00

Obsolete Inventory 0.13 0.00 0.13 0.00

Foreign Currency 0.00 -0.11 0.03 -0.10

Gain on settlement of payables 0.00 -4.60 0.00 -4.60

Adjusted EBITDA 2.79 -0.26 7.35 6.13

Conference Call