For the full year, GAAP net loss improved significantly to $3.1 million compared to a net loss of $12.1 million in 2022. The improvement was primarily due to increased gross profit generated during the quarter, which was partially offset by higher interest expenses. Net loss in both the fourth quarter and full year 2022 reflects the impact of the $4.9 million goodwill impairment charge I just mentioned. Adjusted EBITDA in the fourth quarter of 2023 improved to $2.3 million compared to a negative $1 million for the same period in 2022. For the full year, adjusted EBITDA improved to $1.5 million compared to negative $4.6 million in 2022. At December 31, 2023, cash and cash equivalents were $2.4 million compared to $0.3 million at December 31, 2022.
In November 2023, we completed a $2.8 million private placement raised from 426,288 newly issued shares at a per share price of $6.50. This price represented a 30% premium to our last 2023 equity raise, and the additional capital is targeted towards our supporting the strong customer demand for our candy products. Operational goals. Before we conclude today’s call, I would like to review some of our key areas of operational focus for 2024. These include expanding production capacity in support of demand, which is our first and foremost priority. Number one, completing construction on our fifth and sixth additional freeze driers and bringing these online by Q3 2024. Two, continuing to ramp our international co-manufacturing agreements. Three, continuing to diversify our customer base and SKU portfolio, as the breadth we’re achieving in both is a key competitive advantage.
It is vital that innovation remains a core pillar of our strategy as we pioneer the freeze dried candy industry. Four, expanding and optimizing our production infrastructure will allow us to meet the demand of our current most popular SKUs, while enabling us to produce larger quantities of our other more laborious treats, which we aim to do without compromising our margins or overall efficiency. To conclude, we now stand on a strong operational bedrock, one, we’re fiercely committed to scaling and strengthening as we bolster our growth trajectory. We believe we’ve already made progress on this foundation thus far in 2024, preparing us for additional growth in Q2 and beyond. In the year ahead, we remain committed to preserving and enhancing our leadership in the freeze dried candy category.
Our team is proud of how far we have already come in a short period of time and excited for the bright future ahead of Sow Good. We are focused on continuing our avenues of production expansion in 2024 and growing freeze dried candy from a niche market to an everyday category, providing consumers with innovative, exciting, and flavorful treats.
Operator:
Claudia Goldfarb: Good morning, everybody, and thank you very much for being here today. I appreciate your time and I appreciate you following the Sow Good story. We’re incredibly excited for what 2024 holds and look forward to continuing to update you throughout the year and our next earning call for recapping the first quarter. So again, thank you very much. I appreciate it, and we will keep you updated as we go. Have a great day, everyone.
Operator: Ladies and gentlemen, this does conclude today’s teleconference. You may now disconnect your lines. Thank you for your participation.
