CHUC Launches SBX Product Delivers 336% Q3 Revenue Growth

CHUC’s Category Killer SBX Product Exceeds Company Expectations

Charlie’s Holdings OTCQB:CHUC launched its category killer SBX product in 7 states in Q3 which generated a 336% increase in revenue.

According to the comapany, demand was so great for SBX, they could have realized SUBSTANTIALLY MORE than $10 million in top sales for Q3 had they been able to get additional financing.

Fortunately, one of Charlie’s Board of Directors, offered a very favorable $2 million credit facility.

The company now forecasts Q4 revenue to be UP OVER 450% and they can achieve $10 million PER MONTH in 2026.

Charlie’s Holdings OTCQB:CHUC Q3 Highlights

• Q3 Revenue up 336%
• Game changing product SBX launched in 7 states
• Q4E revenue to be up over 450%
• Open 1st US manufacturing facility in Q4
• Forecast $10M per month in 2026
• Insider buying
• Insider offers $2 million line of credit

(Source)

Why Is CHUC’s SBX Vape In Such Demand?

The SBX product line could disrupt the entire vape industry

SBX is indistinguishable from a conventional disposable vape; SBX provides adult consumers with the same satisfaction that typical nicotine disposables provide… but without nicotine.

In a Company-sponsored focus group survey of adult consumers who vape, Charlie’s SBX Disposables were overwhelmingly preferred over Juul tobacco- flavored vapes.

Of 306 survey participants, 287 preferred SBX over Juul.

“Compared to Juul, SBX provides many MORE FLAVOR options, UNBEATABLE TAX ADVANTAGES, and THOUSANDS MORE PUFFS!”

Because SBX products do not consist of, or contain, nicotine from any source and are therefore not subject to FDA PMTA requirements, SBX enables retailers to carry LEGAL flavored vapes that consumers prefer.

Accordingly, SBX has considerable competitive advantages over conventional disposables and has many hundreds of millions of dollars of annual sales potential in “advantaged states” across the country.

Given that Charlie’s SBX Disposables are overwhelmingly preferred over Juul tobacco-flavored vapes (as highlighted by our Company-sponsored focus group survey), if SBX is able to achieve just a fraction of Juul’s retail distribution, Charlie’s sales will grow to several hundred million dollars annually.

CHUC Expects to Offer “Made In America” Vapes in Q4

CHUC saw the illegal vape crackdown and created a way to take advantage of it.

More and more states are banning the sale and possession of certain vape products, including those manufactured or marketed as originating in China or other “adversary countries”.

Also, the new Heinrich Bill was just announced which grants the U.S. Food and Drug Administration (FDA) clear authority to destroy adulterated, misbranded, or counterfeit tobacco products — such as unauthorized e-cigarettes produced in the People’s Republic of China and intercepted upon attempted import into the country.

For those reasons, the company announced that it will open its FIRST US manufacturing facility in Q4 2025 for filling of select product lines.

In addition to mitigating shipping delays and tariff costs, the US-filled line will enable Charlie’s to meet new domestic manufacturing requirements that have been announced by large states. 

Charlie’s Holdings Continues Vape Age Gating Technology Efforts

To address concerns raised by the FDA over the use of Electronic Nicotine Delivery System (“ENDS”) products by underage consumers, Charlie’s and several other companies have invested very significant time and financial resources to develop vapor products that might be “enabled” (or made functional) only after the adult user is age-verified.

Charlie’s Age Gating project leader, Dr. Edward Carmines, is a world-renowned expert in the technical aspects of all types of e-cigarettes, oral tobacco, tobacco-free products, cigars, and cigarettes.

(Dr. Carmines recently made an open market purchase)

Having successfully navigated the FDA’s Substantial Equivalence, PMTA and Modified Risk Tobacco Product Application (“MRTPA”) pathways for literally hundreds of products, Dr. Carmines is developing proprietary technology with Charlie’s Research and Development team to enable the Company, upon receipt of an FDA marketing order, to offer a controlled e-cigarette device that is made operable only upon activation by an age-verified adult consumer.

By launching this strategic initiative, Charlie’s has endeavored to make the Company’s PACHA disposable e-cigarette products among the select few – or the only – flavored e-cigarettes able to be sold legally in the United States.

If the Company’s “age-gated” nicotine disposable e-cigarettes-in-development are recognized as “products of merit” by the FDA, Charlie’s e-cigarettes could emerge among the select minority of flavored e-cigarettes able to be sold legally in the $8 billion U.S. market.

Charlie’s Holdings PMTA Portfolio Update

On August 8, 2025 CHUC closed another PMTA asset sale for one PACHA synthetic product and related asset, bringing the total PMTA Products purchased by the strategic Buyer to sixteen.

The purchase price for this latest PMTA asset was $1.0 million paid at closing.

Accordingly, PMTA Products Strategic Partnerships have now generated $7.5 million in income with an additional $4.2 million in contingent payments possible over the next 12 months.

“On October 28, 2025, the Company received an MDO from the FDA with respect to certain of our timely-submitted PMTAs. On November 5, 2025, the Company filed a motion for a temporary administrative stay with the United States Court of Appeals for the Fifth Circuit.

On November 10, 2025, the Court granted the Company’s opposed motion for a temporary administrative stay pending resolution of our forthcoming stay motion. Though a very small percentage of our current sales are related to our affected PMTA Products, we intend to promptly seek a preliminary injunction to remain in effect during the pendency of the litigation, and we plan to vigorously defend our PMTAs and pursue all available legal remedies.” Source

Our thoughts:

MDO’s are really no surprise.

The FDA has received 27 MILLION PMTAs for vape products; and the Agnecy has issued “refuse to file” or marketing denial orders (MDOs) to 99.7% of the 27 MILLION PMTAs it has received.

CHUC is one of the very few companies to have any PMTA’s in the .3% of PMTAs that still have not received refuse to file letters or MDO’s.

But the Agency has issued actual Marketing Orders for only 3 dozen products; the vast majority of these are plain tobacco, 2 or 3 are for menthol flavors.  All of them are for BIG Tobacco company products.

No one believes the FDA will issue marketing orders for ANY flavored vapes.

Accordingly, we think there are only 3 strategies companies can pursue:

Other Articles About Charlie’s Holdings OTCQB:CHUC

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• Big Tobacco Quietly Acquires CHUC PMTAs
• OTCQB:CHUC Investor Deck
• CHUC’s Latest Shareholder Letter
• Charlie’s Holdings OTCQB: CHUC Oct 2025 Interview

Charlie’s Holdings OTCQB:CHUC

Charlie’s Holdings, Inc. (OTCQB: CHUC) is an industry leader in the premium vapor products space.

To provide adult smokers with better alternatives to combustible cigarettes, Charlie’s has developed a family of award-winning e-liquids as well as an array of compact, easy-to-use disposable vaping devices.

The Company’s products are sold around the world to select distributors, specialty retailers, and third-party online resellers.

Many store owners report that Charlie’s vapor products are among their fastest growing offerings. 

Safe Harbor Statement: This interview contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to statements regarding the Company’s overall business, existing and anticipated markets and expectations regarding future sales and expenses. Words such as “expect,” “anticipate,” “should,” “believe,” “target,” “project,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “could,” “intend,” variations of these terms or the negative of these terms, and similar expressions, are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond the Company’s control. The Company’s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to: the Company’s ongoing ability to quote its shares on the OTCQB; whether the Company will meet the requirements to up-list to a national securities exchange in the future; the Company’s ability to successfully increase sales and enter new markets; whether the Company’s PMTA’s for its nicotine-containing products will be authorized by the FDA, and the FDA’s decisions with respect to the Company’s future PMTA’s for nicotine products; the Company’s ability to manufacture and produce products for its customers; the Company’s ability to formulate new products; the acceptance of existing and future products; the complexity, expense and time associated with compliance with government rules and regulations affecting nicotine, synthetic nicotine, and products containing nicotine substitutes; litigation risks from the use of the Company’s products; risks of government regulations; the impact of competitive products; and the Company’s ability to maintain and enhance its brands, as well as other risk factors included in the Company’s most recent quarterly report on Form 10-Q, annual report on Form 10-K, and other SEC filings. These forward-looking statements are made as of the date of this interview and are based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Except as required by law, the Company undertakes no duty or obligation to update any forward-looking statements contained in this interview as a result of new information, future events or changes in its expectations.

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