Bubs has been focussing on streamlining its businesses locally, in China and the West and said it expected monthly cash burn to fall to A$2 million ($1.33 million) by the second quarter of 2024 from A$5 million at present.
Shares were down 2.2% at A$0.22 as of 0023 GMT after dropping as much as 8.9% earlier.
As part of the latest strategy, Bubs has revamped its distressed China operations with new leadership and is assessing State Administration for Market Regulation registration for China for its products.
While Bubs' minority shareholders are currently seeking a board overhaul and have requested for an extraordinary general meeting to vote out the current board of directors, the company said it would work on improving transparency and governance.
The group of shareholders, which controls 5.04% of the company, is seeking to remove all the four non-executive directors and has nominated former a2 Milk Asia head Peter Nathan to be the new CEO.
In May, Bubs removed ex-CEO and founder Kristy Carr during a dispute with its largest shareholder, Alibaba-backed private equity firm C2.
"The Board is confident that we now have the right governance structure and operational teams to deliver strong and profitable growth," said Chair Katrina Rathie, who is seeking to hold her position at the EGM later this month.
The company expects net sales revenue of A$80 million for 2024, and said it would continue to maintain its marketing investment at 15% of net sales.
Bubs reaffirmed its long-term plan of securing permanent access to the U.S. market from the Food and Drug Administration, while growing further into the major retailers in the U.S.
($1 = 1.5029 Australian dollars)
(Reporting by Rishav Chatterjee in Bengaluru; Editing by Shweta Agarwal, Sherry Jacob-Phillips and Rashmi Aich)
