Grove, Inc. Announces Preliminary Fourth Quarter and Fiscal Year 2021 Results
July 28 2021 - 8:04AM
InvestorsHub NewsWire
Grove,
Inc. Announces Preliminary Fourth Quarter and Fiscal Year 2021
Results
Fourth
Quarter Revenue Estimated at $10.1-10.4 Million
HENDERSON, NV -- July
28, 2021 -- InvestorsHub NewsWire -- Grove, Inc.
(NASDAQ:GRVI)
("Grove" or the "Company"), the Nevada based
company redefining the way hemp is bought, produced, and
sold
today announced preliminary and unaudited financial results for its
fourth quarter of fiscal 2021 year ended June 30, 2021.
Preliminary Fourth Quarter Fiscal Year 2021 Highlights
-
Revenues of $10.1 million - $10.4 million, an increase of over 300%
versus the 4th
quarter of 2020
-
Net income
of $1.5 - $2 million compared to a loss of over $700,000 in
4th
quarter of
2020
Preliminary Full Fiscal Year 2021 Highlights
-
Full year
revenues of $23.6 million - $23.9 million, an increase over 200%
compared to the $7.4 million in fiscal year 2020
-
Net income
of $2.0 - $2.5 million compared to a loss of over $5 million in
fiscal year 2020
-
Grove also announced
it will release full financial results for fiscal 2021 after the
market closes on or before September 15th,
2021.
Allan Marshall, Chief Executive Officer of Grove, stated, "We are
excited to have surpassed all our internal projections for growth
and profitability in 2021. The success of our growth is the
cumulation of hard work by our entire team and a strategy that
built a foundation for continued growth and expansion, while
maintaining profitability. I am excited heading into 2022 with some
momentum and flexibility to invest in new verticals and continue
our internal growth. With a solid balance sheet and continued
positive cash flow from operations, we will look to invest heavily
to drive growth in our Products and Manufacturing. We plan for
future investments in an Extraction & Lab Facility to pioneer
the R&D in the Hemp and Wellness industries for therapeutic and
medicinal use".
About
Grove, Inc.
Grove, Inc. is in the
business of developing, producing, marketing
and
selling raw materials, white label products and end consumer
products containing the industrial hemp plant extract,
Cannabidiol ("CBD"). The Company sells to numerous consumer markets
including the botanical, beauty care, pet care and functional food
sectors. It seeks to take advantage of an emerging worldwide trend
to re-energize the production of industrial hemp and to foster its
many uses for consumers.
Forward-Looking
Statements
This press release
contains statements that constitute "forward-looking statements,"
including with respect to the Company's business strategy, product
development and industry trends. No assurance can be given that the
offering will be completed on the terms described, or at all.
Forward-looking statements are subject to numerous conditions, many
of which are beyond the control of the Company, including those set
forth in the Risk Factors section of the Company's registration
statement and preliminary prospectus for the offering filed with
the SEC. Copies are available on the SEC's website,
www.sec.gov. The Company
undertakes no obligation to update these statements for revisions
or changes after the date of this release, except as required by
law.
Company
Contact
Andrew
Norstrud
Email:
investorinfo@cbd.io
Phone: (702)
332-5591
Investor
Relations Contact
TraDigital
IR
John
McNamara
Email:
john@tradigitalir.com
Phone: (917)
658-2602
Grove (NASDAQ:GRVI)
Historical Stock Chart
From Mar 2024 to Apr 2024
Grove (NASDAQ:GRVI)
Historical Stock Chart
From Apr 2023 to Apr 2024