Grove, Inc. Announces Unaudited Fiscal Year 2021 Results of Operations
Offers Revenue Guidance for 2022 of $48-55
- $24.1 million in revenue for fiscal year 2021
- $2.0 million in net income for fiscal year 2021
- Year-end June 30, 2022 revenue guidance of $48 - $55
HENDERSON, NV -- Sept. 16, 2021 -- InvestorsHub
NewsWire -- Grove, Inc. (NASDAQ:GRVI) ("Grove" or the "Company"), a
global innovator in hemp, health, and wellness, today announced
unaudited financial results for its fiscal year ended June 30, 2021
were in line with preliminary results issued on June 28, 2021.
Allan Marshall, Chief Executive Officer of Grove, stated, "We
are excited that our final numbers will come above our preliminary
expectations for revenues and at the top-end of net income
estimates released on June 28th 2021. Based on
strong growth and revenue acceleration to end 2021, we estimate
revenues for the fiscal year ended June 30, 2022 will be between
$48 million and $55 million.
Andrew Norstrud, Chief Financial Officer of Grove, stated, "The
ongoing audit of the VitaMedica Corporation acquisition and the due
diligence on the acquisition of Interactive Offers pushed
completion of our anticipated form 10-K filing from Sept 15, 2021
to September 28, 2021."
Grove also announced it will release the Form 10-K on or before
September 28, 2021.
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.
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.
Phone: (702) 332-5591
Investor Relations Contact
Phone: (917) 658-2602
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