Grove, Inc. Announces Second Quarter Financial Results
Grove, Inc. Announces Second Quarter Financial Results
$10.7 Million in Second Quarter Revenue, a 156% Increase Over Prior Year
第二季度收入1070萬美元,同比增長156%
$1.5 Million Adjusted EBITDA for Second Quarter
第二季度調整後EBITDA為150萬美元
HENDERSON, Nev., Feb. 15, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – Grove, Inc. (NASDAQ:GRVI) ("Grove" or the "Company"), a global innovator in hemp, health, and wellness, today announced financial results for the second quarter period ended December 31, 2021. Investors are encouraged to read the Company's quarterly report on Form 10-Q which will be filed with the Securities and Exchange Commission (the "SEC"), contains additional information, and will be posted at .
環球通訊社內華達州亨德森2022年2月15日電大麻、健康和保健領域的全球創新者格羅夫公司(納斯達克代碼:GRVI)今天公佈了截至2021年12月31日的第二季度財務業績。我們鼓勵投資者閲讀公司將提交給美國證券交易委員會(“美國證券交易委員會”)的10-Q表格季度報告,該報告包含其他信息,並將張貼在.
Year to Date Financial Highlights
今年迄今的財務亮點
- Revenues rose to $19.1 million from $7.1 million, a 167% increase.
- $0.04 basic earnings per share compared to loss of $0.06.
- $2.9 million in adjusted EBITDA.
- 103,750 shares of Grove common stock repurchased with cash flow from operations.
- 營收從710萬美元增至1910萬美元,增長167%。
- 每股基本收益0.04美元,而虧損0.06美元。
- 調整後的EBITDA為290萬美元。
- 用運營現金流回購了103,750股格羅夫普通股。
Allan Marshall, Chief Executive Officer of Grove, stated, "Our team continues to perform and drive growth across all parts of our business, with a 169% increase year over year even with substantial headwinds. We face shortages and rising prices on all raw materials, employee shortages, higher wages, drastic increases in shipping cost across all parts of the business. However, we were able to maintain growth and profits offsetting increased costs with higher volumes and pricing power.
格羅夫首席執行官艾倫·馬歇爾表示:“我們的團隊繼續表現出色,並推動我們所有業務部門的增長,儘管面臨着巨大的逆風,但同比增長了169%。我們面臨着所有原材料短缺和價格上漲、員工短缺、工資上漲、運輸成本大幅上升等問題。然而,我們能夠通過更大的產量和定價權保持增長和利潤,抵消了增加的成本。
"Our Upexi Amazon aggregation business launch is beginning to come together, and we are seeing multiple submissions a week from companies looking to be acquired. Our strong cash flow gives us great flexibility to expand the Brand aggregation business and become more active with acquisitions this year."
“我們推出的Upexi Amazon聚合業務開始整合起來,我們每週都能看到多家希望被收購的公司提交申請。我們強大的現金流讓我們有很大的靈活性,可以擴大品牌聚合業務,並在今年更加積極地進行收購。”
Liquidity and Capital Resources
流動性與資本資源
As of December 31, 2021 |
As of June 30, 2021 |
|||||||
Current assets | $ | 12,097,966 | $ | 18,293,083 | ||||
Current liabilities | $ | 5,262,529 | $ | 5,819,161 | ||||
Working capital | $ | 6,835,437 | $ | 12,473,922 |
自.起 十二月三十一日, 2021 |
自.起 6月30日, 2021 |
|||||||
流動資產 | $ | 12,097,966 | $ | 18,293,083 | ||||
流動負債 | $ | 5,262,529 | $ | 5,819,161 | ||||
營運資本 | $ | 6,835,437 | $ | 12,473,922 |
Cash Flows
現金流
Six Months Ended December 31, |
||||||||
2021 | 2020 | |||||||
Cash flows provided by (used in) operating activities | $ | 1,212,609 | $ | (669,321 | ) | |||
Cash flows (used in) provided by investing activities | (8,999,854 | ) | 241,785 | |||||
Cash flows (used in) financing activities | (151,004 | ) | 738,000 | |||||
Net decrease in cash during period | $ | (7,938,249 | ) | $ | 310,464 |
截至六個月 十二月三十一日, |
||||||||
2021 | 2020 | |||||||
經營活動提供(用於)的現金流 | $ | 1,212,609 | $ | (669,321 | ) | |||
投資活動提供的現金流(用於) | (8,999,854 | ) | 241,785 | |||||
(用於)融資活動的現金流 | (151,004 | ) | 738,000 | |||||
期內現金淨減少 | $ | (7,938,249 | ) | $ | 310,464 |
About Grove, Inc.
關於Grove,Inc.
Grove, Inc. is a global innovator in hemp, health and wellness. The company has an array of in-house brands, and operates in multiple verticals including SaaS programmatic ad technology, and a wholly owned division dedicated to acquiring high growth e-commerce brands. The company sells to numerous consumer markets including the botanical, beauty, pet care, and functional foods sectors. It seeks to take advantage of an emerging worldwide trend in consumer health products selling through Amazon and E-commerce.
格羅夫公司是大麻、健康和保健領域的全球創新者。該公司擁有一系列自有品牌,並在多個垂直領域運營,包括SaaS程序化廣告技術,以及致力於收購高增長電子商務品牌的全資部門。該公司向許多消費市場銷售產品,包括植物、美容、寵物護理和功能食品部門。它尋求利用通過亞馬遜和電子商務銷售消費者保健品的全球新興趨勢。
Company Contact
Andrew Norstrud
Email: investorinfo@cbd.io
Phone: (702) 332-5591
公司聯繫人
安德魯·諾斯特魯德
電子郵件:investorinfo@cbd.io
電話:(702)332-5591
Investor Relations Contact
TraDigital IR
John McNamara
Email: john@tradigitalir.com
Phone: (917) 658-2602
投資者關係聯繫人
曲吉紅外線
約翰·麥克納馬拉
電子郵件:john@strigitalir.com
電話:(917)658-2602
Forward-Looking Statements
前瞻性陳述
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.
本新聞稿包含構成“前瞻性陳述”的陳述,包括與公司的業務戰略、產品開發和行業趨勢有關的陳述。不能保證此次發行將按所述條款完成,或者根本不能保證。前瞻性陳述受許多條件的制約,其中許多條件不是本公司所能控制的,包括本公司向美國證券交易委員會提交的註冊説明書和初步招股説明書中的風險因素部分闡述的那些條件。可以在美國證券交易委員會的網站上找到副本,Www.sec.gov。除法律要求外,本公司不承擔在本新聞稿發佈之日後更新這些聲明以進行修訂或更改的義務。
Use of Non-GAAP Financial Measures
非公認會計準則財務計量的使用
The Company discloses and uses the above-mentioned non-GAAP financial measures internally as a supplement to GAAP financial information to evaluate its operating performance, for financial planning purposes, to establish operational goals, for compensation plans, to measure debt service capability, for capital expenditure planning and to determine working capital needs and believes that these are useful financial measures also used by investors. Non-GAAP adjusted EBITDA is defined as GAAP net income or net loss before interest, taxes, depreciation and amortization (EBITDA) adjusted for the non-cash stock compensation and stock option expense, acquisition, integration & restructuring expenses, charges and gains or losses from extinguishment of debt and other non-cash items. Non-GAAP EBITDA and non-GAAP adjusted EBITDA are not terms defined by GAAP and, as a result, the Company's measure of non-GAAP EBITDA and non-GAAP adjusted EBITDA might not be comparable to similarly titled measures used by other companies. Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position, or cash flow that either excludes or includes amounts that are not normally included in the most directly comparable measure calculated and presented in accordance with GAAP. The non-GAAP financial measures discussed above, however, should be considered in addition to, and not as a substitute for, or superior to net income or net loss as reported for GAAP on the Consolidated Statements of Operations, cash and cash flows on the Consolidated Statement of Cash Flows or other measures of financial performance prepared in accordance with GAAP, and as reflected on the Company's financial statements prepared in accordance with GAAP. These non-GAAP financial measures are not a substitute for or presented in lieu of financial measures provided by GAAP and all measures and disclosures of financial information pursuant to GAAP should be read to obtain a comprehensive and thorough understanding of the Company's financial results. The reconciliations of non-GAAP EBITDA and non-GAAP adjusted EBITDA to GAAP operating income (loss) and/or GAAP net income (net loss) referred to in the highlights or elsewhere are provided in the schedules that are a part of this document.
本公司在內部披露和使用上述非GAAP財務指標作為GAAP財務信息的補充,以評估其經營業績,用於財務規劃,建立運營目標,用於補償計劃,衡量償債能力,用於資本支出規劃和確定營運資金需求,並相信這些是投資者也使用的有用財務指標。非公認會計原則調整後的EBITDA定義為經非現金股票補償和股票期權費用、收購、整合和重組費用、費用以及清償債務和其他非現金項目的損益調整後的公認會計準則淨收益或扣除利息、税項、折舊和攤銷前的淨虧損(EBITDA)。非GAAP EBITDA和非GAAP調整EBITDA不是由GAAP定義的術語,因此,該公司對非GAAP EBITDA和非GAAP調整EBITDA的衡量可能無法與其他公司使用的類似標題衡量進行比較。一般來説,非GAAP財務計量是對一家公司的業績、財務狀況或現金流的數字計量,不包括或包括通常不包括在根據GAAP計算和呈報的最直接可比計量中的金額。然而,上文討論的非GAAP財務計量應被視為是對GAAP在合併經營報表上報告的淨收益或淨虧損、合併現金流量表上的現金和現金流量或根據GAAP編制的其他財務業績指標的補充,而不是作為替代或高於該指標, 並反映在公司根據公認會計準則編制的財務報表中。這些非GAAP財務指標並不能替代或代替GAAP提供的財務指標,應閲讀所有符合GAAP的財務指標和財務信息披露,以全面和透徹地瞭解公司的財務結果。本文中或其他部分提及的非GAAP EBITDA和非GAAP調整後EBITDA與GAAP營業收入(虧損)和/或GAAP淨收益(淨虧損)的對賬列於作為本文件一部分的附表中。
Reconciliation of Non-GAAP Adjusted EBITDA to GAAP Net Income (Net Loss) | ||||||||
Six Months Ended December 31, | ||||||||
2021 | 2020 | |||||||
Net income (Net loss) GAAP | $ | 576,544 | $ | (706,553 | ) | |||
Income tax | 235,033 | - | ||||||
Interest expense, net | 42,561 | 84,740 | ||||||
Depreciation and amortization | 914,511 | 503,244 | ||||||
Stock compensation | 1,479,293 | 354,817 | ||||||
Gain on SBA PPP loan extinguishment | (300,995 | ) | - | |||||
Loss on sale of asset | - | 6,292 | ||||||
Non-GAAP adjusted EBITDA | $ | 2,946,947 | $ | (242,540 | ) |
非公認會計準則調整後EBITDA與公認會計準則淨收益(淨虧損)的對賬 | ||||||||
截至12月31日的六個月, | ||||||||
2021 | 2020 | |||||||
淨收益(淨虧損)公認會計原則 | $ | 576,544 | $ | (706,553 | ) | |||
所得税 | 235,033 | - | ||||||
利息支出,淨額 | 42,561 | 84,740 | ||||||
折舊及攤銷 | 914,511 | 503,244 | ||||||
股票薪酬 | 1,479,293 | 354,817 | ||||||
SBA PPP貸款終止帶來的收益 | (300,995 | ) | - | |||||
資產出售損失 | - | 6,292 | ||||||
非公認會計準則調整後的EBITDA | $ | 2,946,947 | $ | (242,540 | ) |
GROVE, INC. | ||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) | ||||||||
December 31, | June 30, | |||||||
2021 | 2021 | |||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash | $ | 6,595,962 | $ | 14,534,211 | ||||
Accounts receivable, net of allowance for doubtful accounts of $92,500 and $57,500, respectively | 1,247,218 | 1,277,662 | ||||||
Inventory | 3,681,428 | 2,094,952 | ||||||
Prepaid expenses and other receivables | 573,358 | 386,258 | ||||||
Total current assets | 12,097,966 | 18,293,083 | ||||||
Property and equipment, net | 7440,332 | 2,832,400 | ||||||
Intangible assets, net | 5,189,234 | 1,845,166 | ||||||
Goodwill | 8,533,923 | 2,413,813 | ||||||
Deferred tax asset | 1,225,917 | 1,403,591 | ||||||
Other assets | 69,068 | 49,068 | ||||||
Right-of-use asset | 648,626 | 417,443 | ||||||
Total other assets | 23,107,100 | 8,961,481 | ||||||
Total assets | $ | 35,205,066 | $ | 27,254,564 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current liabilities | ||||||||
Accounts payable | $ | 895,846 | $ | 1,604,723 | ||||
Accrued compensation | 679,000 | 1,020,936 | ||||||
Deferred revenue | 959,329 | 485,973 | ||||||
Accrued liabilities | 873,585 | 296,021 | ||||||
Acquisition payable | 600,000 | 1,764,876 | ||||||
Current portion of notes payable | 1,006,197 | 447,100 | ||||||
Current portion of operating lease payable | 248,572 | 199,532 | ||||||
Total current liabilities | 5,262,529 | 5,819,161 | ||||||
Operating lease payable, net of current portion | 395,085 | 217,430 | ||||||
Notes payable, net of current portion | 26,766 | - | ||||||
Total long-term liabilities | 421,851 | 217,430 | ||||||
Commitments and contingencies | - | - | ||||||
Stockholders' equity | ||||||||
Preferred stock, $0.001 par value, 100,000,000 shares authorized, and 500,000 and 500,000 shares issued and outstanding, respectively | 500 | 500 | ||||||
Common stock, $0.001 par value, 100,000,000 shares authorized, and 15,711,339 and 15,262,394 shares issued and outstanding, respectively | 16,378 | 15,262 | ||||||
Additional paid in capital | 33,097,300 | 25,372,247 | ||||||
Accumulated deficit | (3,593,492 | ) | (4,170,036 | ) | ||||
Total stockholders' equity | 29,520,686 | 21,217,973 | ||||||
Total liabilities and stockholders' equity | $ | 35,205,066 | $ | 27,254,564 |
Grove,Inc. | ||||||||
CONDENSED合併資產負債表(未經審計) | ||||||||
十二月三十一日, | 6月30日, | |||||||
2021 | 2021 | |||||||
資產 | ||||||||
流動資產 | ||||||||
現金 | $ | 6,595,962 | $ | 14,534,211 | ||||
應收賬款,扣除壞賬準備後的淨額分別為92 500美元和57 500美元 | 1,247,218 | 1,277,662 | ||||||
庫存 | 3,681,428 | 2,094,952 | ||||||
預付費用和其他應收款 | 573,358 | 386,258 | ||||||
流動資產總額 | 12,097,966 | 18,293,083 | ||||||
財產和設備,淨額 | 7440,332 | 2,832,400 | ||||||
無形資產,淨額 | 5,189,234 | 1,845,166 | ||||||
商譽 | 8,533,923 | 2,413,813 | ||||||
遞延税項資產 | 1,225,917 | 1,403,591 | ||||||
其他資產 | 69,068 | 49,068 | ||||||
使用權資產 | 648,626 | 417,443 | ||||||
其他資產總額 | 23,107,100 | 8,961,481 | ||||||
總資產 | $ | 35,205,066 | $ | 27,254,564 | ||||
負債和股東權益 | ||||||||
流動負債 | ||||||||
應付帳款 | $ | 895,846 | $ | 1,604,723 | ||||
應計補償 | 679,000 | 1,020,936 | ||||||
遞延收入 | 959,329 | 485,973 | ||||||
應計負債 | 873,585 | 296,021 | ||||||
應付購置款 | 600,000 | 1,764,876 | ||||||
應付票據的當期部分 | 1,006,197 | 447,100 | ||||||
應付經營租賃的當期部分 | 248,572 | 199,532 | ||||||
流動負債總額 | 5,262,529 | 5,819,161 | ||||||
應付營業租賃,扣除當期部分 | 395,085 | 217,430 | ||||||
應付票據,扣除當期部分 | 26,766 | - | ||||||
長期負債總額 | 421,851 | 217,430 | ||||||
承付款和或有事項 | - | - | ||||||
股東權益 | ||||||||
優先股,面值0.001美元,授權發行100,000,000股,已發行和已發行股票分別為500,000股和500,000股 | 500 | 500 | ||||||
普通股,面值0.001美元,授權發行1億股,已發行和已發行股票分別為15,711,339股和15,262,394股 | 16,378 | 15,262 | ||||||
額外實收資本 | 33,097,300 | 25,372,247 | ||||||
累計赤字 | (3,593,492 | ) | (4,170,036 | ) | ||||
股東權益總額 | 29,520,686 | 21,217,973 | ||||||
總負債和股東權益 | $ | 35,205,066 | $ | 27,254,564 |
GROVE, INC. |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) |
Grove,Inc. |
簡明合併業務報表(未經審計) |
Three Month's Ended December 31, |
Six Month's Ended December 31, |
|||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Revenue | ||||||||||||||||
Revenue | 10,666,781 | 4,164,894 | 19,116,535 | 7,102,336 | ||||||||||||
Cost of Revenue | 3,956,358 | 2,234,259 | 7,023,734 | 3,853,467 | ||||||||||||
Gross profit | 6,710,423 | 1,930,635 | 12,092,801 | 3,248,869 | ||||||||||||
Operating expenses | ||||||||||||||||
Sales and marketing | 1,852,118 | 459,446 | 3,363,805 | 824,704 | ||||||||||||
General and administrative expenses | 4,740,705 | 1,714,484 | 8,175,853 | 3,427,546 | ||||||||||||
6,592,823 | 2,173,930 | 11,539,658 | 4,252,250 | |||||||||||||
Income (loss) from operations | 117,600 | (243,295 | ) | 553,143 | (1,003,381 | ) | ||||||||||
Other income (expense), net | ||||||||||||||||
Interest (expense) income, net | (26,605 | ) | (42,049 | ) | (42,561 | ) | (84,740 | ) | ||||||||
Other (expense) income, net | - | 4 | - | (6,292 | ) | |||||||||||
Settlement of cancelled lease | - | 387,860 | - | 387,860 | ||||||||||||
Gain on SBA PPP loan extinguishment | - | - | 300,995 | - | ||||||||||||
Other income (expense), net | (26,605 | ) | 345,815 | 258,434 | 296,828 | |||||||||||
Income (loss) before income tax | 90,995 | 102,520 | 811,577 | (706,553 | ) | |||||||||||
Income tax expense | (26,162 | ) | - | (235,033 | ) | - | ||||||||||
Net income (loss) | 64,833 | 102,520 | 576,544 | (706,553 | ) | |||||||||||
Basic income (loss) per share | $ | 0.00 | $ | 0.01 | $ | 0.04 | $ | (0.06 | ) | |||||||
Diluted income (loss) per share | $ | 0.00 | $ | 0.01 | $ | 0.03 | $ | (0.06 | ) | |||||||
Weighted average shares outstanding | 16,378,006 | 13,455,013 | 15,915,154 | 11,830,013 | ||||||||||||
Fully diluted weighted average shares outstanding | 17,685,717 | 13,455,013 | 17,453,141 | 11,830,013 |
三個月結束了 十二月三十一日, |
六個月結束了 十二月三十一日, |
|||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
收入 | ||||||||||||||||
收入 | 10,666,781 | 4,164,894 | 19,116,535 | 7,102,336 | ||||||||||||
收入成本 | 3,956,358 | 2,234,259 | 7,023,734 | 3,853,467 | ||||||||||||
毛利 | 6,710,423 | 1,930,635 | 12,092,801 | 3,248,869 | ||||||||||||
運營費用 | ||||||||||||||||
銷售和市場營銷 | 1,852,118 | 459,446 | 3,363,805 | 824,704 | ||||||||||||
一般和行政費用 | 4,740,705 | 1,714,484 | 8,175,853 | 3,427,546 | ||||||||||||
6,592,823 | 2,173,930 | 11,539,658 | 4,252,250 | |||||||||||||
營業收入(虧損) | 117,600 | (243,295 | ) | 553,143 | (1,003,381 | ) | ||||||||||
其他收入(費用),淨額 | ||||||||||||||||
利息(費用)收入,淨額 | (26,605 | ) | (42,049 | ) | (42,561 | ) | (84,740 | ) | ||||||||
其他(費用)收入,淨額 | - | 4 | - | (6,292 | ) | |||||||||||
已取消租約的結算 | - | 387,860 | - | 387,860 | ||||||||||||
SBA PPP貸款終止帶來的收益 | - | - | 300,995 | - | ||||||||||||
其他收入(費用),淨額 | (26,605 | ) | 345,815 | 258,434 | 296,828 | |||||||||||
所得税前收入(虧損) | 90,995 | 102,520 | 811,577 | (706,553 | ) | |||||||||||
所得税費用 | (26,162 | ) | - | (235,033 | ) | - | ||||||||||
淨收益(虧損) | 64,833 | 102,520 | 576,544 | (706,553 | ) | |||||||||||
每股基本收益(虧損) | $ | 0.00 | $ | 0.01 | $ | 0.04 | $ | (0.06 | ) | |||||||
每股攤薄收益(虧損) | $ | 0.00 | $ | 0.01 | $ | 0.03 | $ | (0.06 | ) | |||||||
加權平均流通股 | 16,378,006 | 13,455,013 | 15,915,154 | 11,830,013 | ||||||||||||
完全稀釋後的已發行加權平均股票 | 17,685,717 | 13,455,013 | 17,453,141 | 11,830,013 |
譯文內容由第三人軟體翻譯。