Hemp and CBD companies Grove, Inc. (NASDAQ: GRVI) unveiled its on Wednesday preliminary and unaudited financial results for the last three months of fiscal year 2021.
In its earnings report, the Henderson, Nevada-based company said it had sales of will be between $ 10.1 million and $ 10.4 million in the fourth quarter, which corresponds to an increase of more than 300% compared to the corresponding quarter of 2020.
Revenue for the Full year 2021 is projected to be between $ 23.6 million and $ 23.9 million. That is an increase of 200% compared to the previous year.
Grove also expects net income to be in fourth quarter of 2021 would be between $ 1.5 million and $ 2 million versus a loss of $ 700,000 in the last three months of last year.
Projections are that the Net income for the full fiscal year would be between $ 2 million and $ 2.5 million compared to a loss of over $ 5 million in fiscal 2020.
Allan Marshall, CEO of Grove said he was thrilled that the company managed to beat internal projections for growth and profitability in 2021.
“The success of our growth is based on the sum of the hard work of our entire team and a strategy that provides a foundation for continued growth and expansion while maintaining profitability,” said Marshall. “I’m looking forward to going into 2022 with a little momentum and flexibility in order to invest in new industries and continue our internal growth.”
The company will publish full financial results for fiscal year 2021 after the market closes on or before September 15.
In the meantime, Grove recently announced that it intends to acquire Vitamedica, a manufacturer of nutritional supplements and will enter the nutraceutical field.
The acquisition would enable Grove’s innovation in manufacturing and automated, cost-effective manufacturing to be combined with Vitamedica’s extensive range of products.
“With a solid balance sheet and continued positive cash flow from operations, we will invest heavily to drive growth in our products and manufacturing,” concluded Marshall.
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