Hemp and CBD company Grove, Inc. GRVI revealed Wednesday its preliminary and unaudited financial results for the last three months of fiscal 2021.
In its earnings report, the Henderson, Nevada-based company said it expects revenues to range between $10.1 million and $10.4 million in the fourth quarter, representing an increase of more than 300% compared to the corresponding quarter of 2020.
Revenues for the full year of 2021 are expected to span between $23.6 million and $23.9 million. That’s a year-over-year increase of 200%.
Grove also anticipates that net income in the fourth quarter of 2021 would range between $1.5 million and $2 million versus a $700,000 loss in the last three months of last year.
Projections are that the net income for the full fiscal year would span between $2 million and $2.5 million compared to a loss of over $5 million in the fiscal year 2020.
Allan Marshall, Grove's CEO said he is thrilled that the company managed to surpass the 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,” Marshall said. “I am excited heading into 2022 with some momentum and flexibility to invest in new verticals and continue our internal growth.”
The company will report full financial results for fiscal 2021 after the market closes on or before September 15.
In the meantime, Grove recently disclosed it’s seeking to acquire Vitamedica, a producer of nutritional supplements, and will enter the nutraceutical space.
The acquisition would allow the combination of Grove’s innovation in production and automated, low-cost manufacturing with the extensive product line of Vitamedica.
“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,” Marshall concluded.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.
Rate collection and criteria: Click here for more information on rate collection and criteria.