Read the Beforeitsnews.com story here. Advertise at Before It's News here.
Profile image
By ProactiveInvestors (Reporter)
Contributor profile | More stories
Story Views
Now:
Last hour:
Last 24 hours:
Total:

KushCo Holdings announces record December sales of $14.7M and raises its FY2021 revenue guidance

% of readers think this story is Fact. Add your two cents.


KushCo Holdings Inc (OTCQX:KSHB) reported fiscal 2021 first-quarter revenue of $26.8 million along with its second consecutive quarter of positive adjusted EBITDA, as the company achieved record December sales of $14.7 million.

KushCo also increased its net revenue guidance for its fiscal year 2021 to be between $130 million and $160 million, from between $120 million and $150 million previously, and reiterated its expectation for adjusted EBITDA for the fiscal year to be between $5 million and $7 million.

“We’re starting to see some of our higher value custom packaging projects finally come to fruition, after months of hard work with our customers to bring these products to life. We recognized initial revenue from these projects in Q1, but have a strong backlog of projects that are expected to ship in Q2 and throughout the remainder of the fiscal year,” KushCo Holdings CEO Nick Kovacevich said in a statement.

READ: KushCo Holdings has positioned itself as a premier ‘picks and shovels’ provider of cannabis and CBD-related ancillary products

“In addition, we have been locking in additional long-term supply contracts with our major MSO and LP customers, including a top 5 public MSO during the fiscal first quarter, which brings our total to four customer supply contracts in place, with several more in progress.”

He added: “With some of the early sales trends we’re seeing in fiscal Q2, we believe we’re in a strong position to continue gaining momentum going into the second half of the fiscal year, which should coincide with several new adult use programs going live, as well as our customers continuing to ramp up their footprint both organically and inorganically.”

“We are excited to have delivered another quarter of profitable growth, despite some headwinds that not only impacted our industry, but the entire global economy as well. Fiscal Q2 is shaping out to be a much stronger quarter, as we further penetrate the leading MSOs and LPs with supply contracts, higher-margin custom projects, and a wider array of products and solutions through our cross-selling efforts. We believe that as we continue to penetrate these elite customers-and as they make up a greater part of our overall business-that our growth trajectory will start to reflect their impressive growth.”

Other notable highlights for KushCo during the quarter included the company securing a long-term supply contract with a Top 5 public MSO, with four total customer contracts secured to date, as well as securing more than 20 new supply contracts for the company’s stainless steel tanks.

KushCo said its net revenue for the quarter slipped 23% year-over-year as the company eliminated its hemp trading division and tightened credit terms to smaller and less creditworthy customers.

Its Adjusted EBITDA for 1Q 2021, though, totaled $0.5 million compared to a loss of approximately $6.8 million in the prior-year period. 

Contact Sean at [email protected]

Story by ProactiveInvestors



Source: https://www.proactiveinvestors.com/companies/news/938114/kushco-holdings-announces-record-december-sales-of-147m-and-raises-its-fy2021-revenue-guidance-938114.html


Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Please Help Support BeforeitsNews by trying our Natural Health Products below!


Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST


Order by Phone at 888-809-8385 or online at https://www.herbanomic.com M - F 9am to 5pm EST


Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!

HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation

Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.

MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser!  Cleans out toxic buildup with oxygen! 
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover -  Reduces Smart Meter radiation by 96%!  (See Video)

Immusist Beverage Concentrate - Proprietary blend, formulated to reduce inflammation while hydrating and oxygenating the cells.

Report abuse
Loading...
Loading...

Comments

Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

MOST RECENT
Load more ...

SignUp

Login

Newsletter

Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.