Alpine 4 Holdings Inc (OTCQB:ALPP) has revealed that its revenue in 2020 grew by nearly a fifth from 2019 levels, and projected a path to profitability in 2021 in a letter to shareholders.
“I am pleased to say that our year-over-year revenue grew to $33.5 million at a rate of 19% over 2019,” Alpine 4 CEO Kent Wilson said. “I will also add that our revenue should have grown to $47 million, which would have been 64% growth over 2019, but COVID 19 had other plans for the global economic outlook.”
Alpine retained 95% of its workforce during the coronavirus (COVID-19) pandemic, Wilson noted, which was not easy for the company financially. It took a hit of $3.2 million in additional expenses by keeping employees at the level it did and not significantly trimming its workforce.
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“As financially painful as this employee retention was, we never lose sight that our employees are the backbone of our company, and consequently, retention was the only option,” Wilson said. “With the current US-based labor pool experiencing monumental shortages, Alpine 4 will have the ability to meet the growing demand of our customers, giving us a unique advantage over the competition.”
Looking ahead, Alpine projects that in the second quarter of 2021 it will post sales revenue that exceeds pre-pandemic revenue.
“When you combine the cost-cutting measures of our MIDK (maintain, invest, divest, kill) exercise we did in Q2 and Q3 of 2020, the $50 million capital raise we did in Q1 2021, and our paying down of our debt by over $14 million to date, profitability is forthcoming, and the Company looks as healthy as it has ever been,” Wilson noted.
Additionally, Wilson said the compa ny expects shareholder equity to increase from a negative $8.7 million to positive equity estimated to be in excess of $40 million over the first half of 2021.
“We will look back at 2020 as a year of significant change for Alpine 4,” Wilson concluded. ”But these changes pale in comparison to the fundamental changes that have already occurred in 2021. We are undeniably in a new position of strength from a financial structure standpoint, and we will be a force to be reckoned with as we continue to implement our DSF (drivers, stabilizers, facilitators) business model and we begin to trade on the Nasdaq.”
Contact Andrew Kessel at [email protected]
Follow him on Twitter @andrew_kessel
Story by ProactiveInvestors
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