HempFusion Wellness Inc reports that its third-quarter revenue increased year-over-year by triple-digits.
In a statement, the company also said it ended the quarter with $5.4 million in cash.
For the quarter ended September 30, 2021, the company said it generated $3.1 million versus $1.2 million in the year-ago period. It also said revenued jumped 154% compared to the 2Q of 2021.
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Excluding recently completed acquisitions, HempFusion revenue increased 31% versus the 3Q of 2020 and 30% over the previous quarter as the company continues to make strong progress on its retail distribution and e-commerce growth initiatives.
The company said its HempFusion (TSX:CBD.U, OTCQX:CBDHF) stand-alone website-based sales increased 38.2% versus the same period last year. Platform DTC sales including Amazon, Walmart, and Tmall increased 145% year-over-year. And B2B net revenue increased 95% compared to $1.1 million in the 3Q 2020.
Lastly, the company said its gross profit was $1.3 million, or 43% of net revenue, versus 33% in the prior-year quarter, reflective of more effective inventory management, improvements in managing production costs, and higher-margin sales contributions from the two most recent acquisitions.
“Our recent acquisitions, combined with continued product development within the company, have positioned HempFusion to be a leading player in the health and wellness industry,” said HempFusion CEO Dr. Jason Mitchell.
“Our strong brand portfolio is leading to continued retail wins, strong e-commerce growth and is driving significant growth in our total company revenue, as reflected by the 155% growth rate this past quarter. Coming out of the quarter we have seen continued strength, with October preliminary net sales of $1.4 million. We expect this momentum to continue as we move through the always important holiday sales period.”
Dr. Mitchell added that the company remains confident in its ability to meet or exceed its revenue guidance for 2022 of $20 million to $25 million and expects its profitability and cash burn to improve significantly throughout 2022.
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