Quarterly Revenue More Than Doubles to $2.7 Million
Year-to-Date Revenue up 96% to $5.4 Million
SANTA BARBARA, Calif., August 30, 2023 – Bloomios, Inc. (OTCQB: BLMS), a leading white-label and private-label manufacturer and wholesaler of hemp-derived nutraceutical, cosmetics and pet products, reported results for the second quarter ended June 30, 2023. All comparisons are to the same year-ago period unless otherwise noted.
Q2 2023 Highlights
- Revenue totaled $2.7 million, up 111% compared to the year-ago quarter.
- Ended quarter with substantial order backlog.
- Appointed leading industry expert and innovator, Kevin Henry, to the new position of National Sales Director.
“For three quarters in a row we have delivered year-over-year growth,” stated Bloomios CEO, Michael Hill. “We also remain focused on expense reductions through consolidation and increasing efficiencies with our expanded manufacturing capabilities.
“We continued the relocation of the portfolio of equipment, systems and operations that we acquired last fall, and we were able to maintain our cGMP certification in our Daytona Beach facility after the recently acquired equipment was installed and operational.
“As we optimize operations from the full integration of Infusionz, we expect gross margins to improve in future quarters. We are excited for the remainder of 2023 as we look to expand our product offering and accelerate our growth trajectory.”
Q2 2023 Financial Summary
Revenue totaled $2.7 million, up 111% from $1.3 million in the year-ago quarter.
Gross profit totaled $825,000, or 30.9% of revenue, as compared to $1.3 million, or 59.3% of revenue, in the year-ago quarter. The decrease in gross margin percentage was primarily due to an increse in the cost of goods sold related to the integration of the acquisition of Infusionz, a wholly-owned subsidiary of Upexi in October 2022.
Operating expenses totaled $2.2 million compared to $1.6 million in the year-ago quarter, with the increase primarily due to a temporary increase in salary and rent costs associated with the acquisition of Infusionz.
Net loss totaled $2.3 million compared to a net loss of $1.2 million in the year-ago quarter. Net loss in Q2 2023 included interest expense of $921,000 compared to $168,000 in interest expense in the year-ago quarter.
Current assets totaled $1.8 million as of June 30, 2023, compared to $2.4 million as of December 31, 2022.
About the Company
Bloomios, Inc. manufactures, markets and distributes U.S. hemp-derived supplements and nutraceutical products through wholesale distribution channels and its wholly owned subsidiary, Bloomios Private Label. The company provides custom formulation, brand development, manufacturing and order fulfillment to a wide variety of customers, including small and major brands, chain stores, vape shops and distributors. It offers private-label and white-label customers a wide selection of more than 80 customizable hemp products across 10 categories. Bloomios is headquartered in Santa Barbara, California, with manufacturing and distribution in Daytona Beach, Florida, and regional sales offices in Colorado and Florida. To learn more, visit bloomios.com.
This news release contains “forward-looking statements” as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with business strategy, potential acquisitions, revenue guidance, product development, integration and synergies of acquiring companies and personnel. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
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SOURCE: Bloomios, Inc.