Alpine 4 Technologies (ALPP) Reports Q3 2020 Revenue Growth of 23% over Q3 2019 and $26.6 Million in Revenue for the First Three Quarters of 2020
Rhea-AI Summary
Alpine 4 Technologies (ALPP) reported a revenue of $8.72 million for Q3 2020, marking a 23% increase compared to Q3 2019. Total revenues for the first three quarters reached $26.6 million. CEO Kent B. Wilson emphasized potential revenue losses due to COVID-19 restrictions, estimating an additional $1.8 million in upcoming sales. Despite experiencing a 30% revenue decline due to COVID-19 impacts, the company maintained labor force stability through PPP funds. Wilson expressed confidence in future growth despite challenges.
Positive
- 23% revenue growth in Q3 2020 compared to Q3 2019.
- Total revenue for first three quarters is $26.6 million.
- Potential additional revenue of $1.8 million expected.
- Labor force maintained at 92% due to PPP funds.
Negative
- COVID-19 led to a 30% decrease in expected revenue.
- Additional payroll costs of $635,000 reflected in Q3 financials.
News Market Reaction – ALPP
In the trading session that priced this news, ALPP declined 11.76%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
PHOENIX, AZ / ACCESSWIRE / November 16, 2020 / Alpine 4 Technologies (OTCQB:ALPP), a leading operator and owner of small market businesses, announced today that it generated revenue of
Kent B. Wilson, Alpine 4 CEO, had this to say: "Q3 was an interesting quarter for Alpine 4 and our subsidiaries. Despite the lingering effects of the COVID-19 epidemic, Alpine 4 grew at an impressive rate of
COVID also played a role in our fixed and variable labor costs. The company accepted the PPP funds that were available to us, and because of that, we were able to maintain our labor force at close to
Even with all the challenges that COVID brought on during the quarter, we still feel very bullish about where we are headed and feel blessed with how well we have managed through these challenging months."
About Alpine 4 Technologies: Alpine 4 Technologies, Ltd (ALPP) is a publicly-traded conglomerate that is acquiring businesses that fit into its disruptive DSF business model of Drivers, Stabilizers, and Facilitators. At Alpine 4, we understand the nature of how technology and innovation can accentuate a business. Our focus is on how the adaptation of new technologies, even in brick and mortar businesses, can drive innovation. We also believe that our holdings should benefit synergistically from each other and that the ability to have collaboration across varying industries can spawn new ideas and create fertile ground for competitive advantages. This unique perspective has culminated in the development of our Blockchain enabled Enterprise Business Operating System called SPECTRUMebos.
Four principles at the core of our business are Synergy. Innovation. Drive. Excellence. At Alpine 4, we believe synergistic innovation drives excellence. By anchoring these words to our combined experience and capabilities, we can aggressively pursue opportunities within and across vertical markets. We deliver solutions that not only drive industry standards but also increase value for our shareholders.
CONTACT: Investor Relations at investorrelations@alpine4.com
Forward-Looking Statements: The information disclosed in this press release is made as of the date hereof and reflects Alpine 4 most current assessment of its historical financial performance. Actual financial results filed with the SEC may differ from those contained herein due to timing delays between the date of this release and confirmation of final audit results. These forward-looking statements are not guarantees of future performance and are subject to uncertainties and other factors that could cause actual results to differ materially from those expressed in the forward-looking statements, including, without limitation, the risks, uncertainties, including the uncertainties surrounding the current market volatility, and other factors the Company identifies from time to time in its filings with the SEC. Although Alpine 4 believes that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate and, as a result, the forward-looking statements based on those assumptions also could be incorrect. You should not place undue reliance on these forward-looking statements. The forward-looking statements contained in this release are made as of the date hereof, and Alpine 4 disclaims any intention or obligation to update the forward-looking statements for subsequent events.
SOURCE: Alpine 4 Technologies, Ltd.
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https://www.accesswire.com/616973/Alpine-4-Technologies-ALPP-Reports-Q3-2020-Revenue-Growth-of-23-over-Q3-2019-and-266-Million-in-Revenue-for-the-First-Three-Quarters-of-2020