Bloomios Reports 2021 Revenue at Record $8.5 Million, up from $1.3 Million in 2020
SANTA BARBARA, Calif., April 19, 2022 /PRNewswire/ -- Bloomios, Inc. (OTCQB: BLMS), a leading hemp and nutraceutical manufacturer specializing in full service product development, R&D and compliance solutions, reported results for the fourth quarter and full year ended December 31, 2021. All comparisons are to the same year-ago period unless otherwise noted.
Q4 Financial Highlights
- Revenue increased
37% to$1.7 million . - Gross profit increased
82% to$698,000 . - Gross margin improved from
32% to42% .
Full Year 2021 Financial Highlights
- Revenue increased
545% to a record$8.5 million . - Gross profit increased
$3.4 million to a record$3.8 million . - Gross margin improved from
31% to45% .
Q4 Operational Highlights
- Expanded Bloomios' product portfolio: now offering more than 80 turnkey or customizable white- and private-label product options across seven format categories, including edibles, such as sugar free gummies and tinctures, as well as pet treats, topicals, cosmetics, beverage and personal care products.
- To address growing demand, expanded manufacturing capacity and added additional manufacturing, packing and printing equipment.
"Our exceptionally strong top-line growth for the fourth quarter and year reflects our rapid emergence as a premier manufacturer of hemp-derived cannabinoid products for humans and pets," stated Bloomios CEO, Michael Hill. "This includes a full range of product options along with low minimum order quantities, rapid turnaround times and excellent customer service.
"Over the course of the last year, we dramatically expanded our product selection and broadened our base of white- and private-label customers, driven by the tremendous value we deliver. In fact, our product solutions are now relied upon by more than two hundred corporate customers across the U.S., from distributors and wholesalers to retailers and major brands.
"To meet the growing demand, we recently completed a major expansion of our manufacturing and fulfillment systems at our new state-of-the-art manufacturing facility in Daytona Beach, Florida. While the retooling process limited our production in the first quarter of this year, it has increased our manufacturing and delivery capacity by some
"We recently announced our entry into the fast-growing sports nutrition and performance market with an exclusive partnership with DRYWORLD, an exciting premium fitness brand. The partnership highlights our exceptional manufacturing process, premium packaging, and efficient in-house testing and sourcing solutions that are ideally suited to brands looking to take advantage of today's booming market for hemp-derived products.
"We are planning to expand DRYWORLD's initial lineup of hemp-derived CBD gel capsules, tinctures, powdered drinks, heat gels and pain-relief creams with other physical fitness products that include roll-ons and nutritional supplements.
"As another major milestone, we recently became a fully-reporting company traded on the OTCQB Venture Market. We believe this will elevate our public profile and provide greater liquidity to our broadening shareholder base. The listing represents a major step in our long-term market strategy designed to build shareholder value.
"To support our further growth in 2022, we are developing a new topicals and skincare line for the beauty market, which is the second largest CBD category in the U.S. We also working to soon launch additional products for the edible nutraceutical market, as well as introduce our own in-house brands for both the U.S. and international markets.
"These new products will be targeting a North American CBD market that is projected to grow at a
"Given our expanded manufacturing capacity, which extends our ability to rapidly create and launch products into these high growth markets, we anticipate continued strong growth and market share expansion in 2022.
"To further accelerate growth and capture market share, we are also aggressively pursuing near-term acquisitions in what we see as a target-rich M&A environment."
Revenue in the fourth quarter of 2021 totaled
Gross profit totaled
Operating expenses increased
Net loss totaled
Cash and cash equivalents and short-term investments totaled
Revenue increased
Gross profit was
Operating expenses increased
Net loss totaled
Bloomios, Inc. manufactures, markets and distributes U.S. hemp-derived supplements and cosmetic 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- and white-label customers a wide selection of more than 200 customizable hemp products across 12 categories. Bloomios is headquartered in Santa Barbara, California, with manufacturing and distribution in Daytona Beach, Florida. To learn more, visit bloomios.com
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the sales of the company's identity protection software products into various channels and market sectors, the issuance of the Company's pending patent applications, COVID-19, and the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the company.
Investor Relations Contact:
Ronald Both or Justin Lumley
CMA Investor Relations
Tel (949) 432-7566
Email contact
Media Contact:
Tim Randall
CMA Media Relations
Tel (949) 432-7572
Email Contact
Bloomios, Inc. | ||||||||
Consolidated Balance Sheet | ||||||||
December 31, 2021 | December 31, 2020 | |||||||
Assets | ||||||||
Current Assets: | ||||||||
Cash | $ | 270,515 | $ | 72,205 | ||||
Accounts receivable - Net | 55,713 | 36,274 | ||||||
Inventory | 512,203 | 292,232 | ||||||
Deposits | 675,236 | 50,000 | ||||||
Total Current Assets | 1,513,667 | 450,711 | ||||||
Property and Equipment - Net | 1,862,310 | 2,070,416 | ||||||
Loan receivable | 50,000 | 50,000 | ||||||
Right of use asset | 214,198 | 258,019 | ||||||
Goodwill | 300,000 | 300,000 | ||||||
Other assets | 67,290 | 64,511 | ||||||
Total Assets | $ | 4,007,465 | $ | 3,193,657 | ||||
Liabilities and Stockholders' (Deficit) | ||||||||
Current Liabilities: | ||||||||
Accounts payable - trade | $ | 2,236,298 | $ | 1,747,852 | ||||
Accrued expenses | 213,687 | 73,501 | ||||||
Accrued Interest related party | 23,337 | 14,235 | ||||||
Unearned revenue | 239,561 | 149,966 | ||||||
Customer JV account liabilities | 300,000 | 600,000 | ||||||
Lease liability current | 114,675 | 114,675 | ||||||
Notes payable | 831,000 | 150,000 | ||||||
Notes payable PPP | - | 310,000 | ||||||
Notes payable - related party | 91,500 | 120,800 | ||||||
Notes payable - convertibles (net of debt discount) | 1,277,433 | 202,300 | ||||||
Total Current Liabilities | 5,327,491 | 3,483,329 | ||||||
Long-Term Debt: | ||||||||
Lease liability | 99,523 | 143,344 | ||||||
Notes payable | 150,000 | 831,000 | ||||||
Total Liabilities | 5,577,014 | 4,457,673 | ||||||
Stockholders' (Deficit) | ||||||||
Preferred series A stock ( | 0 | - | ||||||
Preferred series B stock ( | 0 | - | ||||||
Preferred series C stock ( | 3 | - | ||||||
Shares to be issued | 61,500 | - | ||||||
Common stock ( | 144 | 125 | ||||||
Additional paid-in capital | 4,704,193 | 3,059,920 | ||||||
Accumulated deficit | (6,335,389) | (4,324,061) | ||||||
Total Stockholders' (Deficit) | (1,569,549) | (1,264,016) | ||||||
Total Liabilities and Stockholders' Deficit | $ | 4,007,465 | $ | 3,193,657 | ||||
Bloomios, Inc. | ||||||||
Consolidated Statement of Operations | ||||||||
for the years ended December 31, | ||||||||
2021 | 2020 | |||||||
Sales | $ | 8,491,651 | $ | 1,316,304 | ||||
Cost of Goods Sold | 4,708,195 | 914,759 | ||||||
Gross Profit | 3,783,456 | 401,545 | ||||||
General and Administrative expense | 897,335 | 110,520 | ||||||
Salaries | 1,576,544 | 258,913 | ||||||
Rent | 422,527 | 146,013 | ||||||
Utilities | 120,414 | 29,956 | ||||||
Professional fees | 106,750 | 18,728 | ||||||
Consulting | 721,862 | 667,976 | ||||||
Depreciation | 381,169 | 232,271 | ||||||
Reserve for Bad Debt expense | 80,000 | - | ||||||
Share based Expense | 277,333 | - | ||||||
Total Expenses | 4,583,934 | 1,464,377 | ||||||
Net Profit from Operations | (800,478) | (1,062,832) | ||||||
Other Income / (Expenses) | ||||||||
Gain on Debt settlement | 312,583 | - | ||||||
Other Income | 84,628 | - | ||||||
Shares issued for inducement | (82,100) | - | ||||||
Financing Fees | (1,273,507) | (36,860) | ||||||
Interest Expense | (252,453) | (70,974) | ||||||
Net Profit / (Loss) Before Income Taxes | (2,011,327) | (1,170,666) | ||||||
Income Tax Expense | - | - | ||||||
Net Profit / (Loss) | $ | (2,011,327) | $ | (1,170,666) | ||||
NET PROFIT / (LOSS) PER COMMON SHARE - BASIC AND DILUTED | $ | (0.16) | $ | (0.09) | ||||
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC AND DILUTED | 12,626,145 | 12,508,011 | ||||||
View original content to download multimedia:https://www.prnewswire.com/news-releases/bloomios-reports-2021-revenue-at-record-8-5-million-up-from-1-3-million-in-2020--301527930.html
SOURCE Bloomios, Inc.
