Welcome to our dedicated page for Envela news (Ticker: ELA), a resource for investors and traders seeking the latest updates and insights on Envela stock.
Envela Corporation operates a re-commerce business focused on reuse, recycling and secondary-market value recovery. Company news commonly covers quarterly and annual results across its Consumer and Commercial segments, including revenue trends, gross margin, liquidity management, inventory discipline and capital allocation.
The Consumer segment includes retail stores and online platforms for premium brands and luxury hard assets such as jewelry, diamonds, gemstones, fine watches, rare coins, bullion, gold, silver and other precious metals. The Commercial segment provides re-commerce and asset-disposition services, including IT asset disposition, device trade-in, product returns and end-of-life services for enterprise customers.
Envela Corporation (NYSE American: ELA) announced it will report its Q1 2022 financial results on May 11, 2022, after market close. As the North American leader in the re-commerce business, Envela facilitates the resale of specialty goods through its two main segments: DGSE and ECHG. DGSE operates B2C retail channels for luxury assets, while ECHG manages B2B re-commercialization and recycling of consumer electronics. The company emphasizes its role in the circular economy, benefiting both consumers and manufacturers by extending the life cycle of goods.
Envela Corporation (NYSE American: ELA) announced that its subsidiary, Echo Environmental Holdings, has signed an agreement to purchase property for a solar-recycling facility near Mesa, Arizona. This project aligns with Echo's mission to provide sustainable solutions for photovoltaic systems via refurbishing and recycling. While the purchase is pending customary due diligence and may close in Q3 2022, it aims to enhance service capacity for solar companies and reduce landfill waste. Echo collaborates with major industry players to recover valuable materials from solar components.
Envela Corporation (NYSE American: ELA) announced the addition of Thomas Mathias to the leadership team of its subsidiary, DGSE. With over 25 years in retail real estate, Mathias previously served as Managing Director at Cottonwood Financial, overseeing 350 locations. He expressed excitement about contributing to DGSE's growth within the sustainability market for preowned luxury goods. DGSE specializes in the re-commerce of luxury brands and diamonds, offering an extensive range of jewelry and precious metals to enhance customer experience.
Envela Corporation (NYSE American: ELA) reported a 24% increase in 2021 revenue to a record $140.9 million and achieved a net income exceeding $10 million. The fourth quarter saw a 53% revenue growth year-over-year, totaling $44.1 million. Notable profit growth included a 55% rise in net income, driven by strong performance across its DGSE and ECHG subsidiaries. With robust financial results and strategic expansions, including acquisitions and new store openings, Envela aims to sustain its momentum in the re-commerce sector.
Envela Corporation (NYSE American: ELA) will report its fourth quarter and fiscal year 2021 financial results on March 16, 2022, after market close. As a leader in the re-commerce sector, Envela focuses on extending the useful life of specialty goods and promoting a circular economy. Its operations span retail and online platforms, featuring luxury hard assets and consumer electronics. The company has experienced multiple years of growth, reflecting its strong market position. Investors are advised to consider the inherent risks highlighted in their periodic SEC filings.
Envela Corporation (NYSE American: ELA) announced the appointment of Richard D. Schepp, former Chief Administrative Officer of Kohl's, to its Board of Directors as an independent member. This addition aims to leverage Schepp's extensive experience in growing retail and e-commerce businesses. With over 20 years in various boardroom roles, he brings crucial skills in M&A, strategic planning, and customer experience enhancement. Schepp's past achievements include navigating digital transformation and optimizing store operations at Kohl's, projected to positively impact Envela's growth strategy.
Envela Corporation (NYSE American: ELA) announced third-quarter financial results for 2021, reporting revenue of $37.7 million, up 12% quarter-over-quarter. Total revenue decreased compared to $38.8 million year-over-year. The DGSE subsidiary generated $25.5 million, while the ECHG subsidiary reported $12.2 million in revenue. Gross profit rose to $8.1 million from $7.2 million, with net income reaching $3.1 million, or $0.12 per share, compared to $3.0 million, or $0.11 per share, a year ago. The company continues to explore growth initiatives, including acquiring Avail Recovery Solutions.
Envela Corporation (NYSE American: ELA) announced its subsidiary ECHG, LLC has acquired the assets of Avail Recovery Solutions, LLC, a leader in IT asset recovery. This acquisition enhances Envela's presence in the recommerce sector focused on sustainability. Avail specializes in electronics recycling and IT asset disposition, servicing Fortune 2000 companies. The acquisition is expected to boost Envela's offerings in sustainability transformations and lifecycle management.
Envela Corporation (NYSE American: ELA) will report its third-quarter financial results on November 3, 2021, after market close. The company specializes in recommerce of luxury hard assets and consumer electronics, along with end-of-life recycling solutions. Its operations are conducted through two main segments: DGSE, LLC for luxury goods, and ECHG for electronics and IT equipment. Envela is committed to sustainable practices through its recycling services, catering to various industries.
Envela Corporation (NYSE American: ELA) will present at the 10th Annual Gateway Conference on September 9, 2021, at 11:00 a.m. Pacific time. The virtual event takes place on September 8-9, 2021, allowing one-on-one meetings with management. The presentation will be accessible via webcast and available for replay. Envela specializes in recommerce within luxury hard assets and consumer electronics, offering recycling solutions through its subsidiaries. Interested parties can request invitations or meeting schedules via email.