Grove, Inc. Announces Preliminary Fourth Quarter and Fiscal Year 2021 Results

Rhea-AI Summary

Grove, Inc. (NASDAQ:GRVI) reported preliminary fourth quarter fiscal 2021 revenues between $10.1 million and $10.4 million, marking a growth of over 300% year-over-year. The company achieved a net income of $1.5 million to $2 million, a turnaround from a loss of over $700,000 in the same quarter of the previous year. For the full fiscal year, revenues increased to $23.6 million - $23.9 million from $7.4 million in 2020, with net income of $2 million - $2.5 million compared to a loss of over $5 million.

Full financial results will be released on or before September 15, 2021.

Positive

• Fourth quarter revenue increased over 300% year-over-year.
• Net income improved significantly to $1.5-$2 million from a loss of over $700,000.
• Full fiscal year revenue rose over 200% compared to the previous year.
• Net income for the full year turned around to $2-$2.5 million from a loss of $5 million.
• The company is positioned for future investments in growth initiatives, including an Extraction & Lab Facility.

Negative

• None.

Fourth Quarter Revenue Estimated at $10.1-10.4 Million

HENDERSON, NV, July 28, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Grove, Inc. (NASDAQ:GRVI) ("Grove" or the "Company"), the Nevada based company redefining the way hemp is bought, produced, and sold, today announced preliminary and unaudited financial results for its fourth quarter of fiscal 2021 year ended June 30, 2021.

Preliminary Fourth Quarter Fiscal Year 2021 Highlights

• Revenues of $10.1 million - $10.4 million, an increase of over 300% versus the 4^th quarter of 2020 
• Net income of $1.5 - $2 million compared to a loss of over $700,000 in 4^th quarter of 2020

Preliminary Full Fiscal Year 2021 Highlights

• Full year revenues of $23.6 million - $23.9 million, an increase over 200% compared to the $7.4 million in fiscal year 2020
• Net income of $2.0 - $2.5 million compared to a loss of over $5 million in fiscal year 2020

Grove also announced it will release full financial results for fiscal 2021 after the market closes on or before September 15^th, 2021.

Allan Marshall, Chief Executive Officer of Grove, stated, “We are excited to have surpassed all our internal projections for growth and profitability in 2021. The success of our growth is the cumulation of hard work by our entire team and a strategy that built a foundation for continued growth and expansion, while maintaining profitability. I am excited heading into 2022 with some momentum and flexibility to invest in new verticals and continue our internal growth.  With a solid balance sheet and continued positive cash flow from operations, we will look to invest heavily to drive growth in our Products and Manufacturing. We plan for future investments in an Extraction & Lab Facility to pioneer the R&D in the Hemp and Wellness industries for therapeutic and medicinal use.”

About Grove, Inc.

Grove, Inc. is in the business of developing, producing, marketing and selling raw materials, white label products and end consumer products containing the industrial hemp plant extract, Cannabidiol (“CBD”). The Company sells to numerous consumer markets including the botanical, beauty care, pet care and functional food sectors. It seeks to take advantage of an emerging worldwide trend to re-energize the production of industrial hemp and to foster its many uses for consumers.

Forward-Looking Statements

This press release contains statements that constitute "forward-looking statements," including with respect to the Company's business strategy, product development and industry trends. No assurance can be given that the offering will be completed on the terms described, or at all. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and preliminary prospectus for the offering filed with the SEC. Copies are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Company Contact

Andrew Norstrud
Email: investorinfo@cbd.io
Phone: (702) 332-5591

Investor Relations Contact

TraDigital IR
John McNamara
Email: john@tradigitalir.com
Phone: (917) 658-2602

FAQ

What were Grove, Inc.'s revenue estimates for the fourth quarter of fiscal 2021?

Grove, Inc. estimated fourth quarter revenues between $10.1 million and $10.4 million.

How much did Grove, Inc. earn in net income in the fourth quarter of fiscal 2021?

Grove, Inc. reported net income of $1.5 million to $2 million in the fourth quarter of fiscal 2021.

What was Grove, Inc.'s full fiscal year 2021 revenue?

Grove, Inc. reported full fiscal year 2021 revenues between $23.6 million and $23.9 million.

When will Grove, Inc. release its complete financial results for fiscal 2021?

Grove, Inc. will release its full financial results on or before September 15, 2021.