Vegalab Announces Quarterly Revenue of $4.1 Million, Up 2,370% Year Over Year
Vegalab, Inc. (OTCQB: VEGL) disclosed its second quarter fiscal 2018 financial results for the period ending June 30, 2018. The company achieved quarterly revenue of $4.1 million, representing a dramatic increase compared to $166 thousand in the same quarter of the previous year. The firm filed Form 10-Q documentation with the Securities Exchange Commission on August 30, 2018.
CEO Commentary
"We are excited to report continued year over year growth, having increased our six months total revenues to $11.4 Million, a 2,940% increase over the first six months of last year. This is the result of the addition of talented sales and marketing personnel, new marketing partnerships, and repeat sales demand due to high overall customer satisfaction."
— David Selakovic, CEO, Vegalab
Second Quarter Financial Highlights
| Metric | Q2 2018 | Q2 2017 |
|---|---|---|
| Total Revenues | $4,166,321 | $166,682 |
| Product Sales | $2,632,478 | $166,682 |
| Cost of Goods Sold | $4,456,814 | $120,979 |
| Operating Expenses | $717,470 | — |
| Net Loss | $(1,018,350) | — |
| Net Loss Per Share | $(0.04) | — |
Six-Month Year-to-Date Results
| Metric | H1 2018 | H1 2017 |
|---|---|---|
| Total Revenues | $11,454,950 | $375,498 |
| Product Revenue | $5,361,619 | $375,498 |
| Produce Processing | $6,093,311 | — |
| Operating Expenses | $2,359,402 | — |
| Net Loss | $(1,075,119) | — |
| Net Loss Per Share | $(0.05) | — |
Cost of goods sold climbed to $4,456,814 during the quarter due to elevated produce procurement costs and seasonal processing volume reductions at the citrus packing facility. Operating expenses increased to $717,470 for the quarter and $2,359,402 for the six-month period, driven by staffing increases following the acquisitions of M&G Packing and The Agronomy Group.