Bloomios Reports 2021 Revenue at Record $8.5 Million, up from $1.3 Million in 2020
Ryan Allway
April 19th, 2022
News, Top News
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% to 42%.
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% to 45%.
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.
Management Commentary
“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 300%. We anticipate a return to sales ramping up fully during second quarter as we realize the benefits of our new equipment and facility expansion, and see strong growth in the second half of the year with new customer wins along with new and expanded product lines.
“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 33% CAGR to reach $61.3 billion by 2027. The market for alternative cannabinoids is also expected to grow tremendously at a 20% CAGR to hit $26.2 billion by 2028.
“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.”
Q4 Financial Summary
Revenue in the fourth quarter of 2021 totaled $1.7 million, up 37% from $1.2 million in the same year-ago quarter.
Gross profit totaled $698,000 or 42% of revenue as compared to $384,000 or 32% in the same year-ago quarter. The increase in gross margin was primarily due to a shift in product mix to higher margin products.
Operating expenses increased 57% to $1.5 million compared to $961,000 in the same year-ago quarter.
Net loss totaled $579,000 compared to a net loss of $685,000 in the same year-ago period.
Cash and cash equivalents and short-term investments totaled $271,000 as of December 31, 2021, as compared to $72,000 on December 31, 2020.
Full Year 2021 Financial Summary
Revenue increased $7.2 million or 545% to $8.5 million in 2021 as compared to $1.3 million in 2020. The increase in revenue is primarily due to a full year of operation in 2021 after an acquisition was completed in the fourth quarter of 2020.
Gross profit was $3.8 million or 45% of revenue in 2021, compared to $402,000 or 31% of revenue in 2020.
Operating expenses increased 213% to $4.6 million in 2021 from $1.5 million in 2020. The increase in operating expense is largely attributable to an increase in salaries expense of $1.3 million and an increase in general and administrate expense of 787,000.
Net loss totaled $2.0 million or $(0.16) per share, as compared to a loss of $1.2 million or $(0.09) per share in 2020.
About Bloomios
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
Safe Harbor Statement
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 ($0.00001 par value; 10,000 shares authorized; 10,000 and 0 shares issued and outstanding at December 31, 2021 and December 31, 2020 respectively |
0 | – | ||||||
| Preferred series B stock ($0.00001 par value; 800 shares authorized; 800 and 0 shares issued and outstanding at December 31, 2021 and December 31, 2020 respectively |
0 | – | ||||||
| Preferred series C stock ($0.00001 par value; 3,000,000 shares authorized; 310,000 and 0 shares issued and outstanding at December 31, 2021 and December 31, 2020 respectively |
3 | – | ||||||
| Shares to be issued | 61,500 | – | ||||||
| Common stock ($0.00001 par value; 950,000,000 shares authorized; 12,702,134 and 12,508,011 shares issued and outstanding at December 31, 2021 and December 31, 2020 respectively |
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 | ||||||
This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.
About Ryan Allway
Mr. Allway has over a decade of experience in the financial markets as both a private investor and financial journalist. He has been actively involved in the cannabis industry since its inception, covering public and private companies.
Search CannabisFN
Press Coverage
Psychedelics Index
Top Videos
Alan Brochstein’s 420 Investor is the go-to community for investors to learn, explore, and profit from the marijuana companies. The main goal of 420 Investor is to provide real-time, objective information about the top marijuana companies in the market in order to help investors capitalize on cannabis.
Watch CFN Media’s exclusive three part interview with Paul Rosen, one of the most active and diversified investors in the emerging cannabis industry. Paul gives his insights on the global cannabis industry and discusses his new endeavors. Become a CFN Media Client Paul Rosen is a noted career entrepreneur and management consultant. Over the last […]
NanoSphere Health Sciences is a biotechnology company that has developed and is commercializing its patent-pending NanoSphere Delivery SystemTM, a ground breaking platform using nanotechnology for the delivery of biological agents such as cannabinoids, supplements, nutraceuticals and over-the-counter medications for the cannabis, pharmaceutical and animal health industries, and beyond.
Harborside Inc. (CSE: HBOR) is one of the oldest, largest and most respected cannabis retailers in the world with award-winning flower, concentrates, edibles and other cannabis products from California’s most respected growers and manufacturers.
Network Partners
About CFN Media Group
CFN Enterprises Inc. (OTCQB: CNFN) owns and operates CFN Media Group, the premier agency and financial media network reaching executives, entrepreneurs and consumers worldwide. Through its proprietary content creation, video library, and distribution via www.CannabisFN.com, CFN has built an extensive database of cannabis interest, assisting many of the world’s largest cannabis firms and CBD brands to build awareness and thrive. For more information, please visit www.cfnenterprisesinc.com.
Disclaimer: Matters discussed on this website contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. CFN Media Group, which owns CannabisFN, is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. CFN Media Group, which owns CannabisFN, may from time-to-time have a position in the securities mentioned herein and will increase or decrease such positions without notice. The Information contains forward-looking statements, i.e. statements or discussions that constitute predictions, expectations, beliefs, plans, estimates, or projections as indicated by such words as "expects", "will", "anticipates", and "estimates"; therefore, you should proceed with extreme caution in relying upon such statements and conduct a full investigation of the Information and the Profiled Issuer as well as any such forward-looking statements. Any forward looking statements we make in the Information are limited to the time period in which they are made, and we do not undertake to update forward looking statements that may change at any time; The Information is presented only as a brief "snapshot" of the Profiled Issuer and should only be used, at most, and if at all, as a starting point for you to conduct a thorough investigation of the Profiled Issuer and its securities and to consult your financial, legal or other adviser(s) and avail yourself of the filings and information that may be accessed at www.sec.gov, www.pinksheets.com, www.otcmarkets.com or other electronic sources, including: (a) reviewing SEC periodic reports (Forms 10-Q and 10-K), reports of material events (Form 8-K), insider reports (Forms 3, 4, 5 and Schedule 13D); (b) reviewing Information and Disclosure Statements and unaudited financial reports filed with the Pink Sheets or www.otcmarkets.com; (c) obtaining and reviewing publicly available information contained in commonlyknown search engines such as Google; and (d) consulting investment guides at www.sec.gov and www.finra.com. You should always be cognizant that the Profiled Issuers may not be current in their reporting obligations with the SEC and OTCMarkets and/or have negative signs at www.otcmarkets.com (See section below titled "Risks Related to the Profiled Issuers, which provides additional information pertaining thereto). For making specific investment decisions, readers should seek their own advice and that of their own professional advisers. CFN Media Group, which owns CannabisFN, may be compensated for its Services in the form of cash-based and/or equity-based compensation in the companies it writes about, or a combination of the two. For full disclosure, please visit: https://www.cannabisfn.com/legal-disclaimer/. A short time after we acquire the securities of the foregoing company, we may publish the (favorable) information about the issuer referenced above advising others, including you, to purchase; and while doing so, we may sell the securities we acquired. In addition, a third-party shareholder compensating us may sell his or her shares of the issuer while we are publishing favorable information about the issuer. Except for the historical information presented herein, matters discussed in this article contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. CFN Media Group, which owns CannabisFN, is not registered with any financial or securities regulatory authority, and does not provide nor claims to provide investment advice or recommendations to readers of this release. CFN Media Group, which owns CannabisFN, may from time to time have a position in the securities mentioned herein and will increase or decrease such positions without notice. For making specific investment decisions, readers should seek their own advice and that of their own professional advisers. CFN Media Group, which owns CannabisFN, may be compensated for its Services in the form of cash-based and/or equity- based compensation in the companies it writes about, or a combination of the two. For full disclosure please visit: https://www.cannabisfn.com/legal-disclaimer/.
Copyright © Accelerize Inc. · All Rights Reserved · Privacy Policy · Legal Disclaimer
