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.
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