TAAT Posts $1.3 Million In Revenue For Fiscal Q3 2021
TAAT Global Alternatives Inc. (CSE: TAAT) this morning announced its financial results for the fiscal quarter ending on July 31, 2021. The company highlighted a quarterly revenue of $1.3 million, an increase from both fiscal Q2 2021’s revenue of $0.7 million and fiscal Q3 2020’s revenue of $0.06 million.
Sales this quarter translated to a gross profit of $781,226, up from the previous quarter’s $363,583. However, this was offset by operating expenses exceeding the quarterly sales, including marketing and shareholder communication expenses amounting to $5.0 million and share-based payments amounting to $1.4 million. The company, as a result, posted a net loss of $7.7 million for the quarter compared to the $11.4 million net loss last quarter and the $3.8 million net loss for the same comparable period last year. The quarterly loss translates to $0.07 per share.
“We have undertaken aggressive strategies to market TAAT™ in this consumer segment in order to sustain and grow interest in the United States by continuing to add stores to expand our sales pipeline,” said TAAT CEO Setti Coscarella.
The firm ended with a cash position of $6.9 million coming from a starting balance of $11.9 million at the start of the fiscal year, with the cash burn heavily dragged by the running net loss for the nine-month period ending July 31, 2021. This puts the value of the company’s current assets at $12.0 million while current liabilities came in at $1.8 million.
The company also claimed to have established brand equity through its marketing initiatives, continuing its strategy to take a slice of the US$814 billion global tobacco industry. It also shared that upcoming launches of international markets will take place in Australia, United Kingdom, and Ireland.
TAAT Global Alternatives last traded at $3.46 on the CSE.
Information for this briefing was found via Sedar and TAAT. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
