TAAT Global Alternatives Inc. (CSE: TAAT) this morning announced its financial results for the fiscal quarter ending on April 30, 2021. The company highlighted a quarterly revenue of $691,484, a 317% quarter over quarter increase from $165,786 in Q1 2021.
Sales this quarter translated to a gross profit of $363,583. This however was offset by operating expenses of $11.7 million, lead by share based payments of $6.8 million and marketing and shareholder communication expenses of $3.0 million. The company as a result posted a net loss of $11.4 million for the three month period.
The company also posted a cash balance of $14.3 million, down from $19.0 million in the prior quarter.
This fiscal quarter marks the first full three months that TAAT was sold at retail locations. The company relates the increase in revenue to improved rollout at both distributor and end-consumer levels.
“We are rapidly growing our store rollout in Ohio, expanding to other states, and responding aggressively to unsolicited strong demand and positive market dynamics in Europe,” said TAAT CEO Setti Coscarella in a statement.
Currently, the company has approximately 300 stores in Ohio selling TAAT. This number was at 191 stores by the end of Q2 2021 and at 102 by Q1 2021.
The company is also anticipating its pending listing on the Nasdaq Capital Market, which it believes to build “enduring value” for its shareholders.
TAAT is a tobacco-free and nicotine-free alternative to tobacco cigarettes. It was first launched in the US in Q4 2020 as the company seeks to take a slice of the $814 billion global tobacco industry.
TAAT Global Alternatives last traded at $3.00 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.