- Bee Vectoring Technologies (BEE) has issued a letter to its shareholders from CEO Ashish Malik
- The company reached several milestones this year, including its commercial expansion to California and first revenues in Michigan, New Jersey, and the Pacific Northwest
- BVT reported $400,000 in revenue for the 2021 fiscal year
- Going into 2022, the company has cash on hand of $2.7 million
- BVT is an agriculture technology company that has developed a natural precision agriculture system that replaces chemical pesticides
- Shares in Bee Vectoring Technologies International Inc. (BEE) are up 11.54 per cent, trading at $0.29 per share
Bee Vectoring Technologies (BEE) has issued a letter to its shareholders from CEO Ashish Malik with his comments on the 2021 results.
“2021 is the year that BVT cemented its position as a commercial enterprise,” said Mr. Malik.
The company reached several milestones this year, including its commercial expansion to California and first revenues in Michigan, New Jersey, and the Pacific Northwest.
“One of the most significant accomplishments borne through these individual milestones is that over a span of 10 years, BVT has achieved a level of market penetration and platform for growth that has taken many other companies significantly longer and with a considerably higher investment,” remarked Mr. Malik.
BVT announced revenue growth of 47 per cent compared to the previous year, reporting $400,000 in revenue for the 2021 fiscal year. The company also reported 38 per cent revenue growth since the Canadian dollar strengthened in 2021 compared to 2020.
Gross margins also improved as the company lowered its production costs for the Clonostachys rosea strain BVT CR-7 and the introduction of the higher-margin honeybee solution.
Going into 2022, the company has cash on hand of $2.7 million, setting BVT up for success in this next year of operations.
“Operationally, things have never been stronger for BVT,” said Mr. Malik. “The solid foundation we have built since inception, the proven commercial fit for our core assets, and the milestones we achieved in the last year will all act as a springboard for future growth.”
In 2022, BVT plans to continue expanding its portfolio across the United States. The company also hopes to use its success and knowledge from its U.S. operations to expand into new markets.
The company will continue to develop its bee vectoring systems and patented biological pesticide alternatives.
“With the support of our growing investor base around the world, a team that is knowledgeable and passionate, and a customer base that endorses our system and strategy, we are truly excited about the future,” Mr. Malik concluded in his letter.
BVT is an agriculture technology company that has developed a natural precision agriculture system that replaces chemical pesticides.
Shares in Bee Vectoring Technologies International Inc. (BEE) are up 11.54 per cent, trading at $0.29 per share as of 10:41 am EST.