- Revenues for Q2 2021 increased 237 per cent to $12.4 million
- Revenues for H1 2021 increased 201 per cent to $20.3 million
- Variable gross profit for Q2 2021 increased to $4.3 million
- Variable gross profit for H1 2021 increased to $7.5 million
- The company increased its B2B customer base to 800 customers from 600 in Q1 of 2021
- good natured Products offers the broadest assortment of eco-friendly options made from plants instead of petroleum
- good natured Products Inc. (GDNP) opened trading at C$0.95 per share
good natured Products (GDNP) has announced its financial results for the three months (Q2 2021) and six months (H1 2021) ended June 30, 2021.
Key highlights:
- Revenues for Q2 2021 increased 237 per cent to $12.4 million compared to $3.7 million for the three-month period ended June 30, 2020. H1 2021 revenues increased 201 per cent to $20.3 million compared to $6.7 million for the six month period ended June 30, 2020.
- Variable gross profit for Q2 2021 increased to $4.3 million, 34.7 per cent of sales, compared to $1.6 million, 44.3 per cent of sales in Q2 2020.
- Variable gross profit for H1 2021 increased to $7.5 million, 37.1 per cent of sales, compared to $2.7 million, 40.7 per cent of sales in H1 2020.
- Gross profit for Q2 2021 and H1 2021 was $3.5 million and $6.3 million respectively.
- Selling, general and administrative expenses for Q2 2021 and H1 2021 were $3.8 million and $6.4 million compared to $1.6 million and $2.9 million for Q2 2020 and H1 2020, representing an increase of 140 per cent and 125 per cent respectively.
- Adjusted EBITDA for Q2 2021 and H1 2021 was a loss of $175,000 and a loss of $20,000 compared to a loss of $40,000 and a loss of $348,000 for Q2 2020 and H1 2020 respectively.
- Net loss for Q2 2021 was $3.7 million compared to a net loss of $1.5 million in Q2 2020.
- Net loss for H1 2021 was $5.6 million compared to a net loss of $2.3 million in H1 2020.
Paul Antoniadis, CEO of good natured® commented on the results.
“It was another outstanding quarter of revenue growth for the company, increasing 237 per cent year over year. Our revenue for the quarter was bolstered by contribution from our strategic acquisitions and strong execution by the team and our partners. Together, we increased our B2B customer base to 800 customers from 600 in Q1 of 2021. In anticipation of growing demand from the lifting of COVID-19 restrictions across the U.S. and Canada, we made the strategic decision to build inventory levels. This positioned us to service demand from our existing customer base and increase our market share while the industry continues to face external supply chain challenges that have limited or delayed product availability in the market.
Our variable gross profit and gross profit rates for the quarter were at the high end of our range announced on July 20, 2021. We saw year over year rate changes from a higher product mix from our industrial business group, a higher mix of national customers, a higher mix of sales from our insource manufacturing, a lower mix of COVID-19 medical face shields and packaging, and supply chain cost increases due to inflationary pressure which is anticipated to continue into 2022. We also added several new team members to support our expanding customer base which positions the company for further growth and ensures a smooth integration of our recently announced acquisitions. End customer demand remains robust and we continue to focus on driving growth organically and through acquisitions while leveraging intensifying long term positive macro trends.”
good natured offers the broadest assortment of eco-friendly options made from plants instead of petroleum.
Their goal is to make it easy and affordable for business owners and consumers to switch to products made from renewable materials and free from chemicals of concern.
good natured Products Inc. (GDNP) opened trading at C$0.95 per share.