- TAAT has announced financial results for the three months ended April 30, 2021
- Revenue increased by approximately 317% to $691,484, compared to Q1 2021
- Common shares were upgraded to the OTCQX® Best Market in March
- The company has developed TAAT™, which is a tobacco-free and nicotine-free alternative to traditional cigarettes
- TAAT Global Alternatives Inc. (TAAT) opened trading at C$3.00 per share
TAAT (TAAT) has announced financial results for the three months ended April 30, 2021.
Revenue rose more than 300 per cent sequentially over the previous quarter, reflecting a faster-than-anticipated rollout and strong uptake at both the distributor and end-customer levels.
During this period, which was the first full quarter in which TAAT was sold at retail, the company launched e-commerce to complement retail sales, upgraded its common shares to the OTCQX® Best Market, landed its first major sporting event sponsorship, and obtained mainstream media coverage in Forbes.
The company has already built upon the milestones achieved in Q2 2021 with products now sold in more than 300 Ohio retailers, new store placements in both Illinois as well as Georgia, and an international distribution relationship in the United Kingdom and Ireland.
Q2 2021 Highlights
- Revenue increased by approximately 317% to $691,484, compared to Q1 2021
- Expanded rollout in Ohio, with approximately 191 stores selling TAAT™ at the end of Q2 2021, compared to approximately 102 at the end of Q1 2021 (more than 300 Ohio stores sell TAAT™ as of June 29, 2021)
- Launched e-commerce site on February 17, 2021
- The company announced its first major media feature in Forbes
- Common shares upgraded to the OTCQX® Best Market on March 23, with an application to list the on the Nasdaq Capital Market announced one month later
- CEO Setti Coscarella delivered a presentation titled “Tobacco Disruptor” at the Global Chinese Financial Forum on April 15, 2021
- A large-scale consumer research study revealed high rates of positive reception and several valuable insights
- TAAT™ became the exclusive combustible smoke product sponsor of the Professional Bull Riders (“PBR”) league, a circuit of more than 300 events annually, through 2023
“I am pleased to say that the rollout of TAAT™ is ahead of schedule, as reflected in our second quarter financial and operating performance,” said Setti Coscarella, TAAT™ CEO.
“We generated outstanding quarter-over-quarter revenue growth, and we expect that the trend will remain highly positive in the quarters to come as customer awareness and demand steadily increase.”
“Our promotional efforts in the quarter enhanced awareness of TAAT™ among smokers aged 21+, positioning us to continue gaining market share. Feedback on TAAT™ brands has been highly favourable, which confirms the positive responses received in an extensive market research study conducted in Q2. 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.
With an anticipated listing on the Nasdaq Capital Market also pending, we see numerous catalysts that are expected to build enduring value for our shareholders.”
The company has developed TAAT™, which is a tobacco-free and nicotine-free alternative to traditional cigarettes offered in “Original”, “Smooth”, and “Menthol” varieties.
TAAT Global Alternatives Inc. (TAAT) opened trading at C$3.00 per share.