- The Well Told Company (WLCO) announced its financial results and operational highlights for the three and six months ended June 30, 2022
- Gross Revenue of $812k for Q2 2022, representing an increase of 132 per cent YoY
- Net and comprehensive income was positive for the first time in the company’s history at $428k
- Well Told is a female-founded, emerging plant-based wellness company
- The Well Told Company Inc. (WLCO) opened trading at C$0.045 per share
The Well Told Company (WLCO) announced its financial results and operational highlights for the three and six months ended June 30, 2022.
Second quarter financial highlights:
- Gross revenue of $812k for Q2 2022, representing an increase of 132 per cent YoY
- Wholesale gross revenue increased by 178 per cent, compared to Q2 2021. This includes a 40 per cent increase in Canada and a 2,766 per cent increase in U.S. wholesale gross revenue
- 55 per cent YoY increase in Direct-To-Consumer revenue through welltold.com and through third-party e-commerce platforms including, Amazon Canada, Amazon U.S., League Canada, and League U.S.
- Net and comprehensive income was positive for the first time in the company’s history at $428k
- Working capital position improved from ($5,909,977) in Q2 2021 to $64,071 in Q2 2022
Second quarter business highlights:
- Increased points of distribution by 48 per cent, reaching 21,342 as of June 30, 2022 compared to 14,464 as at December 31, 2021
- Surpassed its 2022 goal of quadrupling points of distribution in the U.S. with over 8,000 points of distribution as of end of May 2022
- In Q2 2022, the company launched two more SKUs of its new powder line in compostable packaging in the U.S. for a total of 6 SKUs launched in 2022
Monica Ruffo, CEO of Well Told, commented on the results.
“I am unbelievably proud of the results our small and mighty team has achieved in Q2 2022 across the board. We are seeing growth and improvements in efficiency across all our channels both in Canada and the U.S.”
2022 outlook:
- Continue to move closer to sustained profitability. Focus on growth in the U.S. market, same-store sales in Canada as well as Amazon in Canada and the U.S. The company will also continue to improve cost efficiency focusing on fulfilment, distribution and shipping costs.
- Aims to expand into natural food retailers, independents, regional grocery and drug retailers in the U.S. in Q3 and Q4.
- Continue to see stronger re-orders from Canadian retailers which began selling prior to 2022.
- Expects Amazon sales to continue to grow in 2022.
Well Told is a female-founded, emerging plant-based wellness company. It formulates, develops, distributes and sells a variety of supplements, remedies and other functional wellness products.
The Well Told Company Inc. (WLCO) opened trading at C$0.045 per share.