Grove Inc. (GRVI) stock prices were up 35.54% as of the market opening on July 28th 2021, bringing the price per share up to USD$6.30 early on in the trading day.
Revenue and Net Income Reports
July 28th 2021 saw GRVI stock, the Nevada based company that is revolutionizing the hemp industry, report preliminary and unaudited financial results for the fourth quarter of fiscal 2021, ended June 30th 2021. The company reported revenues ranging from USD$10.1 million to USD$10.4 million, representing a massive 300% increases over the numbers reported for the prior year quarter. Net income is expected to range from USD$1.5 million to USD$2 million, up from a net loss of more than USD$700,000 in the fourth quarter of fiscal 2020.
2021 Full Year Report
GRVI stock reported expecting full year revenues for the full fiscal year in the amount of USD$23.6 million to USD$23.9 million, a substantial 200% increase over the USD$7.4 million reported for the fiscal year 2020. Net income for the 2021 year is expected to range from USD$2 million to USD$2.5 million, up from a considerable net loss of USD$5 million for the fiscal year 2020. Full financial results for the fiscal year 2021 are expected around September 15th 2021.
GRVI Stock Exceeding Expectations
The company is pleased to announce having exceeded all of its internal projections for growth and profitability over the course of 2021 so far. Driven by a combination of a stellar workforce and an effectively executed business strategy, the company continued to expand the scope of its growth while sustaining profitability.
GRVI Stock Planning to Reinvest
The company is keen to enter the fiscal year 2022 riding the momentum generated over the fiscal year 2021. The current years financial success afford the company flexibility in investing to further consolidate and enhance internal growth. A solid balance sheet and continued positive cash flow from operations will see the company invest heavily in facilitating the growth of GRVI stock’s Products and Manufacturing. Investments are also expected to be made in an Extraction and Lab Facility to pioneer the R&D in the Hemp and Wellness industries.
Future Outlook for GRVI
Armed with the immense success of its preliminary and unaudited financial reports for the fiscal year 2021, GRVI stock is poised to capitalize on its momentum. The company is keen to continue its trajectory of success into the new fiscal year, hoping to drive additional growth. Investors are hopeful that management will continue to execute its strategy so as to usher in further gains in shareholder value.