Vinco Ventures, Inc. (BBIG) is up 4.47% in the after-hours trading session at the price of $2.57 after the release of the second-quarter 2021 earnings report.
BBIG Announced Financial Results for the Second Quarter 2021
On 23rd August 2021, BBIG published results for the second quarter ended on 30th June 2021. For the three months ended on 30th June 2021, the revenue declined to $2.69 million. The revenue was $5.17 million for the three months ended 30th June 2020, a 47.97% decline. The drop in revenue is largely associated with the reduction in sales of Personal Protective Equipment in the Edison Nation Medical division. For the three months ended on 30th June 2021, the gross profit declined by $198,424. The gross profit has a drop of 16.97% for the same quarter of 2020. Net loss in the second quarter of 2021 was $183.89 million or $5.13 per basic and diluted share. Net loss of $1.62 million or $0.18 per basic and diluted share, was reported in the second quarter of 2020. The rise in the net loss is mainly due to the issuance of warrants during this quarter.
For the six months ended on 30th June 2021, BBIG reported a revenue drop of $5.26 million. A drop of 26.24% to $7.13 million was reported for the six months ended 30th June 2020. The decrease in revenue is chiefly due to the reduction in sales of Personal Protective Equipment in the Edison Nation Medical division. For the six months ended 30th June 2021, gross profit increased by $123,730. For the six months ended 30th June 2020, the increment in the gross profit was 7.04%. Net loss for the first six months of 2020 was $246.14 million or $8.95 per basic and diluted share. Net loss was $0.35 million or $0.04 per basic and diluted share in the first six months of 2021. The rise in the net loss is essentially due to the issuance of warrants during that period.
ZASH Greenlighted Reality TV Series Slate
On 11th August 2021, BBIG reported that ZASH Global Media and Entertainment had pushed up its popular reality series space. ZASH, an entertainment industry, led by chairman Ted Farnsworth, co-founder Jaeson Ma, and co-founder Vincent Butta. It had greenlighted three new reality series for production. The series included Love is Blurred, Own-It, and Millennium Penthouse Dance Party. The three series are the first shows to be distributed via cable television syndication. They will also be streaming exclusively on Lomotif, the hot video-sharing social platform managed by ZASH. This unique distribution model is representative of the disruption adopted by ZASH to serve viewers internationally.
