Orchid Ventures Inc. (OTCMKTS: ORVRF) has announced its Q2 2022 financial results for the quarter ending December 31, 2021, in which revenue was up 18.4% sequentially.
Orchid Ventures reports revenue of $478,964
The company reported net revenue of $478,964 in Q2 2022 compared to $398,423 in the first quarter of 2022. Net loss was $413,776 on revenues of $478,964 for the three months ending December 31, 2021 (“Q2 2022”), opposed to a net loss of $221,201 on revenues of $398,423 for the first quarter.
Sales were up $80,541 over the previous period, and gross earnings were up $155,236. In Q2 2022, total operations expenses were $651,099, relative to $678,081 a year ago. The company’s leadership has made a concerted effort to reduce general costs and expenditures while bolstering critical marketing efforts. Non-cash items like Fair Value Change in Warrant Liability of $120,491 are included in Q2 2022’s operational.
CEO of Orchid Ventures, Corey Mangold, stated, “The 2nd quarter of FY 2022 was a disappointing quarter from the standpoint of recognized revenue, however it was an encouraging quarter in terms of new sales orders secured. The Company anticipated that Q2 would be soft, as the new sales contracts that were finalized could not be recognized as revenue until products are manufactured and shipped from the factory.”
Orchid Ventures has booked $900,000 in sales order for Q3.
The company expects strong results for the third quarter, considering it has already booked $900,000 in sales to be accounted for in the quarter ending March 31, 2022. Orchid Ventures has received repeat orders from its largest clients, and it has expanded its sales pipeline with opportunities expected to significantly influence profit and sales prospects. In addition, the company’s latest sales strategies, such as direct to retail customized branded products, have been launched.
Still, the company anticipates solid Q3 and Q4 to finish the year on the high in terms of topline revenue and produce consistent financial results regarding profitability. Notably, Orchid Ventures is committed to raising revenues and reaching a breakeven point in the business.
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