Connect with us


Snakes & Lattes, owned by Amfil Technologies, Inc. (OTCMKTS: FUNN) Achieves a 112% Increase in Year over Year Revenue in its Q2FY22



Since its establishment in 2010, Snakes & Lattes has been a haven of activity in creating a fun environment that fosters genuine interactions between people. The institution owned by Amfil Technologies, Inc. (OTCMKTS: FUNN) is a beautiful place that offers unique hospitality focused on an interactive and fun dining experience. And the results are evident.

In its Q2FY22, the company reported a 112% increase in year over year in revenue, equivalent of $1,613,826, up from $721,907 for Q2FY21. The gross rose to $1,223,002 from $566,178. Numerous operational efficiencies gained over the past year occasioned large gross profits. However, all was not rosy because there was a significant increase in liabilities totalling $8,837,167 compared to total assets of $3,978,593.

The Anticipated Healthy Increase in Comparative Year over Year Revenues

Like many other institutions, Snakes & Lattes experienced several challenges due to Covid and a long period of full pandemic related restrictions. Around five locations were either partially closed or operating at a reduced capacity.

Other locations, especially in Canada, worked on reduced hours; 5 hours on weeknights and 12 hours on weekends. This was far from the standard 13 / 16.

Nonetheless, there was high anticipation of good performance. The October to December quarter was the best due to extra holiday sales and company events. The re-opening of Ontario locations received a positive response, evidenced by the surge in patronage. To date, the customer base is still solid, and attendance rates continue to increase in all locations.

Connecting with its Customers is Paramount to Success 

Snakes & Lattes understand that ‘’Customer is King’’; hence it is very keen on building lasting relationships and its brand. It has seven fully operational locations, with the newest Guelph officially opening up during Q2. Tempe is regarded as the exemplar location as its revenue continues to be solid and consistent. Thanks to Q2 revenue of +4% and stable labour.

Meanwhile, hiring new Chief Operating Officer Aaron McKay to run Amfil Technologies, Inc. was also an added advantage. He has been instrumental in executing the company’s growth strategy and vision. McKay’s experience in the hospitality industry is from some of the high–end Chicago restaurants Le Lan, Schwa, NoMI, and Mercat a la Planxa

*Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.