GenTech Holdings Inc (OTCMKTS:GTEH) is a rising star in the nutritional supplement and functional foods marketplace, and it recently announced its financial report for the second quarter of 2020. This quarterly report included strong growth in Gross Profits, Revenues, Accounts Receivable, Inventory, and Cash.
They recorded booked revenues of about $230,000, representing a growth of more than 400% from what they recorded in the same quarter of the previous fiscal year. Revenues for the 2021 financial calendar year are now more than $425,000. Revenue that came from the acquisitions of Nature Soothie, MBP Snacks, and NXTBar only nearly reached the P&L this particular quarter, and the company expects to make a huge impact on the quarters to follow. This also includes the American Metabolix Inc acquisition.
David Lovatt, the company’s Chief Executive Officer, said that this quarter was a critical one for the company’s SINFIT Nutrition line despite the fact that only about 50% of the consolidated financials in the quarter included the MPB Snacks and NXTBar brand acquisitions. He confirmed that the company was on its way to bigger and better things.
Market Reaction:
On Wednesday, GTEH stock ended flat at $0.0006 with more than 680.54 million shares, compared to its average volume of 468.40 million shares. The stock has moved within a range of $0.0006 – 0.0008 after opening the trade at $0.0006.
