Emerging leader in Functional foods and nutritional supplements, GenTech Holdings (OTCMKTS:GTEH), on October 5, 2021 provided existing and prospective shareholders performance update for September as the firm finished entire month of consolidated financials from the recent acquisitions.
While the firm has provisional topline with Gross Consolidated Revenues at $217k from operations, demonstrating annual revenue run rate for producing $2.6million.
David Lovatt, CEO of GenTech Holdings said that the company continues to witness hockey-stick curve and September was another record month in revenues. Lovatt added that there was breakout success as its recent acquisitions hit the P&L. The CEO believes that the firm hasn’t achieved its entire potential as the supply chain issues are slowing inventory supply for NxtBar, NatureSoothie as well as Fizziqueto retail customers.
Lovatt opines that on a full inventory of Nature Soothie and NXtbar and Nature Soothie, annualised revenue will surge to $3.5m.
The management is of the view that both subsidiary performance will witness growth due to augmenting marketing spend as well as improved operating conditions. Some tailwinds such as wide Covid-19 vaccinations and lowering of pandemic impact in operation of fitness and ‘brick and mortar’ facilities, is indirectly impacting demand. Furthermore, the new normal will ensure inventory items such as bottles, bottle lids and protein be easily available through 2022.
Market Reaction:
On Tuesday, GTEH stock gained 6.25% at $0.0009 with more than 483.71 million shares, compared to its average volume of 379.88 million shares. The stock has moved within a range of $0.0007 – 0.0009 after opening the trade at $0.0008.
