Shares of Iconic Brands Inc (OTCMKTS:ICNB) closed higher in the previous after the company released financial results.
On Thursday, ICNB stock moved up 11.11%% to $0.31 with more than 94K million shares, compared to its average volume of 54K shares. The stock moved within a range of $0.2697 – 0.3400 after opening trade at $0.2718.
About The Company
Leader in the development, design, and delivery of alcohol and non-alcohol beverages, Iconic Brands Inc (OTCMKTS:ICNB) has a wholly-owned subsidiary, TopPop. The subsidiary is a leader in the innovation of low-calorie, “ready-to-go” drinks as well as ready-to-drink products in flexible, sustainable, and stand-up pouch packaging. The company’s brands include “Bellissima” by Christie Brinkley, a premium better-for-you and better-for-the-planet collection, which is strategically positioned with zero sugar wines.
Iconic Brands Reports Record Financial Results for Full Year 2021
Iconic Beverages on June 16, 2022, came out with financial results for the complete year ending December 31, 2021. During the year, the firm’s total revenues were$4,960,016, an increase of $2,111,103 or 74%.
The firm finished a $40 million private placement as well. Iconic also utilized the proceeds for acquiring 100% of TopPop as well as expanding TopPop’s existing 30,000 square foot FDA-registered facility. Furthermore, it ramped up domestic and international growth of the Bellissima brand through brand awareness, social media, and digital marketing, hiring brand ambassadors as well as product influencers.
In July 2021, the firm completed the acquisition of TopPop, a premier product development as well as packaging company specializing in flexible packaging applications. This acquisition will present Iconic as a vertically integrated firm, expanding capacities to include the development, production as well as distribution of alcohol brands.
Chief Executive Officer Larry Romer said that the previous year was a historic one and it would pay dividends in the future. Romer added that the firm achieved myriad milestones during the year and has put forth a business plan for driving the company into the next phase of growth.
Romer further stated that TopPop expanded from manufacturing 8 million ice pops in 2020 to 42 million in 2021. The company is hoping this number to reach 150 million in 2022 with the new 65,000-square-foot manufacturing facility in Pennsauken, New Jersey.
Iconic stated that the revenue in 2021 increased 74% year-over-year, mainly coming from TopPop as well as the success of Bellissima Prosecco and Bellissima Sparkling Wines.
The company completed the closing of the final tranche of previously announced private placement financing. It plans to harness the extra cash for general working capital purposes as well as capital expenditures.
“2021 was a historic year for our Company and one that we believe will continue to pay dividends into the future,” said Iconic Chief Executive Officer Larry Romer. “We achieved many milestones during the year and have put in place a business plan that we expect to drive Iconic into its next phase of growth by building brands and working with some of the largest beverage brands in the world. Acquiring TopPop was a milestone that we believe has changed the trajectory of our business.
ICNB stock is trading above the 20-Day and 50-Day Moving averages of $0.29 and $0.30 respectively. However, the stock is trading below the 200-Day moving average of $0.46.