Although Iconic Brands Inc (OTCMKTS:ICNB) delivered strong numbers in the second fiscal quarter that ended on June 30, 2022, it did not lead to any boost for the stock as it ended the day with a decline of as much as 11%.
Trading Data
On Tuesday, ICNB stock slid 10.81% to $0.6335 with 94K shares, compared to a volume of 48K shares. The stock moved within a range of $0.3300 – 0.3700 after opening trade at $0.35.
Iconic Brands Announces Record Revenue for Second Quarter 2022
However, such a fall can also be an opportunity for enterprising investors and it may be a good idea to take a closer look at the results. In the second fiscal quarter, the company managed to bring in revenues of $6654221, and that reflected a whopping year-on-year rise of as much as 1038%.
In the same quarter, Iconic Brands managed to generate gross profits to the tune of as much as $1,733,547 and that worked out to a year-on-year rise of 567%. On the other hand, at the end of the quarter, the company had a cash balance of $4,697,929 and that reflected a significant improvement from the cash balance of $2,190,814 at the end of the quarter ended on December 31, 2021.
The management noted that the year 2022 has got off to a strong start, with the company smashing records in both the first as well as the second quarter. It remains to be seen if the stock can bounce back any time soon.
Key Quote
“2022 is off to a strong start with record-breaking first and second quarters. Revenue is up 1,038% year-over-year, and we surpassed our full-year 2021 revenue of $4.9 million by producing $6.6 million in the second quarter of 2022. For the six months ended June 30, 2022, revenue was $10.7 million, compared to $1.2 million in the same period last year. Demand for our popular RTF, RTD ice pops, pouches, and Bellissima products remains high. Our Bellissima Zero brand, a new line of zero-sugar still wines that are certified vegan and made with organic grapes, which we launched in the first quarter of 2022, is showing progress and adheres to our ‘better-for-you’ and ‘better-for-the-planet’ approach. Our core TopPop products are performing well, which is reflected in our sales. We believe that the completion of our new Pennsauken facility, which is now running at full production, will allow us to focus on opportunities for new customers and to continue supporting our existing customers. Our cash balance is solid, and we will continue to capitalize on our momentum,” commented Tom Martin, interim Chief Executive Officer of Iconic.
Technical Data
ICNB stock is trading below the 20-Day and 50-Day Moving averages of $0.37 and $0.36 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.43. The company has a total market capitalization of $35 million. The stock is down 13% over the past month.
