IGNITE Files Q3 2021 Financial Statements
VAUGHAN, Ontario--(BUSINESS WIRE)-- IGNITE International Brands, Ltd. (CSE:BILZ, OTCQX: BILZF) (“IGNITE” or the “Company”), a global consumer packaged goods company, today announced the filing of its financial statements and management discussion and analysis (“MD&A”) for Q3 2021, which can be viewed under the Company’s profile at www.sedar.com.
Dan Bilzerian, IGNITE’s CEO, stated, “We are pleased to announce that once again IGNITE had a quarter of record-breaking sales in Q3. Consumer demand for our products continues to grow as we execute on our plans to expand our brand around the world. Based on current sales, I am confident Q4 sales will exceed all three prior quarters combined.”
“We are two-thirds of the way through the fourth quarter and it is clear fourth quarter sales will be substantially higher than third quarter, setting yet another record for quarterly sales” stated John Schaefer, IGNITE’s President and Chief Operating Officer.
Q3 2021 Highlights
- Revenue for Q3 2021 of $14.0MM was a significant milestone making it the strongest performing quarter in the Company’s history surpassing sales revenue achieved in Q2 2021 by $2.0MM. Revenue for Q3 2021 was $12.6MM higher than Q3 2020, and $11.0MM higher than Q3 2019.
- Gross profit for Q3 2021 was $3.0MM, an increase of $2.5MM or 504% from $0.5MM in Q2 2020 and an increase of $2.2MM or 263% from $0.8MM in Q3 2019.
- Net loss for Q3 2021 was $1.6MM, an improvement of $4.2MM or 72%, compared to a net loss of $5.8MM in Q3 2020.
- EBITDA of -$0.7MM and Adjusted EBITDA of -$0.2MM was a significant improvement from -$4.6MM EBITDA and -$2.9MM Adjusted EBITDA in Q3 2020.
- Working Capital for Q3 2021 of $24.6MM was up $11.1MM compared to $13.5MM at Q4 2020
IGNITE is a global consumer premium brand, operating in several market segments. IGNITE product categories include CBD products, nicotine and synthetic nicotine vape products, premium performance drinks named ZRO, men’s and women’s apparel, and spirits featuring tequila and a premium vodka.
Shares of IGNITE are listed on the Canadian Securities Exchange (CSE) under the symbol “BILZ” and quoted in the United States on the OTCQX under the symbol “BILZF”.
Further information on IGNITE can be found on the Company’s website at www.ignite.co.
CAUTIONARY STATEMENT REGARDING FORWARD‐LOOKING INFORMATION
This news release includes certain “forward‐looking statements” under applicable Canadian securities legislation, including expectations about Q4 results. Forward‐looking statements are necessarily based upon several estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward‐looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; the effects and impacts of the coronavirus disease (COVID‐19) pandemic, the extent and duration of which are uncertain at this time on IGNITE’s business and general economic and business conditions and markets; the ability of IGNITE to give effect to its business plan. There can be no assurance that any of the forward‐looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward‐looking statements. The Company disclaims any intention or obligation to update or revise any forward‐looking statements, whether because of new information, future events or otherwise, except as required by law.
CAUTION REGARDING NON-IFRS FINANCIAL MEASURES
This press release refers to “EBITDA” and “Adjusted EBITDA” which are non-IFRS financial measures that do not have a standardized meaning prescribed by IFRS. The Company’s presentation of these financial measures may not be comparable to similarly titled measures used by other companies. These financial measures are intended to provide additional information to investors concerning the Company’s estimated results. EBITDA is defined as earnings before interest, tax, depreciation and amortization, and is a measure of a company’s operating performance. Essentially, it’s a way to evaluate a company’s performance without having to factor in financing decisions, accounting decisions or tax environments. Adjusted EBITDA adjusts EBITDA for non-cash expenses such as share-based compensation, exchange gain/loss, bad debt and other items that are not in the normal course of business.
Management uses these non-IFRS measures as a key metrics in the evaluation of the Company’s performance and the consolidated financial results. The Company believes EBITDA and Adjusted EBITDA are useful to investors in their assessment of the operating performance and the valuation of the Company. However, non-IFRS financial measures are not prepared in accordance with IFRS, and the information is not necessarily comparable to other companies and should be considered as a supplement to, not a substitute for, or superior to, the corresponding measures calculated in accordance with IFRS. For a reconciliation of EBITDA and Adjusted EBITDA to an IFRS measure, please see the Company’s MD&A available under the Company’s profile at www.sedar.com.
Paul A. Holden, General Counsel
Source: IGNITE International Brands, Ltd.