Advanced Container Technologies Announces Significant Gains in Year-Over-Year Revenues

Rhea-AI Summary

Advanced Container Technologies, Inc (ACTX) reported remarkable year-over-year revenue growth of $1,782,000, a 209% increase from the previous period. The company's success is attributed to its innovative GrowPod product line, which serves as portable, automated indoor micro-farms. Recent revenues for the six-month period ending June 30, 2021, totaled $2,631,530, significantly up from $849,169 the year before. ACTX continues to focus on enhancing its balance sheet and managing expenses effectively, despite incurring $270,000 in non-cash stock compensation.

Positive

• Year-over-year revenue increased by $1,782,000, representing a 209% growth.
• Significant revenue growth attributed to the GrowPod product line.
• Six-month revenues as of June 30, 2021, reached $2,631,530, up from $849,169.
• Continued focus on improving the balance sheet and controlling expenses.

Negative

• Non-cash stock compensation expenses totaled $270,000.
• Non-cash depreciation and amortization amounted to $139,824.

CORONA, Calif., Sept. 28, 2021 /PRNewswire/ -- Advanced Container Technologies, Inc (Ticker: ACTX), announced its year-over-year revenues, which show an increase of $1,782,000 – representing a 209% increase over the prior period.

ACTX was formed to provide vertically integrated solutions for farm-to-table food products and farm-to-dispensary cannabis products. The company provides everything needed for success: from cultivation systems and fertilizers, to packaging and branding solutions, to distribution networks that place products directly into stores.

While most product lines showed strong growth, the GrowPod product line represented the most significant increase in revenues.

GrowPods are portable, automated indoor micro-farms that can be placed virtually anywhere. The controlled environment inside a GrowPod allows cultivation of a variety of herbs, mushrooms, leafy greens, and vegetables - without pesticides, herbicides or harmful chemicals.

Additionally, GrowPods are delivered with virtually everything needed; so individuals, companies, entrepreneurs, and non-profit organizations can have a clean farm up and running in just a matter of days.

ACTX also reported growth in its packaging line, which includes its unique and patented Medtainer system.

"We are very pleased with the results for the quarter and through the past twelve months," said Douglas Heldoorn, CEO of Advanced Container Technologies. "We continue to work on growing our business and expanding our customer base through a variety of channels, and remain very optimistic about the growth opportunities ahead."

6-month revenues at June 30, 2021 were $2,631,530, up from $849,169 from the prior period. This represents a 209% increase.

The company is also continuing to work on the health of its Balance Sheet and control expenses, to which $270,000 was expensed for non-cash stock compensation and $139,824 was for non-cash depreciation and amortization at June 30, 2021.

For information, contact:

Advanced Container Technologies
(951) 381-2555
www.advancedcontainertechnologies.com.

Forward-Looking Statements
This release includes predictions or information considered "forward-looking" within securities laws. These statements represent Company's current judgments but are subject to uncertainties that could cause results to differ. Readers are cautioned to not place undue reliance on these statements, which reflect management's opinions only as of the date of this release. The Company is not obligated to revise any statements in light of new information or events.

View original content:https://www.prnewswire.com/news-releases/advanced-container-technologies-announces-significant-gains-in-year-over-year-revenues-301386662.html

SOURCE Advanced Container Technologies, Inc.

FAQ

What were the revenue figures reported by ACTX on September 28, 2021?

ACTX reported revenues of $1,782,000, reflecting a 209% increase year-over-year.

How much revenue did ACTX generate for the six-month period ending June 30, 2021?

ACTX generated $2,631,530 in revenue for the six-month period, up from $849,169 in the prior year.

What is the significance of the GrowPod product line for ACTX?

The GrowPod product line contributed significantly to ACTX's revenue growth, offering portable, automated indoor farming solutions.

What expenses did ACTX incur related to stock compensation?

ACTX incurred $270,000 in non-cash stock compensation expenses.

What is the ticker symbol for Advanced Container Technologies?

The ticker symbol for Advanced Container Technologies is ACTX.