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Vinco Ventures (NASDAQ:BBIG) reported Q1 2022 results with a 349.7% revenue increase to $11.5 million, driven by the AdRizer acquisition. However, net loss widened to $372.9 million or ($3.05) per share, primarily due to $352.9 million in net expenses, mostly from warrant liabilities. Cash reserves stand at $210.8 million. Selling, general, and administrative expenses rose to $26.8 million compared to $11.7 million in the previous year, largely due to legal fees linked to the acquisition. The company aims for growth around its Lomotif app and has announced a spin-off of Cryptyde, with a record date of May 18, 2022.
Vinco Ventures, Inc. (NASDAQ: BBIG) will release its financial results for the first quarter ending March 31, 2022, on May 23, 2022, after market close. A conference call for analysts and investors is scheduled for the same day at 4:30 p.m. ET to discuss the financial results. Participants can join the call via toll-free and international numbers. A recorded version will be accessible afterward on the company’s investor portal.
Vinco Ventures (NASDAQ: BBIG) announced that May 18, 2022, will be the record date for its dividend distribution of Cryptyde, Inc. shares to Vinco stockholders. Each stockholder will receive one share of Cryptyde for every 10 shares of Vinco held, with the dividend distribution expected on or about May 27, 2022. The separation aims to establish Cryptyde as a distinct publicly traded entity, trading under the ticker symbol 'TYDE.' A Registration Statement on Form 10 has been filed to facilitate this spin-off, which awaits effectiveness from the SEC.
Vinco Ventures (NASDAQ: BBIG) reported its financial results for 2021, highlighting a market cap increase from $20 million to over $507 million. The acquisition of an 80% stake in Lomotif boosted stockholders' equity to $134 million. Revenue from continuing operations fell 18.5% to $9.8 million, primarily due to a decrease in PPE sales. SG&A expenses surged to $78.9 million, driven by stock-based compensation and legal fees. The net loss widened to $713.2 million, or ($11.24) per share, reflecting significant warrant liability expenses. Cash reserves were $187.6 million at year-end.
Vinco Ventures, Inc. (NASDAQ:BBIG) will announce its financial results for Q4 and the full year ended December 31, 2021, on April 15, 2022. A conference call will take place on April 18, 2022, at 8:30 a.m. ET to discuss these results. Interested parties can join the call via U.S. and international numbers provided. An audio archive will be available until April 25, 2022, with a recorded webcast accessible afterward at the company’s investor relations website. Vinco Ventures focuses on digital media and content technologies, aiming for substantial growth through strategic acquisitions.
Vinco Ventures, Inc. (BBIG) will announce its fourth quarter and full year financial results for 2021 on April 15, 2022, after market close. A conference call is scheduled for April 18, 2022, at 8:30 a.m. ET to discuss the results. The call will be accessible via a toll-free number for U.S. participants and an international line. A recorded audio archive will be available until April 25, 2022. Vinco focuses on digital media and content technologies, pursuing growth through its B.I.G. (Buy. Innovate. Grow.) strategy.
Vinco Ventures (Nasdaq: BBIG) and ZASH Global Media's ZVV Media Partners have announced Lomotif's LoMoTV will live stream the Okeechobee Music and Arts Festival from March 3-6 in Florida. The festival will feature major artists such as Tame Impala and Megan Thee Stallion, with significant audience engagement anticipated through platforms like TikTok and YouTube. This follows successful streaming events like Shaq's Fun House. Lomotif will also host a Tesla Model S giveaway during the festival, broadening its promotional reach and user engagement.
Vinco Ventures (Nasdaq: BBIG) has completed the acquisition of AdRizer for $38 million in cash and up to 10 million shares of common stock. This strategic move will enhance Vinco's capabilities in digital advertising through AdRizer's technology platform, Cortex, which automates ad analytics and media buying. Ken Bond remains CEO of the newly acquired subsidiary. The integration aims to monetize Lomotif’s content creation through digital advertising, leveraging synergies with Vinco's Honey Badger subsidiary to optimize campaigns.
On February 10, 2022, Vinco Ventures (NASDAQ: BBIG) and ZASH Global Media announced their Joint Venture, ZVV Media Partners, partnered with Shaquille O'Neal for "Shaq's Fun House" during Big Game Weekend. The event, set for February 11 in Los Angeles, will feature performances from top artists like Lil Wayne and Zedd, and will be streamed live on multiple platforms including YouTube, TikTok, and Instagram. Lomotif aims to leverage its successful streaming strategy, previously achieving hundreds of millions of views at the 2021 Electronic Daisy Carnival.
Cryptyde, Inc., a subsidiary of Vinco Ventures (Nasdaq: BBIG), announced a financing commitment of $42 million through a combination of debt and common equity. The financing includes $33.3 million in secured convertible senior notes and the sale of 1,500,000 shares of common stock at $8.00 per share. The proceeds will support Cryptyde's growth strategy post-spin-off. Closing is dependent on Nasdaq listing approval and completion of the spin-off. The company aims to enhance its blockchain position and shareholder value.
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