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Vinco Ventures (NASDAQ:BBIG) announced Q3 2021 results, highlighting a revenue drop of 11.5% to $2.23 million and a net loss of $542.5 million (or $(7.59) per share). The company completed an 80% acquisition of Lomotif, expanding its reach into the U.S. and India. The gross profit margin decreased to 31.4% from 40.3% in Q3 2020, attributed to lower sales in personal protective equipment. Significant cash reserves totaled $149.9 million at quarter-end. The spin-off of its blockchain segment, Cryptyde, is expected in early 2022.
Vinco Ventures, Inc. (NASDAQ: BBIG) will release its third quarter financial results for the period ending September 30, 2021, after the market close on November 22, 2021. A conference call is scheduled for November 23, 2021, at 8:30 a.m. ET to discuss the results. Investors can access the call via phone or webcast, with playback options available afterward. The company focuses on digital media and content technologies, pursuing acquisition opportunities that align with its B.I.G. strategy.
Lomotif, a video-sharing social media platform, partnered with EDC Las Vegas for its largest U.S. engagement effort to date. The collaboration, featuring stars like Lil Nas X and The Kid Laroi, achieved remarkable metrics, including over 600 million followers reached and 51 million views on TikTok. Lomotif aims to launch its U.S. platform in 2022 and has announced plans to acquire AdRizer, enhancing its advertising strategy. The platform also unveiled LoMo TV, a network providing original content. With over 225 million installations globally, Lomotif is pushing towards substantial growth in the U.S. market.
Vinco Ventures, Inc. (NASDAQ: BBIG) announced the filing of a Form 10 registration statement with the SEC for the spin-off of its subsidiary, Cryptyde, Inc., which will trade under the ticker TYDE. Each shareholder will receive 1 share of Cryptyde for every 10 shares of Vinco owned. The distribution is expected to be tax-free, with approximately 19 million shares of Cryptyde anticipated to be outstanding. This move aims to enhance operational focus and shareholder value for both companies. The spin-off is subject to standard regulatory conditions.
Vinco Ventures (BBIG) has announced the launch of a new joint venture, CW Machines LLC, in partnership with Wattum Management. This venture aims to simplify consumer access to Bitcoin (BTC) mining equipment using smart contract technology. The initial operations include an order of 2,000 Bitmain Antminer S19s to provide affordable turnkey mining solutions. CEO Brian McFadden emphasized the goal of enabling average consumers to participate in crypto mining, making it more accessible amid the growing mainstream acceptance of crypto assets.
Lomotif, a rising video-sharing platform, debuted its new entertainment network, LoMo TV, at the 2021 Electronic Daisy Carnival (EDC) in Las Vegas. Featuring surprise performances by Lil Nas X and The Kid Laroi, LoMo TV aims to revolutionize entertainment by providing exclusive backstage content and interviews. Lomotif is now an official streaming partner for EDC, joining platforms like YouTube and TikTok. With over 225 million app installations globally, Lomotif leverages ZASH Global Media's ecosystem to empower independent artists and drive engagement in the creator economy.
On October 20, 2021, Vinco Ventures (BBIG) announced a significant rebranding to ZASH, which will oversee all affiliated companies. Key leadership changes include Christopher Ferguson as a senior advisor and Lisa King as the new CEO. This transition aims to maximize shareholder value, especially with the upcoming tax-free spin-off of Cryptyde. The merger also enhances ZASH's portfolio by integrating Lomotif, a competitor to TikTok, supporting further growth through synergies within the media and entertainment sector.
ZASH Global Media and Lomotif have launched LoMo Records, an independent immersive record label based in Los Angeles. This initiative aims to empower independent artists by providing expert label services and global distribution. LoMo Records will utilize Lomotif's platform, allowing artists to access millions of users and innovative remixing tools. The label, led by Eli Frank, aims to bridge traditional music standards with the creator economy, offering artists unique revenue streams. ZASH's successful Dandelion Music Festival earlier this month showcased this vision, reaching thousands in-person and millions online.
Vinco Ventures (NASDAQ: BBIG) and ZASH Global Media have signed a binding letter of intent to acquire AdRizer for $108 million. The deal consists of $25 million in cash and the remainder in equity, featuring a two-year lock-up. AdRizer, with a projected $62+ million revenue for the year, offers a leading ad-tech platform servicing major companies. This acquisition aims to enhance Lomotif's ad revenues and market positioning, allowing advertisers more capabilities across the platform.
Vinco Ventures, Inc. (NASDAQ: BBIG) has filed an S-1 Registration Statement for the registration of existing shares, as disclosed in its Proxy dated September 15, 2021. CEO Christopher Ferguson stated this action aligns with the company's strategy to use existing warrants to raise capital without additional share issuances. Vinco Ventures aims to leverage opportunities in digital media and content technologies through its B.I.G. Strategy: Buy. Innovate. Grow. The firm focuses on scaling its acquisitions effectively.
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