CirTran 10-Q Filings Shows 157% Growth in Sales and Gross Margins

Rhea-AI Summary

CirTran Corporation (OTC BB: CIRX) reported a strong performance in its Form 10-Q for the quarter ended June 30, 2021, highlighting a 37% increase in net sales to $700,656 compared to the same quarter in 2020. Gross profit rose by 32% to $438,245. For the six-month period, net sales surged 149% to $1,320,055, and gross profit soared 157% to $855,996. Despite pandemic challenges, CirTran continues to expand its growth plan, particularly in adult lifestyle products under the HUSTLER® brand.

Positive

• Net sales increased by 37% to $700,656 for Q2 2021 compared to Q2 2020.
• Gross profit rose by 32% to $438,245 for Q2 2021.
• For the first six months of 2021, net sales increased by 149% to $1,320,055.
• Gross profit for the first half of 2021 surged by 157% to $855,996.
• Successful execution of growth plans amid economic challenges, including expansion into various states.

Negative

• None.

CirTran Corporation (OTC BB: CIRX) announced today that its Form 10-Q Filing with the Securities and Exchange Commission for quarter ended June 30, 2021 showed what it called “significant growth” in sales and gross margins.

CirTran reported net sales of $700,656 for the quarter ended June 30, 2021, a 37 percent improvement as compared with $528,232 for the same period in 2020. In addition, for the quarter ended June 30, 2021, the company reported gross profit of $438,245 as compared with gross profit of $332,294 for the three months ended June 30, 2020, a gain of 32 percent.

CirTran’s growth was even more significant viewed over the six-month period ended June 30, 2021, It reported gross profit of $855,996 as compared with a $332,995 for the same period in fiscal 2020, an improvement of 157 percent. In addition, CirTran reported net sales for the six months ended June 30, 2021 of $1,320,055 as compared with $530,314 for the same period in fiscal 2020, a gain of 149 per cent.

Iehab J. Hawatmeh, founder and president of CirTran, said the company “continued to execute our growth plan, even in the face of the pandemic and very challenging economic times. Along with reorders from existing companies and markets,” he said. “CirTran made inroads in numerous areas, including Nevada, where it is now headquartered, as well as in California, Florida, Texas, Utah, Washington and Wisconsin.”

“In less than a year since returning to trading on the OTC,” he said. “CirTran has successfully enjoyed significant growth with our adult lifestyle and entertainment products licensed in our exclusive agreement with HUSTLER®, relocated our corporate offices to Las Vegas, and grown our lists of customers and markets.”

About CirTran Corporation

Founded in 1993, CirTran has evolved from its roots in electronics contract manufacturing to become a manufacturer and worldwide distributor of products for the adult lifestyle and entertainment marketplace.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210820005039/en/

FAQ

What were CirTran Corporation's net sales for Q2 2021?

CirTran Corporation reported net sales of $700,656 for the quarter ended June 30, 2021.

How much did CirTran's gross profit increase in Q2 2021?

CirTran's gross profit increased by 32% to $438,245 for the quarter ended June 30, 2021.

What is the percentage increase in CirTran's net sales for the first six months of 2021?

For the six-month period ended June 30, 2021, CirTran's net sales increased by 149%.

What were the total gross profits for CirTran in the first half of 2021?

CirTran reported gross profits of $855,996 for the six months ended June 30, 2021.

What challenges did CirTran face in achieving its growth?

CirTran faced challenges due to the pandemic and economic conditions but continued to execute its growth plan.