Welcome to our dedicated page for Envela Corporation news (Ticker: ELA), a resource for investors and traders seeking the latest updates and insights on Envela Corporation stock.
Envela Corporation (NYSE American: ELA) is a leading provider of re-commerce services in the United States, operating primarily through its two key segments: Consumer and Commercial. The company's diversified business activities focus on the purchase, sale, and recycling of luxury hard assets and electronics, aligning with the principles of the circular economy.
Within its Consumer Division, Envela buys and sells a broad array of jewelry and bullion products, including bridal and fashion jewelry, custom-made pieces, diamonds, gemstones, watches, and jewelry components. The company also deals in various forms of precious metals such as gold, silver, platinum, and palladium, offering items like government coins, private mint medallions, art bars, and trade unit bars. The division includes the recently acquired Steven Kretchmer, Inc., a renowned jewelry manufacturer, enhancing Envela's product offerings and market presence.
The Commercial Division provides specialized asset disposition services, including end-of-life electronics recycling, IT asset disposition, and solutions for corporations upgrading their IT infrastructure or moving to cloud services. This division caters to a diverse client base, including government agencies, middle-market firms, Fortune 500 companies, and other organizations.
Envela’s strong financial performance is reflected in its recent financial reports, showing steady revenue and strategic acquisitions that bolster its market position. For the third quarter of 2023, Envela reported a revenue of $36.3 million. The company’s strategic focus includes expanding its retail footprint, with plans to double its store count to 14 by the end of 2024, and introducing new concepts like Bijoux Exchange, which offers a premium buying experience for pre-owned luxury items within its stores.
Committed to sustainability, Envela emphasizes reusing, recycling, and reimagining products, contributing to environmental stewardship. The company’s efforts in extending product lifecycles not only support sustainability but also meet the growing consumer demand for environmentally responsible practices.
Envela Corporation (NYSE American: ELA) is set to report its Q2 2022 financial results on August 3, 2022, after market close. As a leader in the North American re-commerce sector, Envela focuses on extending the life of durable goods through its two main segments: DGSE, which handles luxury hard assets and precious metals, and ECHG, which commercializes consumer electronics and IT equipment. The company emphasizes its role in promoting a circular economy, benefiting both consumers and manufacturers.
Envela Corporation (NYSE American: ELA) announced its co-sponsorship of veteran Keith McGee's No. 43 truck for the Memorial Day weekend race at Charlotte Motor Speedway. After a primary sponsor withdrew unexpectedly, Envela stepped in to support McGee, the first disabled veteran to race in NASCAR. McGee expressed gratitude for Envela's contribution, highlighting its importance in representing veterans during the race. Envela continues to bolster its reputation as a leader in the re-commerce sector, operating through two business segments: DGSE and ECHG.
Envela Corporation (NYSE American: ELA) reported a strong first quarter of 2022, achieving a 32% year-over-year increase in net income to $2.65 million or $0.10 per share. Total revenue rose to $47.4 million, up from $25.5 million in Q1 2021. Revenue from the DGSE subsidiary accounted for 75.5% of total revenue, with significant growth in resale sales and gross profit. The ECHG subsidiary also showed improvement, contributing $11.6 million in revenue. The company remains optimistic, focusing on sustainable long-term value through continued investments.
DGSE, a subsidiary of Envela (ELA), has announced plans to accelerate its expansion following a record-setting first quarter. The company experienced significant growth in sales and profits, prompting it to increase the pace of new store openings. President Allison DeStefano highlighted the positive consumer response to recent store launches and emphasized the company's disciplined approach to expansion. While the growth plans are contingent on securing suitable locations and personnel, DGSE aims to enhance its presence in luxury goods and precious metals retail.
Envela Corporation (NYSE American: ELA) announced it will report its Q1 2022 financial results on May 11, 2022, after market close. As the North American leader in the re-commerce business, Envela facilitates the resale of specialty goods through its two main segments: DGSE and ECHG. DGSE operates B2C retail channels for luxury assets, while ECHG manages B2B re-commercialization and recycling of consumer electronics. The company emphasizes its role in the circular economy, benefiting both consumers and manufacturers by extending the life cycle of goods.
Envela Corporation (NYSE American: ELA) announced that its subsidiary, Echo Environmental Holdings, has signed an agreement to purchase property for a solar-recycling facility near Mesa, Arizona. This project aligns with Echo's mission to provide sustainable solutions for photovoltaic systems via refurbishing and recycling. While the purchase is pending customary due diligence and may close in Q3 2022, it aims to enhance service capacity for solar companies and reduce landfill waste. Echo collaborates with major industry players to recover valuable materials from solar components.
Envela Corporation (NYSE American: ELA) announced the addition of Thomas Mathias to the leadership team of its subsidiary, DGSE. With over 25 years in retail real estate, Mathias previously served as Managing Director at Cottonwood Financial, overseeing 350 locations. He expressed excitement about contributing to DGSE's growth within the sustainability market for preowned luxury goods. DGSE specializes in the re-commerce of luxury brands and diamonds, offering an extensive range of jewelry and precious metals to enhance customer experience.
Envela Corporation (NYSE American: ELA) reported a 24% increase in 2021 revenue to a record $140.9 million and achieved a net income exceeding $10 million. The fourth quarter saw a 53% revenue growth year-over-year, totaling $44.1 million. Notable profit growth included a 55% rise in net income, driven by strong performance across its DGSE and ECHG subsidiaries. With robust financial results and strategic expansions, including acquisitions and new store openings, Envela aims to sustain its momentum in the re-commerce sector.
Envela Corporation (NYSE American: ELA) will report its fourth quarter and fiscal year 2021 financial results on March 16, 2022, after market close. As a leader in the re-commerce sector, Envela focuses on extending the useful life of specialty goods and promoting a circular economy. Its operations span retail and online platforms, featuring luxury hard assets and consumer electronics. The company has experienced multiple years of growth, reflecting its strong market position. Investors are advised to consider the inherent risks highlighted in their periodic SEC filings.
Envela Corporation (NYSE American: ELA) announced the appointment of Richard D. Schepp, former Chief Administrative Officer of Kohl's, to its Board of Directors as an independent member. This addition aims to leverage Schepp's extensive experience in growing retail and e-commerce businesses. With over 20 years in various boardroom roles, he brings crucial skills in M&A, strategic planning, and customer experience enhancement. Schepp's past achievements include navigating digital transformation and optimizing store operations at Kohl's, projected to positively impact Envela's growth strategy.
FAQ
What is the current stock price of Envela Corporation (ELA)?
What is the market cap of Envela Corporation (ELA)?
What does Envela Corporation do?
What are the main products offered by Envela’s Consumer Division?
What services does Envela's Commercial Division provide?
What recent acquisitions has Envela made?
How does Envela contribute to sustainability?
What is Bijoux Exchange?
How did Envela perform financially in the third quarter of 2023?
What are Envela's plans for expansion?
Who are the typical clients of Envela's Commercial Division?
Where can I learn more about Envela Corporation?
