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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) reported a 71% increase in net income year-over-year, reaching $2.0 million for Q1 2021. Despite challenges from a Texas winter freeze, total revenue for the quarter was $25.5 million, slightly down from $25.8 million in Q1 2020. Revenue from its DGSE subsidiary fell to $18.9 million while ECHG saw growth, generating $6.6 million, an increase from $5.5 million a year earlier. Consolidated gross profit improved to $6.3 million, up from $5.3 million. Earnings per share increased to $0.07, compared to $0.04 in the previous year.
Envela Corporation (AMEX:ELA) has announced plans to report its financial results for the first quarter after market close on May 5, 2021. The Company operates in the recommerce sector, focusing on luxury hard assets and consumer electronics. Envela conducts business through its subsidiaries, including DGSE and ECHG, involved in recommercializing goods and providing recycling solutions. The release also includes a disclaimer regarding forward-looking statements and potential market risks.
Envela Corporation (NYSE: ELA) has appointed Gateway Group to enhance its investor relations initiatives. This partnership aims to refine corporate messaging, strategic advisory, and outreach to institutional investors and analysts. Envela reported a record revenue of $113.9 million in 2020, a 39% increase, and a net income surge of 170% to $6.4 million. The company’s growth is driven by demand for precious metal products and electronics recycling, particularly through its ECHG subsidiary. CEO John Loftus emphasized the alignment with ESG trends to attract more investors.
Envela Corporation (ELA) reported a remarkable 39% revenue growth for 2020, totaling $113.9 million, alongside a net income of $6.4 million or $0.24 per diluted share. The fourth quarter revenue rose 29% to $28.7 million, with strong performance from its subsidiaries, DGSE and ECHG. DGSE's resale revenue surged 40% year-over-year. The company enhanced its retail presence and was added to the Russell 2000 Index, showcasing its market position. Management aims to continue disciplined investments while improving profitability in 2021.
Envela Corporation (NYSE American: ELA) announced its plan to report financial results for the fourth quarter and fiscal year 2020 on March 23, 2021, before market opening. The Company operates in the recommerce sector, focusing on luxury hard assets, consumer electronics, and IT equipment, alongside recycling solutions. Envela utilizes its brands like Dallas Gold and Silver Exchange to recommercialize assets, while also providing end-of-life recycling services through Echo Environmental Holdings. Detailed financial performance will be of interest to investors.
Envela Corporation (NYSE American: ELA) announced that Argus Research raised its fair value estimate for the company from $7 to $8 per share, highlighting Envela's strong positioning for growth. Analyst Steve Silver emphasized Envela's potential in the recommerce sector, which includes luxury hard assets and IT equipment. Envela operates through DGSE and ECHG, focusing on reselling and recycling electronic and luxury goods. The press release also includes a forward-looking statement warning of inherent risks and uncertainties that could affect actual results.
Envela Corporation (NYSE American: ELA) has announced the opening of its new Dallas Gold & Silver Exchange retail location in Grapevine, Texas, moving from its previous site in Southlake. This strategic relocation is aimed at enhancing customer experience with more showroom space and improved parking. The company plans to focus on brick-and-mortar expansion and aims to open additional locations within the next two years while providing innovative consumer experiences.
Envela Corporation (NYSE American: ELA) is set to present at the virtual Fall Investor Summit from November 16 to 18. The event will feature 75 companies and over 300 institutional and retail investors, focusing on smallcap and microcap companies. Envela operates in the recommerce sector, specializing in luxury hard assets, consumer electronics, and recycling solutions. Established in 1965, its segments include retail, e-commerce, and IT asset disposition.
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