HIRU CORPORATION - 3rd Quarter 2022, Financial Results

Rhea-AI Summary

Hiru Corporation (OTC Markets: HIRU) reported robust financial results for the 3rd quarter of 2022, achieving gross revenues of $3,128,424 USD and net income of $1,251,370 USD, marking an 11.1% increase in revenue compared to the 2nd quarter. For the first nine months, total revenues reached $7,816,295 USD with a 45.91% profit margin. The company forecasts gross revenues of $40,000,000 USD for 2023. Additionally, a PCAOB qualified auditor will be engaged to prepare audited financial statements for the fiscal year ending December 31, 2022.

Positive

• Gross revenues increased by 11.1% compared to the previous quarter.
• Net income for the 3rd quarter was $1,251,370 USD.
• Projected revenues of $40,000,000 USD for calendar year 2023.
• Strong profit margin of 45.91% for the first nine months of 2022.

Negative

• None.

PHOENIX, Nov. 11, 2022 /PRNewswire/ -- Hiru Corporation (OTC Markets: HIRU), a Georgia corporation, would like to announce its financial performance for 3^rd quarter ended, September 30, 2022.

For the 3^rd quarter ended September 30, 2022, the Company generated gross revenues of $3,128,424 USD with net income of $1,251,370 USD.  This is a 11.1% increase in top line revenue when compared to the financial results of 2^nd quarter ended, June 30, 2022. Additionally, the Company has generated top line revenue of $7,816,295 USD for the first nine months of fiscal year 2022 with net income of $3,589,105, a 45.91% profit margin. The Company expects to break $12,500,000 USD in gross revenues at fiscal year ended December 31, 2022.

Ms. Kathryn Gavin (President and CEO of the Company), states…" As stated in previous press releases, we expect to continue this type of top line revenue and net income for the foreseeable future. This is especially the case now that we are operating from a manufacturing footprint of two fully functionally locations in the State of Arizona and the State of California.  We expect top line revenue to hit $40,000,000 USD in calendar year 2023 with a net profit margin of between 30% to 40%. Our current client's invoices are expanding in both number and size when received.  We are also attracting all new clients due to our manufacturing footprint now in two states which allows us to attract clients we would have never reached before when we only operated out of the State of Arizona."

The Company will be engaging a PCAOB qualified auditor during the fourth quarter of 2022 with the intent of having audited financial statements prepared for fiscal year end December 31, 2022.  Once completed, the Company plans on filing a Form 10 Registration Statement to become a fully reporting 12(g) issuer under the Securities Exchange Act of 1934, as amended.

Disclaimer Regarding Forward Looking Statements 

Certain statements that we make may constitute "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information concerning future strategic objectives, business prospects, anticipated savings, financial results (including expenses, earnings, liquidity, cash flow and capital expenditures), industry or market conditions, demand for and pricing of our products, acquisitions and divestitures, anticipated results of litigation and regulatory developments or general economic conditions.  In addition, words such as "believes," "expects," "anticipates," "intends," "plans," "estimates," "projects," "forecasts," and future or conditional verbs such as "will," "may," "could," "should," and "would," as well as any other statement that necessarily depends on future events, are intended to identify forward-looking statements. Forward-looking statements are not guarantees, and they involve risks, uncertainties and assumptions.  Although we make such statements based on assumptions that we believe to be reasonable, there can be no assurance that actual results will not differ materially from those expressed in the forward-looking statements.  We caution investors not to rely unduly on any forward-looking statements.

ABOUT US

Hiru Corp. is a Georgia corporation, is a public quoted Pink Sheet issuer under the ticker symbol "HIRU" (the "Company"). The Company reports as an alternative reporting issuer with OTC Markets Group, Inc. and is current in its mandatory required filings (e.g., Pink Sheet Current). Currently, the Company has one wholly owned, operational subsidiary, AZ Custom Bottled Water, Inc., a Nevada corporation ("AZ Water"), which owns and operates a commercial water bottling and labeling facility based in Phoenix, Arizona. AZ Water operates a B2C website at https://azcustombottledwater.com/.

5524 N 51^st Ave 
Glendale, Arizona 85301 
Web Site: www.waterandiceshop.com 
Twitter: https://twitter.com/hirucorp

 

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SOURCE Hiru Corporation

FAQ

What were Hiru Corporation's earnings for Q3 2022?

Hiru Corporation reported gross revenues of $3,128,424 USD and a net income of $1,251,370 USD for the 3rd quarter of 2022.

What is Hiru Corporation's revenue forecast for 2023?

Hiru Corporation expects to reach gross revenues of $40,000,000 USD in calendar year 2023.

What was Hiru Corporation's profit margin for the first nine months of 2022?

The profit margin for Hiru Corporation for the first nine months of fiscal year 2022 was 45.91%.

What actions is Hiru Corporation taking regarding financial auditing?

Hiru Corporation plans to engage a PCAOB qualified auditor for the fourth quarter of 2022 to prepare audited financial statements.