HIRU CORPORATION - FYE 2022 Financial Results

Rhea-AI Summary

Hiru Corporation reported a significant financial performance for the fiscal year ending December 31, 2022. For Q4 2022, the company generated gross revenues of $5,901,152, a 604% increase from Q4 2021's $876,544, with net income soaring 374% to $873,106. For the full year 2022, revenues reached $13,717,447 with net income of $4,463,211, exceeding projections of $12,500,000 by $1,217,447. The company's profit margin stands at a healthy 32.5%. Looking forward, Hiru expects to achieve revenue between $30,000,000 and $40,000,000 for 2023.

Positive

• Q4 2022 gross revenues of $5,901,152, up 604% YoY.
• Net income for Q4 2022 of $873,106, a 374% increase YoY.
• Total revenues for 2022 reached $13,717,447, surpassing $12,500,000 guidance.
• Profit margin reported at 32.5%.

Negative

• None.

PHOENIX, March 3, 2023 /PRNewswire/ -- Hiru Corporation would like to announce its financial performance for fiscal year end December 31, 2022.

For the three months ended December 31, 2022, the Company generated gross revenues of $5,901,152 USD with net income of $873,106 USD.  This is a 604% increase in top line revenue when compared to the three months ended December 31, 2021, of $876,544 USD. Additionally, the Company had a 374% increase in net income for the same period as compared to December 31, 2021, of $232,976 USD.

For the FYE of December 31, 2022, the Company generated gross revenues of $13,717,447 USD with net income of $4,463,211USD. This is over ten times the top line revenue made for FYE December 31, 2021, of $1,249,733. More importantly, the Company beat its projected fiscal year end 2022 top line revenue of $12,500,000 by $1,217,447 USD.

Ms. Kathryn Gavin (President and CEO of the Company), states…"Our business and client base has been growing exponentially in the 18 months of revenue generating operation. Each quarter has been better than the previous and we continue to hit all our projected top line revenue projections along the way. While top line revenue is very important, the real question is how we are operating our core business. If you look at our FYE 2022 numbers, our profit margin is a healthy 32.5%. In the end, that is the most important number for any business. We expect that moving forward during calendar year 2023, we will continue the trend of each quarter being better than the last and pulling a profit margin very close to what we attained this past fiscal year. We will move forward by continuing to expand our operational footprint and bringing on new co-packing clients like we have had in the past 18 months. But more importantly, our main goal is continuing to meet the expectations of our growing client base and our shareholders. The Company fully expects that we will be able to hit our projected top line revenue mark of between $30,000,000 USD and $40,000,00 USD by the end of FYE 2023."

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 OTC 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/.

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SOURCE Hiru Corporation

FAQ

What were Hiru Corporation's revenues for FY 2022?

Hiru Corporation reported gross revenues of $13,717,447 for the fiscal year ending December 31, 2022.

How much did Hiru Corporation exceed its revenue projection for FY 2022?

The company exceeded its revenue projection of $12,500,000 by $1,217,447 for FY 2022.

What is Hiru Corporation's profit margin for FY 2022?

Hiru Corporation reported a profit margin of 32.5% for the fiscal year 2022.

What is Hiru Corporation's revenue guidance for FY 2023?

Hiru Corporation expects to achieve top line revenue between $30,000,000 and $40,000,000 by the end of FY 2023.