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MusclePharm Corporation (OTCMKTS: MSLP) reported a 14% sequential growth in net revenue for Q2 2021, reaching $14.9 million, despite facing significant protein price increases that impacted gross margins, which fell to 14.6%. Operating expenses were reduced by 15%, totaling a decrease of $0.7 million. The company posted a net loss of $2.3 million, worsening from a $0.3 million loss in the same period last year. Looking ahead, MusclePharm anticipates launching its MP Performance Energy drink this August, projecting $30 million in sales by 2023.
MusclePharm Corporation (MSLP) announced a distribution partnership with New Age, Inc. for its MP Performance Energy and FitMiss products in Colorado. The MP Performance Energy launch is scheduled for September 2021, followed by FitMiss in the fourth quarter of 2021. The collaboration is expected to strengthen MusclePharm's market presence, leveraging New Age's distribution capabilities in the region. CEO Ryan Drexler emphasized the potential of their brand, while New Age expressed excitement about adding MusclePharm's recognized products to its offerings.
MusclePharm Corporation (MSLP) will report its financial results for the second quarter ended June 30, 2021, after market close on August 16, 2021. A conference call to discuss the results is scheduled for the same day at 1:30 pm PT (4:30 pm ET). Investors can participate via phone or through a live webcast on the company's website. MusclePharm is a global leader in sports nutrition, offering a range of supplements, including the popular Combat Protein line. The company's products are available in over 100 countries.
MusclePharm Corporation (OTCMKTS: MSLP) has successfully resolved a significant tax matter with the IRS regarding adjustments to its 2014 Federal Income Tax Return. An audit initiated by the IRS in 2016 proposed approximately $7.3 million in back taxes and penalties linked to former executives' restricted stock grants. Following a formal protest from MusclePharm, an IRS Appeals Officer confirmed on June 29, 2021, that the tax matter exceeded the statute of limitations and is now closed, eliminating potential financial liabilities.
MusclePharm Corporation (OTCMKTS: MSLP) has appointed Moss Adams LLP as its independent auditor for the fiscal year ending December 31, 2021. This decision follows a thorough review of Moss Adams LLP's qualifications. CEO Ryan Drexler expressed optimism about the future, especially with the upcoming launch of MP Performance Energy this summer. However, the company acknowledges various risks, including potential declines in consumer spending and increased competition that could impact financial outcomes.
MusclePharm Corporation (OTCMKTS: MSLP) announced the closure of approximately $600,000 in pre-orders for its new energy drink line, MP Performance Energy, set to ship in summer 2021. CEO Ryan Drexler expressed optimism regarding the strong initial reactions and aims for $1 million in sales, with further charitable donations planned upon reaching this target. The press release also included forward-looking statements, highlighting potential risks such as changes in consumer preferences and increased competition affecting future sales and demand.
MusclePharm Corporation (OTCMKTS: MSLP) has secured $500,000 in initial orders for its new energy drink line, MP Performance Energy, set to ship in summer 2021. CEO Ryan Drexler expressed enthusiasm over the strong pre-order response and mentioned plans to donate 2,500 cases of the product to first responders. Additionally, a charitable fund will be established once sales reach $1 million. The announcement reflects the company's growth potential in the sports nutrition sector amidst a competitive market.
MusclePharm Corporation (OTCMKTS: MSLP) announced the appointment of Paul Karr as an independent Board Member and Audit Committee Chair. Karr brings extensive experience in financial reporting and internal controls from reputable companies such as American Express and General Electric. Chairman and CEO Ryan Drexler expressed confidence in Karr's expertise to strengthen company governance. Karr stated his commitment to ensuring strong controls to facilitate future growth.
MusclePharm Corporation (OTCMKTS: MSLP) announced the securing of distribution agreements with four new distributors: Nutrition Systems, Muscle & Strength, Muscle Foods USA, and DNA Sports Nutrition. These partnerships aim to enhance the reach of MP Energy products across various markets, including Australia, New Zealand, and the United States. The CEO expressed excitement over the favorable initial reactions to MP Energy, which is expected to roll out in summer 2021. This expansion marks a significant opportunity to increase brand presence and sales in the competitive sports nutrition sector.
MusclePharm Corporation (OTCMKTS: MSLP) reported its financial results for Q1 2021, revealing a net revenue of $13.1 million, down from $16.2 million year-over-year. Despite a 20% decline in operating expenses ($0.8 million), gross margins fell to 28.1% from 29.6%. The company achieved a net income of $94,000, contrasting with a loss of $60,000 in the previous year. Management expressed optimism about a turnaround strategy and the upcoming launch of new energy beverages, emphasizing a positive outlook for growth.
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