Nature's Miracle Announces Record Efinity Grow Light Sales Order of $2.4 Million

Rhea-AI Summary

Nature's Miracle Holdings Inc. (NASDAQ: NMHI) has secured a record $2.4 million purchase order for Efinity LED grow lights from a leading California-based indoor grower. This landmark order, set for delivery in late November 2024, will significantly boost the company's Q4 2024 revenue. The deal not only marks the largest single order in Nature's Miracle's history but also reinforces Efinity's position as a leader in the indoor grow light industry.

CEO James Li emphasized that this order demonstrates the quality of Nature's Miracle's products and their commitment to customer service. Notably, the $2.4 million order represents a substantial increase compared to the company's Q1 2024 revenue of $2.2 million, indicating strong growth potential for Nature's Miracle in the vertical farming technology sector.

Positive

• Secured a record $2.4 million purchase order for Efinity LED grow lights
• Order will significantly increase Q4 2024 revenue
• Demonstrates strong product demand and market position in the indoor grow light industry
• Indicates potential for substantial revenue growth compared to Q1 2024

Negative

• None.

Financial Analyst

The $2.4 million sales order for Efinity grow lights will significantly impact Nature's Miracle's financial performance for the fourth quarter of 2024. To put this into perspective, the company's first-quarter revenue was $2.2 million. This new order alone surpasses their entire Q1 revenue, indicating a substantial boost. Investors should note that this growth reflects strong demand for their products, which could lead to increased market share. Additionally, if this relationship with the California grower continues and expands, it could result in more consistent revenue streams.

However, while this news is promising, it's also important to consider the company's ability to deliver on such a large order. Delays or quality issues could impact their reputation and financial performance. Overall, the news is a positive signal of demand but comes with execution risks that investors should monitor.

Market Research Analyst

This substantial order from one of California's largest indoor growers underscores the growing importance and acceptance of LED technology in the vertical farming industry. The $2.4 million purchase indicates a strong endorsement of the Efinity brand, likely due to its efficiency and efficacy in indoor farming. This trend aligns with increasing consumer demand for sustainable and locally grown produce, which vertical farming aims to address.

The market for grow lights is competitive and this order positions Nature's Miracle as a key player. It could drive brand recognition and attract additional customers, further solidifying their market position. Investors should watch for similar follow-up orders or partnerships, as they could signify a sustained competitive edge in the industry.

Tech Expert

The Efinity grow lights likely offer technological advantages that appeal to large-scale indoor growers. These advantages could include higher energy efficiency, better light spectrum control and lower heat emissions compared to traditional lighting. Such features are important for maximizing plant growth and reducing operational costs in indoor farming setups.

This order suggests that Nature's Miracle's technology is not only competitive but also preferred by leading growers. For investors, this could imply potential for future innovations and further technological advancements that could maintain or even enhance their market position. Keeping an eye on any technological updates or new product launches will be important for gauging the company's long-term growth prospects.

ONTARIO, Calif., July 24, 2024 /PRNewswire/ -- Nature's Miracle Holdings Inc. (NASDAQ: NMHI) ("Nature's Miracle" or the "Company"), a leader in vertical farming technology and infrastructure, today announced that it has received a $2.4 million purchase order of Efinity LED grow lights from a top indoor grower based in  California. The payment for the order will begin by October 1, 2024 with a delivery date in late November 2024.  

Nature's Miracle is thrilled to add one of the largest growers in California as its primary customer. This order is a testament to the efforts of the Nature's Miracle team to garner relationships that form an industry network that fuel the Company's revenue growth objectives. This order further solidifies Efinity's leading position in the indoor grow light industry. The $2.4 million sales order will increase the Company's fourth quarter 2024 revenue by the same amount.  

Management Comments

James Li, Chairman and Chief Executive Officer of Nature's Miracle, commented, "Today, we've announced the largest single order of Efinity's grow light in the history of Nature's Miracle, demonstrating the depth and quality of Nature's Miracle's products and focus on best in class service to its customer base in the indoor growing industry. The $2.4 million sales order, which will be recorded in the fourth quarter of 2024, reflects a significant increase in revenue growth multiple from the Company's first quarter 2024 recorded quarterly revenue totaling $2.2 million. We appreciate our customer's interest and confidence in our Efinity product and adjacent services."

About Nature's Miracle Holdings Inc.

Nature's Miracle (www.Nature-Miracle.com) is a growing agriculture technology company providing equipment and services to growers in the Controlled Environment Agriculture ("CEA") industry which also include vertical farming in North America. Nature's Miracle offers hardware to design, build and operate various indoor growing settings including greenhouse and indoor-growing spaces. Nature's Miracle, through its two wholly-owned subsidiaries (Visiontech Group, Inc. and Hydroman, Inc.), provides grow lights as well as other hydroponic products to hundreds of indoor growers in North America. Nature's Miracle has also developed a robust pipeline to build commercial-scale greenhouse in the U.S. and Canada to meet the growing needs of fresh and local vegetable products. Nature's Miracle has established its first manufacturing footprint in North America with its grow-light assembly plant in Manitoba, Canada and is expected to set up additional manufacturing/assembly facilities in North America.  

Forward-looking Statements

Except for historical information contained herein, this press release contains certain "forward-looking statements" within the meaning of the federal U.S. securities laws with respect to the proposed business combination between Lakeshore and Nature's Miracle, the benefits of the transaction, the amount of cash the transaction will provide Nature's Miracle, the anticipated timing of the transaction, the services and markets of Nature's Miracle, our expectations regarding future growth, results of operations, performance, future capital and other expenditures, competitive advantages, business prospects and opportunities, future plans and intentions, results, level of activities, performance, goals or achievements or other future events. These forward-looking statements generally are identified by words such as "anticipate," "believe," "expect," "may," "could," "will," "potential," "intend," "estimate," "should," "plan," "predict," or the negative or other variations of such statements, reflect our management's current beliefs and assumptions and are based on the information currently available to our management. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual results or developments to differ materially from those expressed or implied by such forward-looking statements, including but not limited to: (i) the risk that the transaction may not be completed in a timely manner or at all, which may adversely affect the price of Lakeshore's securities; (ii) the risk that the transaction may not be completed by Lakeshore's business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by Lakeshore; (iii) the failure to satisfy the conditions to the consummation of the transaction, including the approval of the business combination agreement by the stockholders of Lakeshore, the satisfaction of the minimum cash amount following any redemptions by Lakeshore's public stockholders and the receipt of certain governmental and regulatory approvals; (iv) the lack of a third-party valuation in determining whether or not to pursue the proposed transaction; (v) the occurrence of any event, change or other circumstance that could give rise to the termination of the business combination agreement; (vi) the effect of the announcement or pendency of the transaction on Nature's Miracle's business relationships, operating results and business generally; (vii) risks that the proposed transaction disrupts current plans and operations of Nature's Miracle; (viii) the outcome of any legal proceedings that may be instituted against Nature's Miracle or Lakeshore related to the business combination agreement or the proposed transaction; (ix) the ability to maintain the listing of Lakeshore's securities on a national securities exchange; (x) changes in the competitive industries in which Nature's Miracle operates, variations in operating performance across competitors, changes in laws and regulations affecting Nature's Miracle's business and changes in the combined capital structure; (xi) the ability to implement business plans, forecasts and other expectations after the completion of the proposed transaction, and identify and realize additional opportunities; (xii) the risk of downturns in the market and Nature's Miracle's industry including, but not limited to, as a result of the COVID-19 pandemic; (xiii) costs related to the transaction and the failure to realize anticipated benefits of the transaction or to realize estimated pro forma results and underlying assumptions, including with respect to estimated stockholder redemptions; (xiv) risks and uncertainties related to Nature's Miracle's business, including, but not limited to risks relating to the uncertainty of the projected financial information with respect to Nature's Miracle; risks related to Nature's Miracle's limited operating history, the roll-out of Nature's Miracle's business and the timing of expected business milestones; Nature's Miracle's ability to implement its business plan and scale its business; Nature's Miracle's ability to develop products and technologies that are more effective or commercially attractive than competitors' products;; risks relating to Nature's Miracle's being unable to renew the leases of their facilities and warehouses; Nature's Miracle's ability to grow the size of its organization and management in response of the increase of sales and marketing infrastructure; risks relating to potential tariffs or a global trade war that could increase the cost of Nature's Miracle's products; risks relating to product liability lawsuits that could be brought against Nature's Miracle;; Nature's Miracle's ability to formulate, implement and modify as necessary effective sales, marketing, and strategic initiatives to drive revenue growth; Nature's Miracle's ability to expand internationally; acceptance by the marketplace of the products and services that Nature's Miracle markets; and government regulations and Nature's Miracle's ability to obtain applicable regulatory approvals and comply with government regulations. The foregoing list of factors is not exclusive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the "Risk Factors" section of proxy statement, when available, and other documents filed by Lakeshore from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date on which they are made, and neither Nature's Miracle nor Lakeshore assume any obligation to update or revise any forward-looking statements or other information contained herein, whether as a result of new information, future events or otherwise. You are cautioned not to put undue reliance on these forward-looking statements. Neither Lakeshore nor Nature's Miracle gives any assurance that either Lakeshore or Nature's Miracle, or the combined company, will achieve its expectations.

Contacts
George Yutuc
Chief Financial Officer
George.Yutuc@nature-miracle.com

MZ North America
Shannon Devine / Rory Rumore
Main: 203-741-8811
NMHI@mzgroup.us

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SOURCE Nature's Miracle Holding Inc.

FAQ

What is the value of Nature's Miracle's (NMHI) recent Efinity grow light order?

Nature's Miracle (NMHI) received a $2.4 million purchase order for Efinity LED grow lights from a top California-based indoor grower.

When will Nature's Miracle (NMHI) deliver the $2.4 million Efinity grow light order?

The $2.4 million Efinity LED grow light order is scheduled for delivery in late November 2024.

How will the $2.4 million order affect Nature's Miracle's (NMHI) revenue in Q4 2024?

The $2.4 million sales order will increase Nature's Miracle's (NMHI) fourth quarter 2024 revenue by the same amount.

How does the $2.4 million order compare to Nature's Miracle's (NMHI) Q1 2024 revenue?

The $2.4 million order represents a significant increase compared to Nature's Miracle's (NMHI) Q1 2024 revenue of $2.2 million.