NxGen Brands Inc. Forecast to Deliver 140% Growth in Q1 2024

Rhea-AI Summary

NxGen Brands, Inc. reports strong Q1 sales and anticipates $1.3m in revenues for 2024 with the success of Mad House Supps Brand. The company's social media advertising strategy has led to month-on-month growth, with the newly released Protein product already sold out.

Mad House Supps Brand on track for $1.3m in revenues for 2024

Denver, Colorado--(Newsfile Corp. - March 27, 2024) - NxGen Brands, Inc. (OTC Pink: NXGB) ("NxGen" or the "Company"), (www.nxgenbrands.com) confirms strong Q1 sales with month on month growth through massive increase in social media advertising presence for its Mad House Supps Brand (www.madhousesupps.com). The newly released Protein product is slated to arrive this week, but is already sold out and new inventory is scheduled to be produced in April.

CEO, Joseph Lawanson, commented, "At NxGen Brands we promised transparency and, with that in mind, I am pleased to bring you some in depth facts and figures about our progress with our brand Mad House Supps. There is a lot to take in, but I hope you appreciate that we are building something special here and we want to share our journey with shareholders as we continue with this successful growth plan we are delivering."

Q4 2023 revenue for the brand, prior to the sale to NxGen, was in the region of $86,000 as the brand was preparing to be sold, with inventory being run down in preparation for the sale. NxGen acquired the brand on Jan 1, 2024. Q1 2024 sales are forecast to show 140% growth and be in the region of $200,000, at the top-end of the forecast, for the first quarter as inventory comes back on stream again.

Moving into Q2 of 2024, the growth in both direct to consumer as well as in the availability of existing and new stream products for retailers allows the company to forecast revenues of between $250,000 and $300,000, at the top-end of the stretch forecast.

Direct to consumer growth is proving a real success point as revenues from social media advertising starts to come on stream. During this test phase of curating the best adverts, spend on social media advertising has ramped up to c.$15,000 per month and is attracting revenues close to $25,000 per month. The Company intends to invest heavily as it moves out of this testing phase of spending in this area. The budget in this advertising category is expected to be closer to $45,000 as it progresses through 2024, with projected revenues exceeding $75,000 per month from this source alone.

The Australian licensee has also sold through most of their inventory and is now preparing a second production as sales throughout Asia-Pac begin to ramp up also. Mad House is sold under license from Australia and NxGen believes this is an area of exceptional non-US growth for the brand as it is increasingly seen internationally as the 'go-to brand' for customers. The Company expects revenues from this territory alone to be in excess of $350,000 per year as it approaches the latter half of 2024.

The Company remains confident that it can deliver revenues from Mad House Supps in 2024 in excess of $1.3m both from its domestic audience but also from the growing international sales and licensing partners with whom it has contracts.

About NxGen Brands, Inc.

NxGen Holdings, Inc. is a publicly traded company under the symbol NXGB. The Company is building a profitable Nutritional Supplements company, comprising of several brands. www.nxgenbrands.com https://twitter.com/NxGen_Brands

Forward-Looking Statements

This press release may contain forward-looking statements, including information about management's view of NxGen Brands, Inc.'s future expectations, plans and prospects. In particular, when used in the preceding discussion, the words "believes," "expects," "intends," "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, which may cause the results of NxGen, its subsidiaries and concepts to be materially different than those expressed or implied in such statements. Unknown or unpredictable factors also could have material adverse effects on NxGen's future results. The forward-looking statements included in this press release are made only as of the date hereof. NxGen cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, NxGen undertakes no obligation to update these statements after the date of this release, except as required by law, and also takes no obligation to update or correct information prepared by third parties that are not paid for by NxGen.

Corporate Contact:
ceo@nxgenbrands.com
www.nxgenbrands.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/202832

FAQ

What is the revenue target for NxGen Brands, Inc. in 2024?

NxGen Brands, Inc. anticipates $1.3m in revenues for 2024.

What brand is driving the sales growth for NxGen Brands, Inc.?

Mad House Supps Brand is driving the sales growth for NxGen Brands, Inc.

What marketing strategy has contributed to the sales increase for NxGen Brands, Inc.?

NxGen Brands, Inc. has seen sales growth through a massive increase in social media advertising presence.

When is the newly released Protein product expected to arrive?

The newly released Protein product is slated to arrive this week.

Who is the CEO of NxGen Brands, Inc.?

Joseph Lawanson is the CEO of NxGen Brands, Inc.