OMID Provides First-Quarter Financial Highlights

Rhea-AI Summary

On April 15, 2021, OMID Holdings, Inc. (OTC Pink: OMID) reported significant financial growth in its first quarter. Revenue surged to $278,124, marking a 1217.6% increase from $21,108 in Q1 2020. Gross profit was $139,126, up 3485.7% from $3,880 last year. The company also achieved a net income before taxes of $47,526, reversing a loss of $20,896 in the same period the previous year. Despite historical challenges in Q1 due to seasonal factors, OMID remains optimistic about the evolving recreational cannabis market in New Jersey.

Positive

• Revenue increased by 1217.6% to $278,124 from $21,108 year-over-year.
• Gross profit rose 3485.7% to $139,126 from $3,880 year-over-year.
• Net income before income taxes reached $47,526, an improvement from a loss of $20,896.

Negative

• None.

ALPHA, N.J., April 15, 2021 /PRNewswire/ -- Today, OMID Holdings, Inc. (OTC Pink: OMID) has completed an initial financial review of its first quarter operations. The Unaudited Key Financial Highlights are provided below for the Three Months Ended March 31, 2021.

• Revenue for the current period was $278,124 compared to $21,108 for the three months ended March 31, 2020, a 1217.6% improvement from the same quarter in 2020.
• Gross Profit for the current period was $139,126, compared to $3,880 for the three months ended March 31, 2020, a 3485.7% improvement from the same quarter in 2020.
• Net income before income taxes for the current period was $47,526, compared to a loss of $20,896 for the same period last year, a 327.4% improvement.

"The first quarter of each year has been historically challenging due to a variety of seasonal factors including but not limited to supplier holidays as well as the implementation of new industry regulations and laws. Our results for the first quarter of 2021 have been very encouraging as we continue to execute on our long-term vision for the future of the company. We remain well-positioned and eagerly await the opportunity to take advantage of the evolving recreational cannabis industry in NJ," stated Adam Frank, OMID's Chairman & CEO.


About OMID Holdings, Inc.
OMID Holdings, Inc. is a publicly-traded (OTC Pink: OMID) Florida corporation which focuses on developing and manufacturing various health and wellness products at its FDA-registered clean room facility in Phillipsburg, NJ. With a diverse portfolio of product types, OMID specializes in formulations which contain cannabis extracts as well as other herbal ingredients. The company objective is to provide quality, integrity, and value with notable consumer benefits derived from all of its finished goods.
For more information about the company, please visit https://omidholdingsinc.com/.

Safe Harbor Act:  Forward-Looking Statements are included within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding our expected future financial position, results of operations, cash flows, financing plans, business strategy, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations, including words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will," and other similar expressions are forward-looking statements and involve risks, uncertainties and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. We are under no obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.

Contact: info@omidholdingsinc.com, +1-908-386-2880

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SOURCE OMID Holdings, Inc.

FAQ

What were OMID's financial results for Q1 2021?

In Q1 2021, OMID reported revenues of $278,124, a gross profit of $139,126, and a net income before taxes of $47,526.

How much did OMID's revenue grow compared to Q1 2020?

OMID's revenue grew by 1217.6% compared to Q1 2020.

What is the significance of OMID's gross profit increase?

OMID's gross profit increased by 3485.7% to $139,126, reflecting a strong financial performance.

What challenges does OMID face in the first quarter?

OMID historically faces seasonal challenges in Q1, including supplier holidays and new industry regulations.

What is OMID's outlook for the cannabis industry?

OMID remains optimistic about opportunities in the evolving recreational cannabis market in New Jersey.