OMID Provides Third-Quarter Financial Results

Rhea-AI Summary

OMID Holdings, Inc. (OTC Pink: OMID) reported strong financial performance for Q3 2020. Revenue reached $356,444, nearly doubling from $178,435 in Q3 2019, marking a 99.8% increase. Gross profit improved by 83.1% to $156,713, while net income surged 1109.1% to $96,819. For the nine months ending September 30, total revenue rose 66.4% to $840,922, with net income increasing 641.6% to $185,233.

Positive

• Revenue increased 99.8% year-over-year in Q3.
• Gross Profit up 83.1% compared to Q3 2019.
• Net income rose 1109.1% in Q3.

Negative

• None.

ALPHA, N.J., Oct. 16, 2020 /PRNewswire/ -- OMID Holdings, Inc. (OTC Pink: OMID), a publicly-traded health and wellness company, today provides Unaudited Key Financial Highlights for the third quarter.

Operating Results for the Three Months Ended September 30, 2020

• Revenue was $356,444, compared to $178,435 for the same period last year, a 99.8% improvement.
• Gross Profit was $156,713, compared to $85,650 for the same period last year, a 83.1% improvement.
• Net income was $96,819, compared to $8,008 for the same period last year, a 1109.1% improvement.

Operating Results for the Nine Months Ended September 30, 2020

• Revenue was $840,922, compared to $505,371 for the same period last year, a 66.4% improvement.
• Gross Profit was $362,350, compared to $171,083 for the same period last year, a 111.8% improvement.
• Net income was $185,233, compared to $24,978 for the same period last year, a 641.6% improvement.

All comparative figures reflect the operations of OMID Holdings, Inc. (successor) detailed in the consolidated financials per the acquisition in February 2020; the predecessor reporting entity's operations are not factored into these calculations.

"OMID Manufacturing is rapidly evolving with a promising outlook for the foreseeable future," stated Adam Frank, OMID's Chairman and CEO. "I expect our recent investments in production machinery to yield substantial benefit as we continue to expand our manufacturing capabilities in both product variety and scale."

About OMID Holdings, Inc.

OMID Holdings, Inc. is a publicly-traded (OTC Pink: OMID) health and wellness company which owns and operates a manufacturing facility in Alpha, New Jersey. The headquarters is FDA-registered and Food Grade Certified for production within its clean room environment. The company is currently focused on the development, manufacture, and sale of hemp-based products for private label and in-house brands. 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:
+1-908-386-2880
info@omidholdingsinc.com

View original content:http://www.prnewswire.com/news-releases/omid-provides-third-quarter-financial-results-301153721.html

SOURCE OMID Holdings, Inc.

FAQ

What were OMID's Q3 2020 financial results?

OMID reported Q3 2020 revenue of $356,444, gross profit of $156,713, and net income of $96,819.

How much did OMID's revenue grow compared to last year?

OMID's revenue grew by 99.8% compared to Q3 2019.

What is OMID Holdings' stock symbol?

OMID's stock symbol is OMID.

What were OMID's financial highlights for the nine months ended September 30, 2020?

For nine months ended September 30, 2020, OMID generated $840,922 in revenue and $185,233 in net income.

Who is the CEO of OMID Holdings?

The CEO of OMID Holdings is Adam Frank.