OMID Reports Strong Second-Quarter Financial Results

Rhea-AI Summary

OMID Holdings, Inc. (OTC Pink: OMID) announced significant financial growth in its corporate update for Q2 2020. Revenue surged to $463,270, marking a 2084.4% increase quarter-over-quarter and 116.9% year-over-year. Gross profit reached $201,757, a 256.8% improvement, while net income soared to $109,311, reflecting a 599.7% increase. For the first half of 2020, total revenue was $484,478, up 48.2% year-over-year. CEO Adam Frank praised the team's performance amidst challenges from the pandemic.

Positive

• Revenue increased to $463,270, a 2084.4% Q/Q growth.
• Gross profit rose to $201,757, showing a 256.8% improvement.
• Net income reached $109,311, representing a 599.7% increase.
• For H1 2020, revenue was $484,478, a 48.2% increase.

Negative

• None.

ALPHA, NJ, Sept. 16, 2020 /PRNewswire/ -- OMID Holdings, Inc. (OTC Pink: OMID), a publicly-traded health and wellness company, today provides a corporate update for shareholders. In addition to obtaining a current information reporting status with OTC Markets Group, OMID is pleased to highlight its unaudited second quarter financial results.

Key Financial Highlights of OMID Holdings, Inc. operations*:

Operating Results for the Three Months Ended June 30, 2020

• Revenue was $463,270, increasing by 2084.4% Q/Q and 116.9% compared to the same period last year.
• Gross Profit was $201,757, compared to $56,549 for the same period last year, a 256.8% improvement.
• Net income was $109,311, compared to $18,228 for the same period last year, a 599.7% improvement.
• Operating Results for the Six Months Ended June 30, 2020
• Revenue was $484,478, a 48.2% increase compared to the same period last year.
• Gross Profit was $205,637, a 140.7% increase compared to the same period last year.
• Net income was $88,414, compared to $16,970 for the same period last year, a 421.1% improvement.

*All comparative figures reflect the operations of OMID Holdings, Inc. (successor) detailed in the consolidated financials beginning in the first quarter of 2020 per the acquisition in February 2020. The predecessor reporting entity's operations are not factored into these calculations; they are no longer statistically relevant.

"I am thrilled with the exceptional execution of my entire team during the second quarter - continuing into the third quarter - as we overcame many challenges related to the coronavirus." stated Adam Frank, OMID's chairman and CEO. "Our organization's commitment to safety, quality, integrity, and value combined with consistent innovation and operational flexibility is steadily generating exciting opportunities. In recognition of our current reporting status, I look forward to providing more detailed and consistent updates for our shareholders."

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:
908-386-2880
info@omidholdingsinc.com

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SOURCE OMID Holdings, Inc.

FAQ

What were the Q2 2020 earnings results for OMID Holdings?

OMID Holdings reported a revenue of $463,270, a gross profit of $201,757, and a net income of $109,311.

How much did OMID Holdings' revenue increase in Q2 2020?

Revenue increased by 2084.4% compared to the previous quarter and 116.9% year-over-year.

What is the net income for OMID Holdings for the first half of 2020?

The net income for the first half of 2020 was $88,414, a 421.1% improvement from the previous year.

What challenges did OMID Holdings overcome in Q2 2020?

The company overcame challenges related to the coronavirus during the second quarter.

What plans does OMID Holdings have for future updates?

CEO Adam Frank indicated plans for more detailed and consistent updates for shareholders.