Rocky Mountain High Brands, Inc. Recaps Company’s OTC Quarterly Filings For 2023

Rhea-AI Summary

Rocky Mountain High Brands, Inc. (RMHB) reports positive financial performance for the first three quarters of fiscal year 2023, showing increased gross profit, decreased operating expenses, and reduced net losses compared to the same periods in 2022. Despite limited production due to facility relocation, the company demonstrates growth and cost efficiency. RMHB is now compliant with OTC Markets Group filings and focuses on innovation in the beverage sector.

Positive

• RMHB increased Gross Profit by $972,302 in the first quarter of 2023 compared to 2022.
• Operating Expenses decreased by $151,478 in the first quarter of 2023 compared to the same period in 2022.
• Net Loss reduced by $1,123,781 in the first quarter of 2023 compared to 2022.
• For the nine months of 2023, RMHB increased Gross Profit by $466,869 compared to the same period in 2022.
• Operating Expenses decreased by $1,372,605 for the nine months of 2023 compared to 2022.
• Net Loss significantly decreased by $1,839,474 in the nine months of 2023 compared to the same period in 2022.
• RMHB is now compliant with OTC Markets Group filing requirements and has implemented internal improvements for timely filings.
• Rocky Mountain High Brands, Inc. focuses on innovation and quality in the beverage sector with its subsidiaries specializing in various beverage categories.

Negative

• None.

PLANO, Texas, Feb. 28, 2024 (GLOBE NEWSWIRE) -- Rocky Mountain High Brands, Inc. (OTC: RMHB) today briefly explained last year’s quarterly results through September 30, 2023.

The following is a recap of 2023 now that the second and third quarters are filed. It includes a comparison of first quarter 2023 to first quarter 2022 and a comparison of nine months 2023 to nine months 2022.

Even though the Company limited production in 2023 due to the relocation of the manufacturing facility, the comparison is favorable when gauging past / future growth and illustrates the Company’s decrease in expenses. For further explanation of RMHB’s lost production during the relocation, see the bottom three paragraphs contained on page 26 of the third quarter financials.

FIRST QUARTER FISCAL 2023 – Three Month Financial Performance:

	1st Quarter 2023	1st Quarter 2022
Net Sales:	$2,466,714	$121,352
Cost of Sales:	$1,408,119	$35,060
Gross Profit:	$1,058,594	$86,292
Operating Expenses (OpEx):	$1,276,304	$1,427,782
Net Loss:	($217,709)	($1,341,490)

In First Quarter 2023, RMHB increased Gross Profit by $972,302 while decreasing OpEx by $151,478 and reducing Net Loss by $1,123,781 for same period in Fiscal 2022.

THREE QUARTERS FISCAL 2023 – Nine Month Financial Performance:

	9 Months 2023	9 Months 2022
Net Sales:	$3,438,121	$2,185,450
Cost of Sales:	$1,766,882	$981,081
Gross Profit:	$1,671,239	$1,204,370
Operating Expenses (OpEx):	$2,717,105	$4,089,710
Net Loss:	($1,045,866)	($2,885,340)

For nine months 2023, RMHB increased Gross Profit by $466,869 while decreasing OpEx by $1,372,605 with a major reduction in Net Loss of $1,839,474 for same period in Fiscal 2022.

The Company is now current with all of its filing requirements with the OTC Markets Group, and certain internal improvements have been implemented to ensure timely filings going forward.

Rocky Mountain High Brands, Inc. (RMHB) is a diversified and dynamic Company committed to making a difference by raising the quality and expectations in the beverage sector. Our DNA is rooted in innovation. We have built the teams and assets to ensure our growth continues. The Company is headquartered in Plano, Texas.

Rocky Mountain Productions, Inc., a wholly owned subsidiary of RMHB, specializes in cold and hot fill beverages, concentrates and ready-to-drink beverages, and is uniquely positioned to co-pack our brand drinks as well as private label with all the best-in-class services needed to get products ready for market.

Rocky Mountain NexBev, Inc., a wholly owned subsidiary of RMHB, specializes in non-alcoholic beverages, including energy drinks, custom drinks, CBD & hemp, and other specialty drinks. The Company is experienced in managing the development, design, and production of beverages for a variety of categories.

Information about Forward-Looking Statements: This release may include forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involves risks and uncertainties including, but not limited to, the impact of competitive products, the ability to meet customer demand, the ability to manage growth, acquisitions of technology, equipment, or human resources, the effect of economic business conditions and the ability to attract and retain skilled personnel. Words such as “anticipate,” “estimate,” “expect,” “intend,” “plan,” “project” and other similar words and expressions are intended to signify forward-looking statements. Forward-looking statements do not guarantee future results and conditions but rather are subject to various risks and uncertainties. Some of these risks and uncertainties are identified in the Company’s filings with the OTC Markets. The occurrence of any of these risks and uncertainties could have a material adverse effect on the Company’s business, financial condition, and results of operations. The Company is not obligated to revise or update any forward-looking statements to reflect events or circumstances that may arise after the date of this release.

Contact:
Paul Knopick
pknopick@eandecommunications.com

FAQ

What were RMHB's net sales for the first quarter of 2023?

RMHB's net sales for the first quarter of 2023 were $2,466,714.

How did RMHB's operating expenses change in the first quarter of 2023 compared to 2022?

RMHB decreased its operating expenses by $151,478 in the first quarter of 2023 compared to the same period in 2022.

What was RMHB's net loss in the first quarter of 2023?

RMHB's net loss in the first quarter of 2023 was ($217,709).

What was RMHB's gross profit in the first quarter of 2023?

RMHB's gross profit in the first quarter of 2023 was $1,058,594.

How did RMHB's net loss change in the first quarter of 2023 compared to 2022?

RMHB reduced its net loss by $1,123,781 in the first quarter of 2023 compared to 2022.

What were RMHB's net sales for the nine months of 2023?

RMHB's net sales for the nine months of 2023 were $3,438,121.

How did RMHB's gross profit change in the nine months of 2023 compared to 2022?

RMHB increased its gross profit by $466,869 in the nine months of 2023 compared to the same period in 2022.

What was RMHB's net loss in the nine months of 2023?

RMHB's net loss in the nine months of 2023 was ($1,045,866).

What internal improvements has RMHB implemented for timely filings?

RMHB has implemented certain internal improvements to ensure timely filings with the OTC Markets Group.

Where is Rocky Mountain High Brands, Inc. headquartered?

Rocky Mountain High Brands, Inc. is headquartered in Plano, Texas.