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Sunstock, Inc. (OTC: SSOK) announced its Q3 2021 financial results, revealing a 63% increase in net revenues to $4.1 million, compared to $2.5 million in Q3 2020. However, the company reported a net loss of $330,000, a decline from a $95,000 profit in the same period last year.
For the nine months ending September 30, 2021, net revenues reached $10.2 million, up 31% from $7.7 million in the prior year, but a net loss of $2.2 million was recorded versus a $2.5 million profit in 2020. CEO Jason Chang highlighted growth in foot traffic and revenue through partnerships, particularly with Apmex.
Sunstock, Inc. (OTC PINK: SSOK) has submitted materials for its OTCQB application, enhancing its visibility in the market. The OTCQB, recognized by the SEC, is designated for developing companies that meet specific financial criteria, offering improved transparency. CEO Jason Chang emphasized that this uplisting is crucial for attracting more investors and ensuring shareholder transparency. Approval of the application remains contingent upon meeting the listing requirements.
Sunstock Inc. (OTC: SSOK) reported its Q2 2021 financial results, revealing a 29% increase in net revenues to $3.1 million compared to Q2 2020. However, gross profit fell to $36 thousand from $41 thousand, and the net loss widened to ($467 thousand) from a loss of ($362 thousand) in the prior year. For the first half of 2021, revenues rose 16% to $6 million, but gross profit decreased to $70 thousand from $102 thousand, with a net loss of ($1.9 million), better than ($2.4 million) in H1 2020. CEO Jason Chang expressed optimism about revenue growth and customer satisfaction.
Sunstock Inc. (OTC: SSOK) reported revenues of $10.1 million for 2020, marking a 40% increase from the previous year. This growth is attributed to discounts for large coin purchasers and increased demand amid Covid-19 and political instability. The company expanded its inventory of gold and silver assets to over $1 million. Sunstock's strategy includes a 'ground-to-coin' approach and plans to open a new retail location on the East Coast with a target inventory of 100,000 ounces of silver. CEO Jason Chang emphasized a commitment to enhancing shareholder value through vertical integration.
Sunstock Inc. (OTC: SSOK) plans to purchase up to 100,000 ounces of silver as initial inventory for its new retail shop. The company operates Mom’s Silver Shop in Sacramento and is expanding to a larger location on the East Coast, driven by favorable market conditions. In 2020, Sunstock's revenues reached $3.8 million, highlighting a significant increase due to effective marketing and an interest in precious metals. The company also increased its holdings by 4 ounces of gold and 4,500 ounces of silver in Q4 2020, supporting its expansion strategy.
Sunstock Inc. (OTC: SSOK) announced plans to expand by opening a second, larger storefront on the East Coast, driven by increasing demand for precious metals. The current store, Mom's Silver Shop in Sacramento, continues to see steady growth in product demand and customer traffic. The move will relocate the company's headquarters to an area with favorable sales tax conditions. CEO Jason Chang emphasized the focus on growth, stating that the new location will enhance inventory management and customer service efforts.
Sunstock Inc. (OTC: SSOK) has announced plans to accept cryptocurrency payments, specifically Ether, for its precious metals transactions starting June 2021. The move aims to attract more clients, increase revenues, and reduce processing fees. Legal counsel is currently setting up the necessary infrastructure to implement this payment option at Mom's Silver Shop in Sacramento, California. CEO Jason Chang expressed confidence in the demand for precious metals and the potential of integrating digital assets into the company's business model.
Sunstock Inc. (OTC: SSOK) announced on February 23, 2021, its retail coin shop, Mom’s Silver Shop in Sacramento, will begin accepting Ethereum payments in the second half of 2021, aiming to enhance revenue. This initiative positions Sunstock as a pioneer in U.S. coin shops to accept Ethereum. CEO Jason Chang highlighted the growing acceptance of cryptocurrency and noted that Bitcoin payments will also start by June 2021. Sunstock operates in the precious metals market, primarily gold, utilizing a ‘ground to coin’ strategy.
Sunstock Inc. (OTC: SSOK) has announced that its Sacramento retail store, Mom’s Silver Shop, will begin accepting bitcoin payments in the second half of 2021. This move aims to diversify revenue streams amid increasing demand for precious metals and growing cryptocurrency adoption. CEO Jason Chang expressed optimism for revenue growth, projecting annual additional revenue of approximately $35 million from bitcoin transactions. The company continues to expand its inventory and plans to enhance revenue through wholesale sales to other retailers.
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