SUNSTOCK INC. REPORTS SECOND QUARTER FY 2021 RESULTS

Rhea-AI Summary

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.

Positive

• Net revenues increased by 29% in Q2 2021, reaching $3.1 million.
• First half 2021 revenues up 16% to $6 million compared to 2020.

Negative

• Gross profit decreased from $41 thousand in Q2 2020 to $36 thousand in Q2 2021.
• Net loss increased to ($467 thousand) in Q2 2021 from ($362 thousand) in Q2 2020.
• Gross profit for the first half fell to $70 thousand from $102 thousand in the same period last year.
• Net loss for H1 2021 was ($1.9 million), though an improvement from ($2.4 million) in H1 2020.

SACRAMENTO, Calif., Aug. 24, 2021 (GLOBE NEWSWIRE) -- Sunstock Inc. (OTC: SSOK), announced its financial results for the second quarter ended June 30, 2021.

Key Financial Highlights:

Operating Results for the Three Months Ended June 30, 2021
• Net revenues for three months ended June 30, 2021 were $3.1 million, an increase of 29% from $2.4 million in the same period of 2020.
• Gross profit was $36 thousand compared to $41 thousand profit in the same period of 2020.
• Net loss was ($467 thousand), compared to ($362 thousand) loss in the same period of 2020.

Operating Results for the Six Months Ended June 30, 2021

• Net revenues for the six months ended June 30, 2021 were $6 million, an increase of 16% from $5.2 million in the same period 2020.
• Gross profit was $70 thousand, compared to $102 thousand profit in the same period of 2020.
• Net loss was ($1.9 million), compared to ($2.4 million) loss in the same period of 2020.

Jason Chang Chief Executive Officer of Sunstock, stated, “We are very pleased with the second quarter and first half of the year. We believe our increasing revenues illustrate the strength of our brand and continued interest in the ground to coin business. We continue to work with our suppliers to ensure that we are in a position to satisfy our customer needs.”

About Sunstock Inc.

Sunstock Inc. (OTC PINK: SSOKD) is involved in the distribution of precious metals, primarily gold. The Company pursues a “ground-to-coin” strategy, whereby uses its wholesale and retail channels to sell these precious metals. For more information, visit the Company’s website at www.SunstockInc.com

Forward-Looking Statements

In addition to historical information, this press release may contain statements that constitute forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Forward-looking statements contained in this press release include the intent, belief, or expectations of the Company and members of its management team with respect to the Company's future business operations and the assumptions upon which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those contemplated by such forward-looking statements. Factors that could cause these differences include, but are not limited to, failure to complete anticipated sales under negotiations, lack of revenue growth, client discontinuances, failure to realize improvements in performance, efficiency and profitability, and adverse developments with respect to litigation or increased litigation costs, the operation or performance of the Company's business units or the market price of its common stock. Additional factors that could cause actual results to differ materially from those contemplated within this press release can also be found on the Company's website. The Company disclaims any responsibility to update any forward-looking statements.

Investor Relations Contact
Andrew Barwicki
516-662-9461 / andrew@barwicki.com

FAQ

What were Sunstock Inc.'s Q2 2021 revenues?

Sunstock Inc. reported net revenues of $3.1 million for Q2 2021, which is a 29% increase from $2.4 million in Q2 2020.

How much was Sunstock Inc.'s net loss in Q2 2021?

The net loss for Q2 2021 was ($467 thousand), compared to ($362 thousand) in Q2 2020.

What is the net revenue growth percentage for Sunstock Inc. for the first half of 2021?

For the first half of 2021, Sunstock Inc. reported a 16% increase in net revenues, totaling $6 million.

How did Sunstock Inc.'s gross profit change in Q2 2021?

Gross profit fell from $41 thousand in Q2 2020 to $36 thousand in Q2 2021.