Wildpack Announces Year End 2021 Financial Results
Wildpack Beverage Inc. (OTCQB: WLDPF) reported a strong fourth quarter with revenue increasing by 32.8% to $6.64 million from $5.00 million in 2020. Production volume surged 191% to 26.5 million cans. For the fiscal year, total revenue was $28.3 million, with a gross profit of $1.6 million. The company completed C$22 million in equity financing and C$20 million in debt financing while expanding its facility footprint by 200%. Looking ahead, Wildpack anticipates revenue between $75-85 million in 2022.
- Revenue growth of 32.8% in Q4 to $6.64 million.
- Production volume increased by 191% to 26.5 million cans.
- Total revenue for the fiscal year reached $28.3 million with a gross profit of $1.6 million.
- Expanded facility footprint by 200%, adding four new facilities.
- Completed C$22 million in equity and C$20 million in debt financing.
- Net loss before income taxes of $9.52 million for Q4, up from $1.53 million in the previous year.
- Total cost and expenses of $16.16 million for Q4, significantly higher than the $6.52 million in Q4 2020.
- Revenue for the quarter grew
32.8% to$6.64 million compared to$5.00 million in the prior year - Production volume for the quarter grew
191% to 26.5 million cans compared to 9.1 million cans the prior year - Completed the acquisition of Land and Sea in Grand Rapids, MI
- Completed C
$22 million of equity financing and C$20 million of debt financing - Kim Murray appointed to the Board of Directors
- Revenue for the year of
$28.3 million - Gross Profit for the year of
$1.6 million - Total facility footprint up
200% , opened and acquired a total of 4 new facilities - Added 2 new verticals: sleeve/label printing and brokering packaging materials
- Commissioned and installed the first print production line and 2 additional decoration production lines
- Exited 2021 with production yields above
90% - Key additions to management and leadership: Chuck Zadlo appointed COO, appointed 2 new Directors to the Board and 1 new Board Advisor
- Successfully listed for trading on the TSX Venture Exchange
- Completed equity financing of C
$36 million , and debt financing of C$40 million
VANCOUVER, BC, May 3, 2022 /PRNewswire/ - Wildpack Beverage Inc. (TSXV: CANS) (OTCQB: WLDPF) ("Wildpack" or the "Company") announces audited financial results for the year ending December 31, 2021. All currencies referenced herein are US Dollars, unless otherwise indicated. Reference to "C$" refers to Canadian dollars.
"2021 was a foundational year for Wildpack," commented CEO, Mitch Barnard. "At inception, we viewed Wildpack as a one-stop network of beverage co-packing facilities, solving for the principal challenges faced by middle market beverage brands of vendor fragmentation, shipping costs, manufacturing capacity and access to aluminum cans. In 2021, we hit all milestones toward achieving that vision."
Three months ended | Year ended | Nine months ended | |||||||
December 31, | December 31, | December 31, | December 31, | ||||||
2021 | 2020 | 2021 | 2020 | ||||||
Total Revenue | |||||||||
Total costs and expenses | |||||||||
Net loss before income taxes | - | - | - | - | |||||
Deferred income tax recovery | - | - | - | - | |||||
Net Loss | - | - | - | - | |||||
Wildpack expects 2022 total revenue to be
Wildpack will host a webcast today to discuss financial results for the year ended December 31, 2021, with CEO, Mitch Barnard, CFO, Ryan Mason, Chief Growth Officer, Thomas Walker, and COO, Chuck Zadlo.
Presentation Details:
Date: May 3, 2022
Time: 8:30am ET (5:30am PT)
Registration: Online Registration
HAVE QUESTIONS? Management will be available to answer your questions following the presentation on the webinar platform. You may submit your question(s) beforehand in the registration form or by email: invest@wildpackbev.com.
This news release should be read in conjunction with the Company's audited consolidated Financial Statements and Management's Discussion and Analysis for the twelve-month period ended December 31, 2021.
Per: "Mitch Barnard"
Mitch Barnard
Chief Executive Officer and Director
Fasken Martineau DuMoulin LLP is the legal advisor to Wildpack Beverage Inc.
https://investor.wildpackbev.com
Wildpack is engaged in beverage manufacturing and packaging, operating in the middle market by providing sustainable aluminum can filling, decorating, packaging, and sleeve and label printing services to brands throughout the United States. Wildpack currently operates indirectly through its wholly owned subsidiaries and out of facilities in Baltimore, Maryland, Grand Rapids, Michigan, Atlanta, Georgia, Longmont, Colorado, Sacramento, California and Las Vegas, Nevada with a focus on digital innovation and green ready-to-drink packaging. Wildpack commenced trading on May 19, 2021, on the TSX Venture Exchange under the symbol "CANS" and commenced trading on February 23, 2022, on the OTCQB® Venture Market under the symbol "WLDPF".
This news release may contain "forward-looking statements" within the meaning of applicable Canadian securities laws, including, but not limited to, statements with respect to Wildpack's plans, financial performance and operating performance, anticipated growth in co-packing business, the estimation of revenue, the timing and targets of M&A activity, costs, future capital expenditures, and the success of integration. Forward-looking statements are based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive risks including but not limited to: risks related to the successful integration of acquisitions; risks related to operations; risks related to general economic conditions and credit availability, ability to obtain sufficient and suitable financing, actual results of current production and decorating, fluctuations in prices of aluminum; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the co-packaging industry; delays in the completion of capex activities, changes in national and local government regulation of manufacturing operations and labour laws in light of the current COVID pandemic, tax rules and regulations, and political and economic developments where Wildpack operates. These statements generally can be identified by the use of forward-looking words such as "may", "should", "will", "could", "intend", "estimate", "plan", "anticipate", "expect", "believe" or "continue", or the negative thereof or similar variations. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause future results, performance, or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. Forward-looking statements expressed or implied by Wildpack are subject to a number of risks, uncertainties, and conditions, many of which are outside of Wildpack's control, and undue reliance should not be placed on such statements. Although Wildpack has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors thatbevecause results not to be as anticipated, estimated or intended. Forward-looking statements are qualified in their entirety by the inherent risks and uncertainties related to Wildpack's business, including that Wildpack's assumptions in making forward-looking statements may prove to be incorrect; delays in filing of financial information; adverse market conditions; risks inherent in the beverage manufacturing and packaging sector in general; that future results may vary from historical results; and competition in the markets where Wildpack operates. Except as required by securities law, Wildpack does not assume any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
View original content to download multimedia:https://www.prnewswire.com/news-releases/wildpack-announces-year-end-2021-financial-results-301538077.html
SOURCE Wildpack Beverage Inc.
FAQ
What were Wildpack Beverage's revenue results for 2021?
How did Wildpack's production volume change in Q4 2021?
What is Wildpack's financial outlook for 2022?
What was Wildpack's net loss in Q4 2021?
