Yooma Wellness reports "significant growth" in third quarter

(Alliance News) - Yooma Wellness Inc on Tuesday reported "significant growth" in third quarter ...

Alliance News 30 November, 2021 | 4:35PM
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(Alliance News) - Yooma Wellness Inc on Tuesday reported "significant growth" in third quarter trading as the firm looks ahead following its float on the Aquis Stock Exchange Growth Market in August.

Revenue for the three months ended September 30 stood at USD2.1 million, resulting in a gross profit of USD560,107 for the company. A year earlier Yooma did not generate revenue.

The Toronto-based wellness platform cited cost of sales of USD1.6 million and expenses of USD3.2 million in the quarter

Looking ahead, Yooma said it continues to integrate its existing operations with recent acquisitions to take advantage of opportunities in the global wellness and CBD markets and is forecasting revenue for the fourth quarter in excess of USD5.0 million.

"Yooma's success in the third quarter positions the company as a clear leader in the global CBD and wellness space. Based on actual revenue achieved in the third quarter of USD2.1 million, with only partial revenue contribution so far from key strategic acquisitions acquired during the quarter and subsequent to quarter-end, we believe that Yooma is significantly undervalued compared to its public competitors," Chair Lorne Abony commented.

Shares in Yooma were untraded at 51.00 pence on the Aquis Stock Exchange in London on Tuesday.

By Heather Rydings; heatherrydings@alliancenews.com

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Yooma Wellness Inc Ordinary Shares 0.15 CAD -16.67 -

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