Bloomios Inc. Sees Revenue Gains in Q1 2023

Bloomios Inc., a manufacturer of private label hemp-derived nutraceuticals, cosmetics and pet products, has shared its latest quarterly results, showing strong boosts in revenue.

For the period ended March 31, 2023, Revenue totaled $2.75 million, up 30% sequentially and up 84% compared to Q1 2022. Gross profit totaled $675,000 or 25% of revenue as compared to $640,000 or 43% of revenue in the same year-ago quarter. 

Bloomios said the decrease in gross profit percentage was primarily due to the increase in the cost of goods sold which was associated with factors related to the relocation of the portfolio of equipment, systems and operations that was acquired last fall to its cGMP facility in Daytona, Fla. Operating expenses totaled $2.3 million compared to $1.6 million in the same year-ago quarter, with the company citing the same reason for the increase.

Current assets totaled $2.4 million as of March 31, 2023, remaining flat from the period ended Dec. 31, 2022. Bloomios expects Q2 2023 revenues to exceed $3 million, up more than 137% from $1.3 million in the same year-ago period.

"Our strong sequential and year-over-year revenue growth for now two quarters in a row demonstrate we're now back on a growth trajectory," said Bloomios CEO Michael Hill. "We also continued to achieve incremental improvements in operational costs and efficiencies, with this helping to shore up our bottom line from the previous quarter while delivering products faster to the customer.

Based in Santa Barbara, Calif., Bloomios produces more than 80 customizable hemp products across 10 categories.