Business
Iconic Brands Announces Record Revenue for Second Quarter 2022
Iconic Brands Announces Record Revenue for Second Quarter 2022.
About this update from Iconic Brands, Inc.
[{"type":"text","content":"\n Total revenue for the quarter ended June 30, 2022, was up 1,038% year-over-year, driven by strong demand for TopPop’s, ready-to-freeze (RTF), ready-to-drink (RTD) alcohol ice pops and flexible pouches. Total revenue for the quarter ended June 30, 2022, was over $6.6 million, surpassing revenue of $4.9 million for the entire year of 2021. Revenue for the six months ended June 30, 2022, was $10.7 million vs. $1.2 million for the six months ended June 30, 2021, an increase of $9.4 million, or 778%. AMITYVILLE, NY, Aug. 23, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – Iconic Brands, Inc. (OTC: ICNB) (“Iconic” or the “Company”), a leader in the development, design and delivery of alcohol and non-alcohol beverages, today reported financial results for the second quarter ended June 30, 2022.  Second Quarter 2022 Financial Highlights: Total revenue for the quarter ended June 30, 2022, was $6,654,221, an increase of $6,069,307 compared to the same period in 2021, representing an increase of approximately 1,038% year-over-year. Gross profit was $1,733,547 for the quarter ended June 30, 2022, an increase of approximately 567% year-over-year. Cash as of June 30, 2022, was $4,697,929, compared to $2,190,814 on December 31, 2021. Second Quarter and Recent 2022 Highlights: Appointment of Tom Martin as interim Chief Executive Officer. Mr. Martin has been in the primary and secondary packaging industry for over 40 years. He is a co-founder of TopPop Packaging, which was built by capitalizing on the idea of alcohol-infused adult ice pops and single-use food and beverage products. Mr. Martin has served as President and Chief Operating Officer of TopPop and has been with Iconic since TopPop was acquired in July 2021. Iconic is considering a name change to “TopPop Innovative Brands, Inc.” and a ticker change to “TPOP” to reflect the Company’s core mission and commitment to sustainable packaging solutions. The majority of the Company’s revenue is currently attributed to TopPop’s packaging business. At the end of March 2022, TopPop reached full-scale production capability at its newest facility. The facility is expected to produce 80 million units by the end of 2022. The Company celebrated Earth Day 2022 by kicking off its “Tree Planting Campaign for Earth Day 2...