Business
InnerScope Hearing Technologies (OTC: INND) Reports Record Revenues for a Profitable Q2 2022
InnerScope Hearing Technologies (OTC: INND) Reports Record Revenues for a Profitable Q2 2022.
About this update from Innerscope Hearing Technologies, Inc.
[{"type":"text","content":"\n  Financial Highlights: Second Quarter 2022 Consolidated Net Revenues Rose to $6,910,386 from $404,676 Compared to First Quarter 2022Records $3,881,620 Net Profit for Three Months Ended June 30, 2022$7,315,062 Year Over Year Revenue Growth for Six Months Ended June 30, 2022, compared to $47,392 for Six Months Ended June 30, 2021Second Quarter Positive EBT of 56% ROSEVILLE, Calif., Aug. 12, 2022 (GLOBE NEWSWIRE) -- via InvestorWire -- InnerScope Hearing Technologies Inc. (OTC: $INND) (\"InnerScope\"), an emerging and disruptive leader in the Direct-to-Consumer Hearing Technology space and will be in the upcoming OTC Hearing Aid market, today reported record-setting consolidated net revenues of $6,910,386 for second-quarter ended June 30, 2022, (\"Q2 2022\") compared to $404,676 for first-quarter ended March 31, 2022 (\"Q1 2022\"). As a result, InnerScope recorded a $3,881,620 net profit for the three months ended June 30, 2022, and a Positive EBT of 56% (Earnings Before Taxes) for Q2 2022. Total consolidated net revenues were $7,315,062 for six months ended June 30, 2022, compared to $47,392 for six months ended June 30, 2021. The consolidated net revenues (based on the GAAP revenue booked in Q2 2022) represent approximately a 1,707% increase for Q2 2022 versus Q1 2022 and a 15,435% increase versus the same period ended June 30, 2021. This quarterly report has been filed with the OTC Markets and is available to view at: https://www.otcmarkets.com/otcapi/company/financial-report/342247/content In addition, based on purchase orders over $4,000,000 that have already been filled and delivered, which will be recognized as revenue for the third quarter of 2022, InnerScope projects continued record-setting revenues for the remaining six months of 2022 and beyond from the anticipated monthly replenishment purchase orders as well as new purchase orders from numerous retailers. \"I am incredibly pleased to report a record-setting revenue growth and profitable second quarter of 2022,\" said Matthew Moore, CEO of InnerScope Hearing Technologies. \"Our record-setting revenues validate our business plan and unique position as an emerging and profitable direct-to-consumer hearing aid industry leader. In addition, we plan to continue to grow our wholesale distribution network of major retailers, healthcare service companies, and phar...