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Stocks with buying interest early AM:
GWAV
ZCAR
ISPC
ONMD
SOUN
BORR
RZLT - 3.59/3.60 Up from 3.00
HC Wainwright & Co. Reiterates Buy on Rezolute, Maintains $14 Price Target
Rezolute shares are trading higher after the company reported topline results from its Phase 2 clinical study of RZ402 in patients with DME met primary study endpoints.
MGOL - 1.71/1.72 Up from 1.25
MGO Global Q1 Total Revenues $670,264, Up From $45,147 YoY; EPS $(0.01) vs $(0.08) YoY
Stocks with buying interest early AM:
MGOL
AKTS
MBIO
MGRX
RZLT
LMFA
AULT - .5162/.526 Up from .3924
Press Release: Ault Alliance Achieves Profitability in the First Quarter of 2024; Revenue Increases by 55% to $45 Million
Stocks with buying interest early AM:
MGOL
EDBL
AGRI
MTC
AULT
MNDR
RIOT
NKGN - 1.58/1.59 Up from 1.12
NKGen Biotech shares are trading higher after the company's SNK01 NK Cell Therapy was cleared to begin a Phase 2 trial in Alzheimer's disease.
Stocks with buying interest early AM:
FFIE
GTBP
SBFM
KTRA
CNEY
TUP
NKGN
$AVRW: Avenir Wellness Solutions Reports Fourth Quarter 2023 Results
New Initiatives Showing Encouraging Results
SHERMAN OAKS, CA / ACCESSWIRE / May 17, 2024 / Avenir Wellness Solutions, Inc. (OTCQB:AVRW) ("Avenir" or the "Company"), a proprietary broad platform technology and wellness company, today announced results for the fourth fiscal quarter ended December 30, 2023.
Key financial highlights for the fourth quarter included the following:
Net revenue in the fourth quarter of 2023 increased to $1.1 million from the same period in 2022 by $0.2 million, or 11.7%, and also increased sequentially from Q3 2023 by $43 thousand, or 4.4%. Overall growth was lower than expected due to the continued delay in receiving the expected remainder of the asset sale proceeds to be used for advertising and marketing to drive sales. The quarter did, however, benefit from a new relationship with leading online and beauty subscription box retailer, FabFitFun.
Gross margin increased 407 basis points year over year in the fourth quarter of 2023 due to improved working capital management offset in part by a higher proportion of sales coming from our wholesale channel of distribution with its lower margins than our higher-margin direct-to-consumer sales channel.
Gross margin for the third quarter of 2023 decreased sequentially from the second quarter of 2023 by 26 basis points due to a shift in sales channel mix with a higher proportion of wholesale sales to Amazon and FabFitFun which resulted in shipments of approximately $0.3 million.
Cost containment initiatives led to a favorable impact on SG&A expenses (excluding non-cash charges) for the fourth quarter with a decrease of $357 thousand in 2023 compared to 2022 driven by decreased spend on advertising and promotion of $325 thousand lower overhead by $32 thousand.
Net operating loss from continuing operations (excluding non-cash charges) improved by $0.9 million in 2023.
"Our products continue to maintain sales levels which is encouraging given that we have been unable to fully execute on our marketing initiatives pending receipt of the balance of the proceeds from the July 2022 asset sale. As mentioned in our third quarter earnings announcement, the proceeds from the July 2022 asset sale allow us to invest in the future of the Company, but the delay in receiving the balance of the proceeds continued to have an impact on our operating performance. We expect accelerating sales will reaffirm the improving overall trajectory of the business. Further, our margin expansion initiatives continue to deliver results with improvement from third quarter, and we continue our overall cost containment initiatives to further reduce SG&A expenses and to maximize operating leverage.
Fine tuning our Search Engine Optimization (SEO), bringing our media buying in house and achieving successful monthly campaigns like theSkimm continue to deliver for us as we execute on our strategy to build our brands," said Nancy Duitch, Avenir CEO.
Operational Highlights
Other operational highlights during the fourth quarter of 2023 included:
Our newly formulated Seratopical Revolution Cracked Heel Souffle was selected for inclusion in FatFitFun's Summer 2024 subscription box selling out an astonishing 80,000 units in under 43 minutes. Click link to view Instagram videos on our Cracked Heel Souffle.
Our DNA Complex hero product continues to perform as our subscription based grows.
Wholesale sales led by Amazon continue to grow with all the positive product reviews.
We began development of our new TikTok shop to capitalize on the evolving digital ecommerce landscape which launched in the second quarter of 2024.
For further details, please visit our website to review our most recent Form 10-K filed on May 17, 2024 at: http://www.avenirwellness.com/sec-filings/
About Avenir Wellness Solutions, Inc.
Avenir Wellness Solutions, Inc. (OTCQB:AVRW) is a broad platform technology company that develops proprietary wellness, nutraceutical, and topical delivery systems which are integrated into our wellness and beauty products and sold directly to the consumer. The technology, which is based on (15) fifteen current patents, offers a number of unique immediate- and controlled-release delivery vehicles designed to improve product efficacy, safety, and consumer experience for a wide range of active ingredients. The Company will continue down the path of creating new technologies that is part of its incubator strategy in order to monetize its intellectual property as well as expand our product lines utilizing the technology. As a vertically integrated platform company, Avenir looks to partner or license its IP technology with wellness companies worldwide. For more information visit: www.avenirwellness.com.
About The Sera Labs, Inc.
Sera Labs, a wholly owned subsidiary of Avenir, is a trusted leader in the health, wellness, and beauty sectors of innovative products with cutting-edge technology. Sera Labs creates high-quality products that use science-backed, proprietary formulations. More than 25 products are sold under the brand names Seratopical™, Seratopical Revolution™, SeraLabs™, and Nutri-Strips™. Sera Labs sells its products at affordable prices, making them easily accessible on a global scale. Strategically positioned in the growth market categories of beauty, health and wellness, Sera Labs products are sold direct-to-consumer (DTC) via online website orders, including a subscribe and save option, and also sold online and in-store at major national drug, grocery chains, convenience stores, and mass retailers and on Amazon.com. For more information visit: www.seralabshealth.com and follow Sera Labs on Facebook, Instagram and TikTok at @seratopical as well as on X (Twitter) at @sera_labs.
Forward Looking Statement
This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, which statements are subject to considerable risks and uncertainties. Forward-looking statements include all statements other than statements of historical fact contained in this press release, including statements regarding the future growth and success of our organization. We have attempted to identify forward-looking statements by using words such as "anticipate," "believe," "could," "estimate," "expected," "intend," "may," "plan," "predict," "project," "should," "will," or "would," and similar expressions or the negative of these expressions.
Forward-looking statements represent our management's current expectations and predictions about trends affecting our business and industry and are based on information available as of the time such statements are made. Although we do not make forward-looking statements unless we believe we have a reasonable basis for doing so, we cannot guarantee their accuracy or completeness. Forward-looking statements involve numerous known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements predicted, assumed or implied by the forward-looking statements. Some of the risks and uncertainties that may cause our actual results to materially differ from those expressed or implied by these forward-looking statements are described in the section entitled "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as well as in our Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission.
Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. Except as required by applicable law, we expressly disclaim any intent or obligation to update any forward-looking statements, or to update the reasons actual results could differ materially from those expressed or implied by these forward-looking statements, whether to conform such statements to actual results or changes in our expectations, or as a result of the availability of new information.
CONTACTS:
Investor Relations
Hanover International Inc.
T: (760) 564-7400
E: investor@avenirwellness.com
GWAV - .201/.2038 Up from .1481
Greenwave Technology Solutions shares are trading higher amid abnormally-high volume. The stock has seen interest from retail investors on social media.
Stocks with buying interest early AM:
FFIE
GWAV
AKAN
BURU
BRSH
FLJ
HOLO
SMX
CNTG - .5214/.5393 Up from .40
*Centogene Sees FY24 Revenue Up 10%-15% >CNTG
AGFY - .335/.3376 Up from .299
Agrify shares are trading higher after the company announced that it signed a definitive agreement and plan of merger with Nature's Miracle Holding.
ASTS - 3.14/3.15 Up from 2.39
Update: AST SpaceMobile, AT&T Sign Six-Year Deal to Launch Space Broadband Network -- AST Shares Soar Premarket
CYN - .12/.1202 Up from .0858
Cyngn Scales Up Commercialization of Autonomous Vehicle Solutions in First Quarter 2024
Stocks with buying interest early AM:
AST
PEGY
FFIE
CYN
CNTG
AGFY/NMHI
LIDR
Stocks with buying interest early AM:
FFIE
SINT
EDBL
DLPN
BCAN
SPCB
PLUG
SYRA - 1.70/1.72 Up from 1.33
Syra Health To Subcontract For LUKE On A Defense Health Agency Contract Valued At $43B
PLUG - 3.98/4.00 Up from 2.89
Plug Power shares are trading higher after the company received a conditional commitment for an up to $1.66 billion loan guarantee from the Department of Energy.
There are a couple of others to add to the list which are starting to move such as VXRT:
Stocks with buying interest early AM:
HOLO
PLUG
TLRY
TUP
SYRA
KOSS
LCID
NOK
FUBO
CLOV
SNDL
BLNK
WISA
KODK
Stocks with buying interest early AM:
ACIU
INKT
NVAX
CCLD
SOUN
KOSS
JAN
KITT
RIOT
RXRX
OCGN
CYCC
ADMA - 8.02/8.04 Up from 6.93
ADMA Biologics shares are trading higher after the company reported better-than-expected Q1 financial results and issued strong FY24 and FY25 revenue guidance.
MNDR - 2.55/2.56 Up from 2.29
Mobile-health Network Solutions Launches Malaysian Unit
SGBX - 5.03/5.08 Up from 4.57
Safe & Green Holdings Increases Contract With Gov Contractor By ~$1M To Construct 11 Additional Military Office Containers
SOUN - 5.48/5.49 Up from 4.75
SoundHound AI shares are trading higher after the company reported better-than-expected Q1 financial results.
WISA - 3.63/3.64 Up from 3.04
CITECH Announces MOU with WiSA Technologies to Integrate WiSA E into its HiFi ROSE Line of Media Streamers
SRTS - 4.97/4.99 Up from 3.81
Sensus Healthcare Shares Rally on Better-Than-Expected 1Q Results
AEMD - 1.54/1.55 Up from 1.1791
Aethlon Medical shares are trading higher after the company announced results from an in vitro binding study of its Hemopurifier in removing extracellular vesicles from plasma.
LIDR - 1.62/1.63 Up from 1.20
AEye shares are trading higher after the company disclosed a partnership with LITEON Technology Corporation.
NVAX - 9.52/9.53 Up from 4.47
MW Novavax shares double on Sanofi's $1.4 billion investment for combo vaccine
Some Breather For Novavax's COVID-19 Vaccine, Inks Multibillion-Dollar Deal With Sanofi And Erases Doubts About Its Going Concern
Stocks with buying interest early AM:
NVAX
LIDR
AEMD
WISA
SRTS
SOUN
SGBX
CLSK
MNDR
RNAZ
1.69/1.70 Up .50 with volume coming in.
DJ Notable Labs Price Target Maintained With a $9.00/Share by JMP Securities
SGD - .745/.7413 Up from .62 .....volume coming in now
Safe and Green Development Corporation Inks Partnership to Provide Mortgage Services via the Xene Platform Across 49 States in the U.S
XFOR - 1.09/1.10 Up from 1.04
Press Release: X4 Pharmaceuticals Announces $125 Million Capital Infusion from $105 Million Sale of Priority Review Voucher and $20 Million Drawdown from Existing Loan Facility
TAOP - 1.14/1.15 Up from .795
Taoping Launches New Enhanced AI-Powered Smart Terminal
Stocks with buying interest early AM:
IVP
XFOR
AGBA
NUTX
HIMX
INOD - 9.33 Up 2.62
--Innodata Rises Pre-Bell After Swing to Q1 Net Income Amid Higher Sales, 2024 Organic Revenue Growth Outlook Lifted
RPTX - 3.77 up .49
--Repare Therapeutics Shares Rise Premarket Wednesday After Company Swings to Q1 Net Income Amid Higher Revenue
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