Iconic Brands, Inc. Announces Q3 Financial Results
New York’s Iconic Brands, Inc. (OTCQB: ICNB) (“Iconic”) announced its third quarter financial results on November 23rd for the period ending September 21, 2021. Iconic, an alcoholic beverages company operating in the “Better-for-You,” “Better-for-Planet” category, along with its subsidiary TopPop, generated a revenue of $2,846,437 for the three month period, an almost 300% increase from last year’s 3rd quarter revenue.
Third Quarter Financial Results Highlights:
A 300% increase in revenue from last year’s Q3 revenue of $712k, largely due to sales from TopPop and alcohol-related products
Gross Profit of $695k, a 57% increase from Q3 2020
Net Loss of $3,657,565, including expenses related to financing and acquiring TopPop
Iconic’s CEO Larry Romer expressed excitement in the TopPop acquisition, referencing its clientele of “many Fortune 500 and multinational companies and some of the largest brands in the alcohol industry.” Coinciding with Iconic’s focus on sustainability, TopPop uses single-use packaging for its products which include ready-to-freeze (“RTF”) ice pops. Romer additionally stated that Iconic has started expanding machine and facility capabilities to meet the growing demand for these products, with the company raising over $40 million to accommodate these expansions and those of its other brands.
“The global alcoholic beverages market reached a value of $1.58 trillion in 2020, according to Research and Markets, and we believe we are well-positioned to continue our growth trajectory,” Romer said. “We beat our revenue goals and we believe that we delivered our strongest quarter ever...and we look forward to incorporating our acquired businesses and to our future growth opportunities. We believe that Iconic has substantial growth potential and we are constantly looking at ways to enhance shareholder value.”