- Digital Wine Ventures (DW8) processed 29,174 WINEDEPOT orders in the March quarter, up 627 per cent over the prior corresponding period
- The total number of cases in the quarter set a new record, up 696 per cent over Q3 FY20 to nearly 62,000
- As a result of these increases, Digital Wine tabled quarterly revenue of nearly $769,000
- Additionally, the March quarter saw the company enter partnerships with eBay, Vivino and Bibendum
- Throughout the quarter, Digital Wine burnt nearly $1.6 million with the majority going towards manufacturing and operating costs
- As of March 31, the company had $8.37 million in available funding, representing 5.3 quarters of use if spending levels remain the same
- Digital Wine is up 3.45 per cent on the market with shares trading at 15 cents
Digital Wine Ventures (DW8) processed 29,174 WINEDEPOT orders in the March quarter, up 627 per cent over the prior corresponding period.
The total number of cases in the quarter set a new record, up 696 per cent over Q3 FY20 to 61,939 and a 37 per cent increase over 45,252 in Q2 FY21.
As as result of these increases, Digital Wine tabled a revenue of $768,458 for the period ending March 31.
“Historically, the January to March trading period is extremely quiet in the wine and beverage industry,” CEO Dean Taylor commented.
“To see our order and case volumes exceed the record levels that we saw in November and December so early in the year provides a clear indication of the underlying organic growth in the business,” he said.
“What is more exciting is this has all occurred without any input from the business-to-business marketplace which is still yet to officially launch,” he added.
In mid-January, Digital Wine announced it is servicing 65 of the estimated 74 cellar doors and 160 vineyards in the McLaren Vale region in South Australia.
On February 15, the company revealed it had partnered with mobile wine app and online wine marketplace Vivino.
This partnership will see allow producers to sell their products directly on Vivino without having to set up an account, monitor inventory and manage orders.
Once received, the orders will be packed and delivered by WINEDEPOT for same and next day delivery services.
On March 26, Digital Wine announced it had entered a memorandum of understanding with eBay.
This agreement allows Australian wineries to list their products directly on eBay without having to set up an account.
Finally on March 30, Digital Wine partnered with Bibendum Wine which will see Bibendum list a substantial part of its wines and spirits on WINEDEPOT MARKET.
Additionally, each buyer will receive an incentive voucher which can be used with their first purchase.
Finances
Throughout the March quarter, Digital Wine burnt nearly $1.6 million with the majority going towards manufacturing and operating costs.
The company also invested $30,871 in property, plant and equipment.
As of March 31, Digital Wine had $8.37 million in total available funding, representing 5.3 quarters of use if spending levels remain on par.
Digital Wine is up 3.45 per cent on the market this morning with shares trading at 15 cents at 10:51 am AEST.