- Fiji Kava (FIJ) tables a record quarterly revenue of more than $476,000 for the December quarter, up 11 per cent from the quarter before
- Q2 sales from Chemist Warehouse were up 111 per cent while US Amazon sales were up 44 per cent
- Fiji Kava shipped its first orders to two new customers, Cross Border eCommerce, China and Unique Health Products
- The company burnt through nearly $2 million in the quarter, leaving $2.79 million in total available funding
- Fiji Kava is up 3.23 per cent on the market with shares trading at 6.4 cents
Fiji Kava (FIJ) has tabled a record quarterly revenue of $476,531 for the December quarter, up 11 per cent from the quarter before.
This is also a 49 per cent increase from the prior corresponding quarter, which saw revenue of $319,000.
Q2 sales from Chemist Warehouse were up 111 per cent with record sales experienced in October and November. Strong sales were also experienced in Coles (COL) stores.
Fiji Kava shipped its first orders to two new customers, Cross Border eCommerce, China and Unique Health Products.
US Amazon sales were up 44 per cent in the quarter with record sales experienced in November.
Furthermore, The Calmer Co USA operations began, resulting in the appointment of USA Managing Director Brian Cassuto.
“Sales through our Australian retailers continue to grow strongly and are being supported by both trade promotional and brand marketing activities in key locations,” CEO Dr Anthony Noble said.
“USA operations are now fully transferred to management by our team on the ground in The Calmer Co USA. Sales are growing through Amazon and the registration of our Taki Mai trademark in the USA will allow us to open a dedicated Taki Mai shopfront on Amazon, further driving this growth.
“I am pleased that the team has recorded a second consecutive record sales results in this very challenging environment.”
Fiji Kava burnt through nearly $2 million in the quarter with the majority going towards administration and corporate costs, as well as product manufacturing and operating costs.
The company also invested $131,000 in its property, plant and equipment.
As of December 31, Fiji Kava had $2.79 million in total available funding, representing 1.4 quarters of use if spending levels remain the same.
This hasn’t fazed the company, however, as it stated this quarter included one-off expenses related to legal, accounting and acquisition costs. Additionally, the company is in discussions with investors and believes it will result in raising capital next quarter.
Fiji Kava was up 3.23 per cent on the market with shares trading at 6.4 cents at 12:40 pm AEDT.