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Net sales grew by 67% year over year including gains from D2C and B2B sales.
VICTORIA, BC / ACCESSWIRE / May 31, 2024 / BEACN Wizardry & Magic Inc. (TSXV:BECN) ("BEACN" or the "Company") is pleased to announce that revenue for the three months ended March, 2031 increased to $1,002,415, an increase of 67% compared to $600,044 for the same period in 2023. The Company has continued to invest in sales and marketing and generating new B2B partnerships.
Sales in Q1 2024 included the first orders from Gandalf Distribution AB, a Nordic consumer electronics distributor. US-based online retailer Sweetwater has also added BEACN's unique product ecosystem including adding and featuring BEACN products in its annual Mic Month promotion.
In the three-month period, the Company achieved gross profit of $405,313 (40%) (2023 - $267,830 (45%) and a net loss of $261,273 (2023 - net loss of $530,345). The Company is pleased with the performance for the three-month period and will continue to strive for maximizing revenue and gross margin in the coming quarters.
"After a strong holiday season, it's been encouraging to see the momentum continue through the first quarter of 2024. We're particularly excited to see our newly onboarded B2B partners placing repeat orders within the same quarter. We look forward to expanding our key partnerships and introducing new products to help make 2024 a banner year for brand," says BEACN CEO, Craig Fraser.
BEACN plans to add more B2B retail and distribution partners, introduce new product, and enhance its sales & marketing campaigns to foster significant growth in 2024.
Media & Investor Enquiries
Daniel Davies
ir@beacn.com
+1 (778) 561-1450
About BEACN
BEACN (TSXV:BECN), a Victoria BC based consumer electronics company, develops innovative audio equipment, peripherals and technology for gamers, live streamers, and content creators. BEACN is committed to delivering premium products that enable everyone to produce studio-quality content. BEACN's award-winning product ecosystem includes BEACN Mic, BEACN Mic Stand, BEACN Mix and BEACN Mix Create. BEACN is listed on the TSXV under the symbol BECN.
Cautionary Note Regarding Forward-Looking Information
This press release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation (collectively, "forward-looking statements"). The forward-looking statements herein are made as of the date of this press release only, and the Company does not assume any obligation to update or revise them to reflect new information, estimates or opinions, future events or results or otherwise, except as required by applicable law. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budgets", "scheduled", "estimates", "forecasts", "predicts", "projects", "intends", "targets", "aims", "anticipates", or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. These forward-looking statements include, among other things, statements relating to: (a) [B2B Retail Strategy]; (b) [Online, Direct to Consumer Sales Strategy]; (c) [Product Design & Introduction]; and (d) [Quarterly Earnings].