TORONTO, ON / ACCESSWIRE / August 15, 2024 / CeCors, Inc. (the "Company" or "CEOS") (OTC PINK:CEOS), a leading provider of functional products and veteran support services, today announced its financial results for the second quarter ended June 30, 2024. The Company reported a substantial increase in revenue, from $685,686 in the first quarter to $1,324,840 in the second quarter of fiscal 2024, resulting in total gross profit of $2,010,407 for the six months ended June 30, 2024. Furthermore, VETCOMM's cash on hand increased significantly, from $574,755 in Q1 2024 to just over $1,050,000 as of June 30, 2024. This impressive growth demonstrates CeCors' strong market positioning and validates the execution of its strategic initiatives.
Total deferred revenue increased to $1.02 million as of June 30, 2024, primarily driven by VETCOMM. Of this amount, $155,211 relates to unearned revenue from VETCOMM sales in Q1 2024 and prior, with the addition of $841,274 in new sales in Q2 2024. PsyKey customer accounts contributed the remaining balance of $18,757. These quarter-over-quarter increases reflect a surge in overall sales, with VETCOMM experiencing a dramatic upswing in new customer accounts. With over $1 million in deferred revenues remaining to be recognized over the balance of fiscal 2024, the Company continues to reflect a net loss as of June 30, 2024, due in part to the Company's revenue recognition cycle.
The Company's substantial growth in period-over-period sales through VETCOMM highlights CeCors' success in implementing its business plan and driving for increased market share. CeCors continues to lead the market with its innovative approach to veteran support and wellness products, offering solutions that are not only unique but also deeply impactful for our customers. Increasing demand for VETCOMM's veteran support services is a testament to the value these services provide to veterans across the United States, further solidifying its position as a leader in the veteran benefits space.
"We are incredibly proud of our team's efforts in Q2 2024," stated Kate Monroe, CEO of CeCors, Inc. We have made several operational adjustments this quarter, including the transition to a more efficient CRM system and the set-up of our in-house call center, which have laid a strong foundation for sustained growth. This optimization not only allows us to better serve veterans but also positions us to maximize our impact across all operations. With VETCOMM as our primary revenue driver, we are now shifting our focus to expanding our PsyKey functional mushroom coffee products, particularly our Mind and Memory Coffee, which has shown great promise in the market. As we continue to innovate, we are excited about the opportunities that lie ahead for all of our business segments."
Sukhinder Kalsi, Chief Financial Officer of CeCors, Inc., commented, "In Q2, we achieved a 193% increase in revenues, with revenues jumping from $685,686 in Q1 alone to $1,324,840 in Q2. This growth brought our total revenues for the six months ended June 30, 2024, to just over $2 million. The transition to a more efficient CRM played a critical role in this success. Looking ahead, the upcoming launch of the VETCOMM app is set to provide a significant boost to our sales, likely surpassing anything we've seen before. The expanded reach and enhanced customer engagement from the app will fuel stronger financial performance, and we're eager to share these results with our shareholders."
Monroe concluded, "As we build on our momentum in the second half of 2024, our focus is on driving even greater sales and revenue growth across all divisions. Now that VETCOMM is on the path to profitability, we're channeling more resources into expanding PsyKey's operations. With PsyKey now powered by VETCOMM, our goal is to bring our innovative products to veterans and customers globally. Our commitment remains to maximize CEOS's growth potential, ensuring we continue delivering value across all areas of our business.
About CeCors, Inc.
CeCors, Inc. is a diversified company focused on veteran support and wellness products. In 2023, CeCors acquired VETCOMM a company dedicated to helping U.S. veterans access underutilized benefits and compensation. PsyKey, a CeCors subsidiary, specializes in premium functional mushroom coffee, offering products that promote wellness and enhance focus. Together, VETCOMM and PsyKey address the unique needs of veterans and civilians, leveraging their combined expertise to make a meaningful impact.
About VETCOMM:
VETCOMM is committed to providing essential support and services to veterans and their families, ensuring they receive the benefits they deserve. Founded by United States Marine Corps veteran Kate Monroe, VETCOMM advocates for veterans, offering comprehensive training and support to aid their transition into civilian careers. For more information, visit www.vetcomm.us.
About Kate Monroe
Kate Monroe is a 100% rated disabled USMC veteran. As the CEO of VETCOMM.us, she leads a team of dedicated professionals who help veterans get what they are owed from the VA. With more than 10 years of experience in sales, leadership, and coaching, her mission is to empower veterans to access their benefits and improve their quality of life.
Kate is the author of several books, has appeared over 60+ times on broadcast news and is a contributor on homeless, drugs, border, veteran affairs, foreign affairs on Forbes, Fox News, Medium, Inman and many more. In fact, she went viral for her take on the San Diego homeless crisis. In 2023, Kate released her book, "The Race to Save America".
Safe Harbour Statement - In addition to historical information, this press release may contain statements that constitute forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Forward-looking statements contained in this press release include the intent, belief, or expectations of the Company and members of its management team with respect to the Company's future business operations and the assumptions upon which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance, and performance and involve risks and uncertainties and that actual results may differ materially from those contemplated by such forward-looking statements. Factors that could cause these differences include, but are not limited to, failure to complete anticipated sales under negotiations, lack of revenue growth, client discontinuances, failure to realize improvements in performance, efficiency, and profitability, and adverse developments with respect to litigation or increased litigation costs, the operation or performance of the Company's business units or the market price of its common stock. Additional factors that could cause actual results to differ materially from those contemplated within this press release can also be found on the Company's website. The Company disclaims any responsibility to update any forward-looking statements.
