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DUBLIN, IRELAND / ACCESSWIRE / April 24, 2024 / Helo Corp. (OTC PINK:HLOC) ("Helo" or the "Company"), a data-driven wellness technology company, announces its annual 2023 results.
Helo Corp Annual Results
| 2023 | 2022 | Change | ||||||||||
| Revenue from Continuing Operations | $ | 4,553,764 | $ | 1,221 | NM | |||||||
| Revenue from Discontinued Operations | $ | 2,899,378 | $ | 31,320,280 | NM | |||||||
| Total Revenue | $ | 7,453,142 | $ | 31,321,501 | (76 | )% | ||||||
| Cost of Goods Sold* | $ | 3,146,350 | $ | 7,031,066 | (55 | )% | ||||||
| Gross Profit* | 58 | % | 78 | % | (25 | )% | ||||||
| SG&A* | $ | 8,679,374 | $ | 25,266,079 | (66 | )% | ||||||
| Operating Loss* | $ | (4,372,582 | ) | $ | (975,644 | ) | 348 | % | ||||
| Operating Margin* | (59 | )% | (3 | )% | NM | |||||||
| Net Income (Loss)* | $ | 8,783,435 | $ | (463,731 | ) | NM | ||||||
| EPS - Basic* | $ | 0.10 | $ | 0.00 | NM | |||||||
| EPS - Diluted* | $ | 0.03 | $ | 0.00 | NM | |||||||
* - includes results from continuing and discontinued operations
NM - the percentage change was not meaningful
"In 2023 and into 2024, we executed our restructuring initiatives to significantly reduce our cost structure, leverage our existing technology and refocus Helo on the development of our NutraMatic™ and Helo AI™platform," said Sean McVeigh, Chief Executive Officer. "As we are currently tight on cash, we are seeking additional capital to fund the development and launch of these exciting innovations, which we believe will position us for substantial growth."
"2023 revenue from continuing operations was $4.6 million and from discontinued operations was $2.9 million, bringing our annual revenue for 2023 to $7.5 million, a decrease of 76% over the prior-year period," added David Ufheil, Chief Financial Officer. "Net Income for 2023 was $8.8 million, reflecting a $15.2 million increase in the fair value of VSC Coins that were issued to Helo in 2023, subject to a 24-month lock. We ended the year with total net assets of $19.1 million, and cash and cash equivalents of $0.3 million. The overall decline in results for 2023 reflects our shift in strategy to a new platform. In April 2024, we entered into an agreement to sell our Vyvo-focused subsidiaries. Accordingly, we have classified these operations as discontinued in our annual filing."
About Helo Corp.
Helo Corp. (OTC:HLOC) is a data-driven wellness technology company. Helo® wearables and other smart devices are built on Helo's Life Sensing Technology®, which uses state-of-the-art sensors, enhanced signal processing, and algorithms to collect and process specific bio-parameters. Helo is developing the NutraMatic™ and Helo AI™ platform to leverage artificial intelligence and other technologies to analyze wearer data, provide personalized nutrition and recommendations, support the adoption of healthier lifestyle choices and drive human wellness transformation.