CMON Reports Smaller Losses, as Wholesale Revenues More than Double

CMON have again reported losses for the year ending in September, but no where near the $4.1 million losses they had last year at this time. The company stated in its 3rd Quarter financials a loss of about $0.5 million for the period. 

CMON might have been profitable if it wasn’t for the $1.2 million cost and fees associated to moving to the Hong Kong Main Exchange. Its application was approved earlier this month. The company will debut on the new exchange tomorrow. The company sees the new listing as a positive for company and shareholders.

Despite the losses, revenue increased to $18.9 million, up from $11.8 million in 2018. This was more in line with 2017 revenue of $17.5 million. 

The company attributed the increase in revenue to wholesale orders, as it continues to see a decline in Kickstarter revenue. Kickstarter revenue declined from $3.3 million last year to just $2 million in the period, while wholesale revenue increased 121% from $7.6 million in 2018 to $16.8 million this year. 

Gross profit was up, but the company attributes that to the increased revenue. The company has not issued dividend this year.

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