SACRAMENTO, Calif., Dec. 01, 2021 (GLOBE NEWSWIRE) -- Sunstock, Inc. (OTC: SSOK) today announced its financial results for the third quarter ended September 30, 2021.
Key Financial Highlights:
Operating Results for the Three Months Ended September 30, 2021
- Net revenues for three months ended Sept 30, 2021 were $4.1 million, an increase of 63% from $2.5 million in the same period of 2020.
- Net loss was $330 thousand, compared to $95 thousand profit in the same period of 2020.
Operating Results for the Nine Months Ended September 30, 2021
- Net revenues for the nine months ended Sept 30, 2021 were $10.2 million, an increase of 31% from $7.7 million in the same period 2020.
- Net loss was $2.2 million, compared to $2.5 million profit in the same period of 2020.
Jason Chang, CEO of Sunstock, commented “We are pleased with our continued revenue growth as Mom’s Silver Shop is one of the leading precious metals retailers in the greater Sacramento metropolitan area and the foot traffic into the store has increased significantly. Our partnership with Apmex in which we sell their inventory in our shop with an online portal available to customers continues to be a source of increased revenue and an opportunity for us to expand our e-commerce operations. We are continuing our investments by ensuring we have sufficient inventory levels, expanding our marketing of the website and improving our accounting and overall backend infrastructure.”
About Sunstock Inc.
Sunstock Inc. is involved in the distribution of precious metals, primarily gold. The Company pursues a “ground-to-coin” strategy, whereby uses its wholesale and retail channels to sell these precious metals. Sunstock acquires mineral rights and gold mining assets, enabling shareholders to invest in the precious metals sector without incurring many of the costs and risks associated with actual mining operations. The Company sells its inventory to customers and investors through Mom’s Silver Shop, its leading precious metals retail store located in Sacramento, Calif. For more information, visit the Company’s website at www.SunstockInc.com
Forward-Looking Statements
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 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.
Investor Relations Contact
Andrew Barwicki
516-662-9461 / andrew@barwicki.com
