Relevium (RLV) has secured two P.P.E. contracts totalling C$16M resulting in record yearly revenue.
The contracts require the company to supply a total of 180 million medical-grade nitrile gloves.
On December 15, 2021, it delivered 127.5 million gloves to satisfy the first $11M contract. It expects to deliver on the remaining $5M contract in January 2022.
“We are extremely pleased to announce the delivery of medical examination gloves, which represents a major leap forward for the company in this space,” stated Aurelio Useche, Relevium’s CEO.
“The supply chain for critical medical products has been gaining stability since it was disrupted by the COVID-19 pandemic,” he continued. “This has allowed us to develop strategic sourcing partnerships for what we believe will be a stable and growing market for many years to come.”
“The delivery of $11 million of revenue for the first of the two contracts represents an all-time record in terms of revenue for the company, which is expected to generate an average 12-per-cent gross margin for both contracts,” added Mark Billings, Relevium’s CFO.
“On a yearly basis,” he noted, “the delivery of this contract represents an approximately 265-per-cent increase in revenues as compared to the fiscal years ended June 30, 2018 ($4.152 million) and June 30, 2019 ($4.053 million).”
Relevium Technologies is focused on the acquisition of e-retail brands, products and technologies in the health and wellness market.
Relevium (RLV) closed up by 66.67 per cent trading at $0.025 per share.