Bloomios Inc (OTCMKTS:BLMS) Stock In Focus After Earnings Update

Hemp derived nutraceutical wholesaler and white label and private label manufacturing leader Bloomios Inc (OTCMKTS:BLMS) was in the news on Thursday after it announced its financial results for the first quarter that had ended on March 31, 2023.

Trading Data

On Thursday, BLMS stock ended flat at $0.2000 with 41.87K shares, compared to volume of 6.55K shares. The stock moved within a range of $0.2000 – 0.2000 after opening trade at $0.1600.

Bloomios Reports Q1 2023 Revenue up 30% Sequentially and 84% Y/Y to $2.75 Million

Ahead of the beginning of trading today it could be a good idea for investors to consider taking a closer look at the actual numbers. The company announced that it had generated revenues of $2.75 million in the quarter which worked out to a sequential rise of 30% and a year on year rise of as much as 84%. The revenue growth at Bloomios had largely been brought about by some of the transformative acquisitions that had been made by the firm.

More importantly perhaps, the company announced that it had ended the quarter with a considerable backlog of orders which was a reflected of the company’s ability to meet the growing demand.

During that quarter the company also appointed Joe Reid as the Chief Manufacturing Officer at Bloomios Private Label. Reid would be responsible for leading the efficiencies and expansion at the unit. In light of a strong performance, investors could consider adding the stock to their watch lists at this point.