Vinco Ventures, Inc. (BBIG) stock prices are down a marginal 1.55% as of market close on April 28th, 2021 bringing the price per share down to USD$2.54 at the end of the trading day. BBIG stock surged 7.48% in after-hours trading.
BBIG Revenue Reports
BBIG has seen revenues for the fiscal year ended December 31st, 2020 to have increased by 26.01% to USD$15.8 million as compared to the reports of USD$12.5 million being reported for the same time period over the previous year. Gross profits for the fiscal year 2020 were down to USD$4.37 million, a 12.28 decrease from the USD$4.99 million reported for the fiscal year 2019. Accordingly, 2020 gross margins also took a hit, falling to 27.74% from the 39.85% reported for the year ended December 31st, 2019.
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Improvements in Net Loss
The company reported significant improvements in net loss reports, with the twelve-month period ended December 31st, 2019 having reported a net loss of USD$14.19 million. This represents a net loss of USD$2.36 per both basic and diluted shares. Since, BBIG has managed to curb the net loss per share of basic and diluted shares to USD$0.37 for the twelve months ended December 31st, 2020. The fiscal year 2020 also saw the company’s net loss undergo a significant decrease to USD$5.07 million.
Strategies for the Upcoming Year
With strong numbers being reported over a year that has been plagued by the pandemic, BBIG demonstrated their ability to adapt to the unprecedented global economic climate. The company hopes to extrapolate those strengths into the fiscal year 2021, with large global moves towards universal immunization. The year will also see the pending completion of BBIG’s merger with ZASH Global Media and Entertainment, in line with the company’s BE BIG corporate strategy since commencing trading under the BBIG ticker. To this end, BBIG has appointed a new Chief Strategy Officer to facilitate long term growth by targeting acquisitions.
The previous year has also seen the closing on a Purchase and Sale Agreement with TBD Safety, LLC, for the acquisition of the entirety of their outstanding membership units. The company also purchased a full-service content monetization company, Honey Badger Media, over the course of the fiscal year 2020. Most recently, and perhaps most significantly, the company is looking to upend the NFT market with the launch of their subsidiary EVNT platform which is designed to facilitate e-NFTs, the next step in the already burgeoning NFT sector.
Future Outlook for BBIG
With promising financial reports indicating continued growth through the fiscal year 2021, BBIG is looking to expand its corporate footprint. With recent mergers with and acquisitions of big-name companies, BBIG hopes to consolidate its efforts in the drive towards profitability and, therefore, increases in shareholder value. Investors are particularly hopeful for the company’s foray into the blockchain sector with the release of their e-NFTs.