Long Island Iced Tea Corp. (NASDAQ: LTEA)
Long Island Iced Tea Corp Looking To Bounce Back?
Headquartered in Long Island, New York, Long Island Iced Tea Corp. (NASDAQ: LTEA) operates in the ready-to-drink tea segment of the beverage industry. The Company has developed non-alcoholic, premium iced tea bottled beverages made with quality ingredients that are offered at an affordable price. The Company is currently organized around its flagship brand Long Island Iced Tea®, a premium, ready-to-drink iced tea sold primarily on the East Coast of the United States through a network of distributors.
The company’s share price fell strongly After peaking around 10 a share in the month of April. However, since then, the stock tumbled massively to below 4 a share. Its shares are currently trading over 5 a share.
The decline in its share was the result of poor financial performance in the last couple of quarters. However, in the latest quarter, the company generated strong financial results, which helped in restoring investors’ confidence on the company.
In the latest quarter, it reported net sales of $1,603,667 and a net loss of $2,082,166, relative to the net sales of $675,735 and net loss of $683,486 in the same period last year.
In the most recent quarter, the organization accomplished critical net deals development and achieved a few energizing points of reference, including outperforming one-and-a-half million dollars in quarterly net deals surprisingly. The Company kept on utilizing its accomplishment in the upper east and made critical ventures promote growing its client base and appropriation into new markets. The Company additionally got trademark assurance of our check ‘Long Island Iced Tea’ on the supplemental enlist from the U.S. Patent and Trademark Office, permitting it to promote secure our image. The organization reinforced our asset report with an as of late finished capital bring up in which it saw its stock recorded on the Nasdaq Capital Markets.