SAVANNAH, Ga., Nov. 16, 2020 /PRNewswire/ -- Smoke Cartel, Inc. (OTC QB - SMKC), an online retailer of smoking accessories and glass pipes operates a retail platform via the website portal SmokeCartel.com. Through a marketplace for various distributors and suppliers of additional products, the Company offers one of the broadest product catalogs in the headshop industry.
Smoke Cartel delivered the following financial results for the third quarter ended September 30, 2020:
Revenue: Revenue was $1,695.6K, a 380.5% increase over third quarter 2019 revenue of $352.9K. Year-to-date revenue was $5,122.0K, a 291.5% increase over year-date revenue of $1,308.3K in 2019.
Net income: Net income was $341.1K, an increase of $693.7K from third quarter 2019 net loss of (352.6K). Year-to-date net income was $977.6K, an increase of $2,343.3K from year-to-date net loss of ($1,365.7K) in 2019.
Supplemental cash information: Year-to-date cash from operations through the third quarter of 2020 was $610.0K, or 11.9% of revenue. Cash and cash equivalents were $526.4K as of September 30, 2020.
"Our third quarter results demonstrated the ongoing success of our marketplace model, after the amazing surge of business during the second quarter when the country was shut down due to the global pandemic," said Steve Forman, Interim CEO of Smoke Cartel. "We are well-positioned to service our customers' needs as the trend to on-line shopping for smoking accessories continued even after the re-opening of brick-and-mortar stores."
About Smoke Cartel
Smoke Cartel, Inc. (Ticker: SMKC) is one of the leading online retailers of glass water pipes, vaporizers, bubblers, spoons, oil and dab rigs, smoking accessories, and cannabis accoutrements. The Company provides a marketplace with a wide variety of high quality products, subscription boxes, reliable customer service, and rapid dependable shipping. Smoke Cartel offers 24-hour support to ensure the customer experience is timely and professional. Smoke Cartel operates a transparent business model which is important in an industry with varying state regulations and significant scrutiny. The Company's website at www.smokecartel.com offers fast load times and optimizations, making the customer experience quick and seamless.
(Certain matters discussed in this press release may contain statements, estimates and projections that involve risks and uncertainties in Smoke Cartel, Inc.'s (the Company) business that may cause actual results to differ materially from those anticipated by the statements made herein. Such statements, estimates and projections constitute forward-looking statements within the meaning of the federal securities laws. Smoke Cartel undertakes no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events or otherwise. The recipient of this information is cautioned not to place undue reliance on forward-looking statements. No representations or warranties are made as to the accuracy of such forward-looking statements or whether any of the projections included herein will be realized.)
SOURCE Smoke Cartel, Inc.