PHOENIX, AZ / ACCESSWIRE / November 16, 2020 / Alpine 4 Technologies (OTCQB:ALPP), a leading operator and owner of small market businesses, announced today that it generated revenue of $8.72 million for Q3 2020, an increase of 23% over Q3 2019 revenue. The company has generated $26.6 million in revenue for the first three quarters.
Kent B. Wilson, Alpine 4 CEO, had this to say: "Q3 was an interesting quarter for Alpine 4 and our subsidiaries. Despite the lingering effects of the COVID-19 epidemic, Alpine 4 grew at an impressive rate of 23% and generated $8.72 million in quarterly sales. I estimate that Q3 2020 would have been closer to $11.4 million if production and labor restrictions were not a hindrance during the quarter. What these numbers do not show is the locked up kinetic revenue looming in these delayed sales. We estimate that $1.8 million of this revenue is still available to be generated and should lead to some impressive numbers in mid-2021.
COVID also played a role in our fixed and variable labor costs. The company accepted the PPP funds that were available to us, and because of that, we were able to maintain our labor force at close to 92%. However, our revenue was off by almost 30%. Those added payroll costs are also reflected in our financials. When you factor in the added payroll costs between our subsidiaries against the reduced revenue we generated, an additional $635 thousand in payroll cost would have adjusted downward during Q3 to match revenue. I will also point out that we feel very confident that all of the $3.4 million in PPP funds will be forgiven, and we expect that number to be reflected in our year-end financials.
Even with all the challenges that COVID brought on during the quarter, we still feel very bullish about where we are headed and feel blessed with how well we have managed through these challenging months."
About Alpine 4 Technologies: Alpine 4 Technologies, Ltd (ALPP) is a publicly-traded conglomerate that is acquiring businesses that fit into its disruptive DSF business model of Drivers, Stabilizers, and Facilitators. At Alpine 4, we understand the nature of how technology and innovation can accentuate a business. Our focus is on how the adaptation of new technologies, even in brick and mortar businesses, can drive innovation. We also believe that our holdings should benefit synergistically from each other and that the ability to have collaboration across varying industries can spawn new ideas and create fertile ground for competitive advantages. This unique perspective has culminated in the development of our Blockchain enabled Enterprise Business Operating System called SPECTRUMebos.
Four principles at the core of our business are Synergy. Innovation. Drive. Excellence. At Alpine 4, we believe synergistic innovation drives excellence. By anchoring these words to our combined experience and capabilities, we can aggressively pursue opportunities within and across vertical markets. We deliver solutions that not only drive industry standards but also increase value for our shareholders.
CONTACT: Investor Relations at [email protected]
Forward-Looking Statements: The information disclosed in this press release is made as of the date hereof and reflects Alpine 4 most current assessment of its historical financial performance. Actual financial results filed with the SEC may differ from those contained herein due to timing delays between the date of this release and confirmation of final audit results. These forward-looking statements are not guarantees of future performance and are subject to uncertainties and other factors that could cause actual results to differ materially from those expressed in the forward-looking statements, including, without limitation, the risks, uncertainties, including the uncertainties surrounding the current market volatility, and other factors the Company identifies from time to time in its filings with the SEC. Although Alpine 4 believes that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate and, as a result, the forward-looking statements based on those assumptions also could be incorrect. You should not place undue reliance on these forward-looking statements. The forward-looking statements contained in this release are made as of the date hereof, and Alpine 4 disclaims any intention or obligation to update the forward-looking statements for subsequent events.
SOURCE: Alpine 4 Technologies, Ltd.