Company Expects Revenues to Grow Nearly 40% YoY to at Least $11.0 Million
FORT LAUDERDALE, FL / ACCESSWIRE / July 15, 2021 / SFLMaven Corp. (OTC PINK:SFLM), ('SFLMaven' or the 'Company'), a leading provider of high-end luxury goods, today announced that estimated revenues for the year ending December 31, 2021 are expected to grow to at least $11 million.
"This preliminary estimate is based on the accelerating pace of revenue growth, including the recent multi-year weekly sales record of $318,000 and first quarter revenues of $2.7 million," said Joseph Ladin, Chief Executive Officer of SFLMaven. "Our conservative projections now put us on track to generate at least $11 million of revenue this year, a nearly 40% increase over 2020 revenues and a return to our pre-pandemic revenue base.
"Combined with an increasingly strong gross margin profile driven by robust competitive bidding dynamics for our one-of-a-kind products, we believe operational execution in the months ahead will transition us towards near-term profitability. These efforts include refining ad campaigns to reduce expenses, improving advertising efficiency and scaling the quantity of listings. We are also broadening our multi-channel digital strategy and exploring other sales channels outside of eBay to diversify and expand our reach - we hope to provide more color on this front shortly.
"Looking ahead, we are turning our focus towards completing an audit of our financial statements so that we can file a Form 10, become fully reporting and move to the OTCQB exchange as an interim stop towards our longer-term goal of an eventual Nasdaq listing. I look forward to working closely with the team at SFLMaven to create value for all of our stakeholders," concluded Ladin.
Final recognized revenue is subject to the SFLMaven Corp.'s annual and quarterly audits and will accordingly be released with the Company's audited financial statements and related annual and quarterly reports once fully reporting.
SFLMaven Corp. (OTC:SFLM), is a premium provider of high-end luxury goods to discerning clientele globally. SFLMaven has driven over $130 million in sales and 98,000 positive reviews since inception, famous for its Thursday Night Auction events on its top-rated eBay store. For more information, please visit the Company's website at www.sflmaven.com or follow the Company on Twitter at @sflmaven.
This press release may contain forward-looking statements, including information about management's view of SFLMaven Corp.'s future expectations, plans and prospects. In particular, when used in the preceding discussion, the words 'believes,' 'expects,' 'intends,' 'plans,' 'anticipates,' or 'may,' and similar conditional expressions are intended to identify forward-looking statements. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, which may cause the results of SFLMaven, its subsidiaries and concepts to be materially different than those expressed or implied in such statements. Unknown or unpredictable factors also could have material adverse effects on SFLMaven's future results. The forward-looking statements included in this press release are made only as of the date hereof. SFLMaven cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, SFLMaven undertakes no obligation to update these statements after the date of this release, except as required by law, and also takes no obligation to update or correct information prepared by third parties that are not paid for by SFLMaven.
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SOURCE: SFLMaven Corp.