DUMONT, NJ / ACCESSWIRE / August 23, 2022 / Americrew Inc. (OTC PINK:ACRU), a national infrastructure company focused on training and employing America's Veteran workforce, reported record financial and operational results for the second quarter ended June 30, 2022.
Q2 2022 Financial Summary Compared to Q2 2021
- Total revenue increased 380% to approximately $4.7 million compared to $1.2 million.
- Net Income increased 415% to $491,034 compared to $118,095.
- Operating Income increased 532% to $629,190 compared to $118,095.
Q2 2022 Financial Summary Compared to Q1 2022
- Total revenue increased 247% to approximately $4.7 million compared to $1.9 million.
- Net Income increased 364% to $491,034 compared to a loss of $134,720.
- Operating Income increased 507% to $629,190 compared to a loss of $134,180.
YTD 2022 Financial Summary Compared to YTD 2021
- Total revenue increased 330% to approximately $6.6 million compared to $2.8 million.
- Net Income decreased 19% to $356,314 compared to $423,188. However the decrease is primarily due to a $351,370 Paycheck Protection Program loan forgiven in the six months ended June 30, 2022 which is deemed to be income without a similar income amount in 2022.
- Operating Income increased 680% to $505,010 compared to $74,235.
Q2 2022 Operational Highlights
- Began work with our first major EV partner.
- Expanded our commitment with our Key Wireless partners.
- Started work on multi-year Fiber contract in Indiana.
Management Commentary
"We are pleased to report the highest quarterly revenue in the history of our company," said Kelley Dunne, Americrew's CEO. "Since our reverse merger a little over a year ago, we have focused in all areas of our business and those efforts are reflected in our growth. Topline expansion with meaningful revenue scale is the key to sustainable long-term profits. We still have a lot of work to do on that front, but our progression over the past year has been significant."
"Now that we have proven that our model can be scaled, we are setting our sights on the next phase of growth by improving our financial strength, adding key partnerships and adding key personnel all designed to take advantage of the enormous amount of business development opportunities available to us, noted Brian Weis, Chief Operating Officer.
About Americrew, Inc.
To learn more, visit www.AmeriCrew.com
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our growth efforts and future success, including the plans to add to our personnel and partners and our beliefs as to keys to achieving sustainable long-term profits. The words "believe," "may," "estimate," "continue," "anticipate," "intend," "should," "plan," "could," "target," "potential," "is likely," "will," "expect" and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events. Some or all of the events anticipated by these forward-looking statements may not occur. Important factors that could cause actual results to differ from those in the forward-looking statements include, but are not limited to, the possibility that we are unable to raise capital as and when needed, the risks arising from supply chain disruptions and consequent limitations on our ability to obtain raw materials as well as similar problems with our independent contractors and vendors, our ability to recruit new employees, the impact of the COVID-19 pandemic including new variants on the national economy, our inability to raise sufficient capital to sustain our operations and further our business goals as and when needed, the condition of the capital markets and opportunities for microcap companies, our lack of an operating history as a combined company following our August 2021 reverse merger transaction, delays in the installation of 5G infrastructure by major wireless carriers, unfavorable regulatory or government spending changes in the industries in which we operate, and our ability to scale our operations within the telecommunications industry and expand into the clean energy sector as intended. Further information on our risk factors is contained in our filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2021 and our Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 filed with the Securities and Exchange Commission. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
CONTACT:
Ross DiMaggio, CFO
609.433.6711
SOURCE: AMERICREW INC.
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