Combined Annualized Revenue of $66.3 Million Based on the Three Months Ended March 31, 2021
SANTA ANA, Calif., Aug. 30, 2021 (GLOBE NEWSWIRE) — Unrivaled Brands, Inc. (formerly Terra Tech Corp.) (OTCQX: UNRV) (“Unrivaled” or the “Company”), a multi-state vertically integrated company focused on the cannabis sector with operations in California, Oregon, and Nevada, today reported UMBRLA, Inc.’s audited financial statements for the two prior fiscal years as well as the pro forma combined results of operations.
Based on the pro forma results of operations for the three months ended March 31, 2021, combined revenue of Unrivaled and UMBRLA, Inc. is $16.6 million, which is more than triple Unrivaled’s Q1 revenue of $5.1 million. This represents an annual revenue run rate for the combined company of $66.3 million. At the same time, the merger resulted in almost a doubling of assets, from $107.1 million to $197.0 million.
Frank Knuettel, Chief Executive Officer of Unrivaled Brands stated, “Not only does the merger dramatically increase our revenues, as we have previously indicated, but UMBRLA’s net margins are considerably stronger. Importantly, this is before the benefits of the consolidation, for both revenue and operating costs, that this merger is expected to yield in coming quarters. On the revenue side, we can drive more branded product sales through the additional dispensaries and on the cost side, expect cost savings from the elimination of some duplicative overhead. Further, on a combined basis, our second quarter revenues increased noticeably, partially based on the synergies this merger provided as well as better dispensary merchandising and operations management.
“With additional growth during the year expected to result in combined revenue in excess of $70 million, we expect the acquisition of Silver Streak Solutions and People’s (both are expected to close in the fourth quarter of 2021) to add considerably to our 2022