JERSEY CITY, NJ - EQUATOR Beverage Company (OTCQB:MOJO) announced a significant increase in its financial performance for the fourth quarter ended December 31, 2023. The company's net revenue saw a notable rise to $508,213, marking a 44% increase from the $351,760 reported in the same period the previous year.
Gross margin for the quarter also improved substantially, reaching $220,243, up 73% from $127,431 in the prior year's quarter. The gross margin percentage climbed to 43%, a 7% increase from the previous year. Additionally, EQUATOR turned around its financial position from a net loss of $49,066 to a taxable income of $34,476, an increase of 170%.
The company also disclosed its share repurchase activities, having bought back 401,269 shares of its common stock during 2023. This followed the repurchase of 830,342 shares in 2022, bringing the two-year total to 1,231,611 shares.
EQUATOR has indicated that it will continue to seek opportunities to repurchase its shares, both those that are restricted from sale and those publicly traded. It is anticipated that the company will file its 10-K for the fiscal year ended December 31, 2023, with the US Securities and Exchange Commission on February 4, 2024.
This report is based on a press release statement from EQUATOR Beverage Company.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.