Zola Revenue Growth
Zola coconut water revenue grew 90% year-over-year, driven by a 70% increase in new distribution and a 76% increase in scan data sales.
Strong Financial Performance
The company reported a 22% increase in total revenues compared to the same period last year, with Zola being the primary driver.
Cost Management
Operating expenses reduced by 16% year-over-year and gross margins remained strong at 43%.
Monetization of Intellectual Property
The company received $750,000 in cash from a transaction involving its soy patents, eliminating a $1,000,000 contingent liability.
Pending Combination with Roosevelt Resources
The business combination with Roosevelt Resources is progressing and is on track to be completed around August 15.