Vinco Ventures, Inc. (BBIG), a consumer product research and development, manufacturing, sales, and fulfilment company, has surged 9.06% during the aftermarket trading session and is trading at $5.66 at the time of writing. The surge has come after Lomotif, a jointly acquired company of ZASH Global Media and Vinco Ventures, welcomed its Special Guests Lil Nas X and The Kid Laroi to Electronic Daisy Carnival (EDC) as well as the launch of LoMo TV. On Friday, BBIG declined 13.36% during the regular trading session and closed the day at $5.19.
Developments related to Lomotif
On Sunday, Lomotif, a video-sharing networking platform acquired by ZASH and Vinco Ventures (BBIG) through their joint venture ZVV Media Partners, welcomed its special guests Lil Nas X and The Kid Laroi to the 2021 Electronic Daisy Carnival (EDC). The duo made a surprise performance during the festival. Also, Lomotif used the occasion of the festival to launch the LoMo TV. LoMo TV is an emerging entertainment and lifestyle network that offers original programming within the Lomo app. The LoMo TV began airing during the festival. During the event, LoMo TV featured exclusive backstage content and interviews as well as an exclusive performance from Lil Nas X. Besides, a new song debuting from the superstar artist was also the highlight of the event.
BBIG Q2 2021 financial highlights
On 23rd August, BBIG announced the financial results for the second quarter of the fiscal year 2021 which ended on 30th June 2021. The company had cash and cash equivalents of $74.75 million on 30th June. The total assets at the time were$121.27 million, while the total liabilities were about $148.82 million. The total revenue generated by the company during the period was $2.69 million against $5.17 million for the same period of 2020. The cost of revenue for the three months was $1.72 million against $4 million for the same period of 2020. The gross profit for the three months was $0.97 million against $1.16 million for the same period of 2020. The operating loss for the three months was $4.97 million against $1.20 million for the same period of 2020. The net loss attributable to the company was $183.66 million (or $5.13 per basic and diluted share) against $1.62 million ($0.18 per basic and diluted share) for the same period of 2020.
Future for BBIG
Statistics reveal that during the last three months, BBIG has surged more than 50%. The analysts’ estimates suggest that the company is expected to keep this momentum going forward in the next fiscal year. The EPS of BBIG is expected to grow more than 70% during the current fiscal. So, potential investors should keep a close eye.