NuZee, Inc. (NUZE), a specialty coffee company, has surged 9.26% in the premarket trading session and consequently is trading at $5.78 at the time of the writing. NUZE stock soared 163.18% during Thursday’s regular trading hours and closed the day at $5.29. The consistent surge is the result of the company’s expansion in selected Wal-Mart stores.
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Why NUZE Surged?
On Thursday, NUZE announced its expansion in more than 3000 stores of Wal-Mart stores across the country. The customers of NuZee would have the opportunity to shop for Cuvée Coffee’s single-serve filter bags. Cuvée has made these filter bags that can be used on the go without requiring brewing equipment. Each of the single filter bags could hold 14.2 grams of Cuvée’s freshly ground, medium roast house blend, known as Solo. The coffee could also be brewed with hot water for 4-6 minutes or with cold water for 12-24 hours.
Q3 2021 Financial Results
On 16th August, NUZE reported the financial results for the third quarter of fiscal 2021. The quarter ended on 30th June 2021. The company had cash and cash equivalents of $12.70 million on 30th June 2021. The total revenue generated by the company during the quarter was $0.51 million against $0.19 million for the same period of 2020. The operating expenses bore by the company during the period were $3.20 million against $2.37 million for the same period of 2020. The net loss suffered by the company during the period was $3.06 million (or$0.17 per basic and diluted share) against $2.54 million (or $0.18 per basic and diluted share) for the same period of 2020.
Patrick Shearer, Chief Financial Officer of NUZE, while commenting on the results said that although the COVID-19 pandemic imparted an impact on the business of the company, still, the performance of NuZee has remained up to the mark. He said that looking forward; the company hopes to bring further improvements in its performance metrics with the subsiding effects of the pandemic.
Future Outlook for NUZE
NUZE has surged more than 160% during the last few weeks, the main reason being the news that the company intends to expand its business domain. Estimates suggest that the company would see a sanguine time ahead as it’s on the track to improve its performance amid mitigating effects of the COVID pandemic.