Generation Alpha, Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2018
November 13, 2018 at 07:05 am EST
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Generation Alpha, Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2018. For the quarter, the company reported sales of $851,710 against $1,993,865 a year ago. Loss from operations was $4,019,364 against $1,461,321 a year ago. Loss before income taxes $7,093,230 against $1,489,511 a year ago. Net loss was $7,093,230 against $1,489,511 a year ago. Basic and diluted loss per share was $0.17 against $0.04 a year ago.
For the nine months, the company reported sales of $2,565,085 against $7,336,980 a year ago. Loss from operations was $14,087,704 against $6,742,076 a year ago. Loss before income taxes $17,542,004 against $6,826,086 a year ago. Net loss was $17,545,204 against $6,830,199 a year ago. Basic and diluted loss per share was $0.42 against $0.18 a year ago. The decrease in revenue was due to several negative factors during the first nine months of 2018, as compared to the prior year period. Such factors include, market instability and uncertainty, reports of over-capacity and price declines in the wholesale market.
Generation Alpha, Inc. is focused on the research, design, development and manufacturing of indoor horticulture lighting, plant nutrient products and ancillary equipment. The Company operates through the manufacture and distribution of its products. The Company is focused on bringing products and solutions to commercial and retail cannabis growers in both the medical and adult-use recreational space in legal markets across the United States. The Companyâs product line includes hydroponic resellers/retail and direct-to-consumer/online. The Companyâs lighting and nutrient customers include retail stores, distributors and commercial growers in the United States and abroad. Its product line has evolved from digital ballasts to a line of lighting products, including a line of specialty ballasts ranging from 400 watts to 1,000 watts with various features, its Lamp Products, a line of reflectors, lighting accessories and a line of light emitting diode (LED) lighting technologies.