Better Choice Company Inc (OTCMKTS:BTTR) reported a growth of 140% YoY to $9.9 million in revenues in Q2 2020. The company also recorded a growth of 190% to date this year to $22.2 million. Halo, which is taken over by Better Choice in December 2019, contributes a major percentage of the revenues.
Better Choice generates 60% of its revenues from D2C (Direct to consumer) and e-commerce channels. It recently focuses on online sales of pet products during the ongoing coronavirus crises.
CEO of Better Choice, Werner Von Pien, said the company reported significant progress in H1 2020. The company merged recently acquired Halo with itself. It also expands the business overseas, especially in Asia, and expanding its e-commerce platform.
Revenue growth of 20% from e-commerce
Werner said the company expects to achieve annual growth of 20% from e-commerce sales. It also sees encouraging signs on the international sales front by recording annual sales run rate of $10 million. In June, the company transported its products directly to Mainland China after the receipt of product registrations in the early this year from the Chinese government. Under this initiative, the company is generating monthly sales of $500,000 and shipped monthly eight containers.
E-commerce platforms expansion
Better Choice introduced its e-commerce platforms on Walmart and Target. It also added new clients in the FDM (Food-Drug-Mass) Channel. The company is also continuing product innovation.
Enters a two-year revolving credit facility
Better Choice signed a two-year revolving credit facility with Citizens Business Bank for $7.5 million to support growth initiatives. The company will pay interest at an annual rate of LIBOR plus 250 BP (basis points) for the credit facility, which will mature on July 5, 2022.
Werner said the company holds a healthy cash balance, and the new credit facility will help it to position to achieve long term success. It will reduce the cost of capital by 8% with this new credit facility. Werner praised the lenders for their continued support to focus on growth opportunities across the world.
Better Choice engages in supplying products and services to maintain cats and dogs’ wellness and health and help them live longer.
 Posts A Growth Of 140% YoY In Q2 2020: Adds Nine New Customers: Launches e-commerce Platform On Target And Walmart){kind=link}