Greengro Technologies Inc (OTCMKTS:GRNH) reported that it anticipates revenues for its second quarter closing June 30, 2017 to come at $830,000, or almost eight times of its revenue in the second quarter of 2016.
The firm also posted that its pipeline of new deals has grown to almost $50 million as of the close of the second quarter, with periodic revenues anticipated to generate between $2 million to $5 million in produce sales yearly. The recurring revenues and growing pipeline is due mainly to the firm’s first quarter deal of Biodynamics, a major provider of advanced hydroponic vertical farms.
Greengro announced that by now the company has collected more than $600,000 from the sale of a greenhouse sale reported during the first quarter. It is vital to note that though this pipeline is constituted of signed construction deals, many of which are bonded, there is no guarantee that they will settle into revenue-generating deals due to unforeseen matters that may arise with the client, such as compliance issues, financial support and its location.
Greengro anticipates to post its final second quarter and 1H2017 financial results in the second week of August followed by the firm’s investor conference call to be presented by Mr. Haas.
In unrelated news, Greengro reported that its segment GenoBreeding, Inc. solidified a JV with Gala Global, Inc., by which Dr. Rehman Maqsood, COO of Gala Global and one of the leading soybean geneticists, joined company in order to perform genetic research on new crop strains, on behalf of GenoBreeding.
Dr. Maqsood is stated as an originator on 33 patents and at least five additional patent applications linked to soybean varieties, comprising some patents linked to single locus conversion, where a portion of a soybean variety’s genome has been altered to provide the new soybean crop characteristics that were not existing in its ancestors.
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