Nature’s Miracle reports Q2 EPS (7c) vs. (2c) last year

Reports Q2 revenue $3.4M vs. $1.9M last year. James Li, Chairman and CEO of Nature’s Miracle, commented, “During the first full quarter as a public company, Nature’s Miracle recognized significant revenue growth, strong new order trends for our existing products and diversification of our portfolio with the launch of new products and new distribution partners. In the second quarter, we achieved revenue growth of 75% from the prior year period, which was driven by strong demand from the energy rebate market for LED grow light products and increases in our marketing team and efforts. Our 800-basis point expansion of gross margin was the result of higher margins realized through the company’s Efinity brand products, favorable pricing trends from Asian manufacturers and incentive costs to the company for operating in the energy rebate market. Taken together, we are rapidly growing our footprint across the North American market with our vertically integrated approach of products and solutions for the CEA market. We are pleased with our progress through the first half of 2024, and at this early stage of development as a public company. Our strategic focus is on continuing to build a foundation of existing, new and licensed products as catalysts for revenue growth in the second half of 2024 and beyond. The record purchase orders received in July are an indication that Nature’s Miracle is well positioned in the market and with our effective sales and marketing channels, we will seek to further capitalize on this momentum. A defining component of our sales and marketing efforts focuses on reinforcing our distinct position as a fully integrated provider of comprehensive vertical farms.”