1847 Goedeker Inc (NYSEAMERICAN: GOED) closed at $2.56 yesterday, which is way below its 52-week high of $17.75. Yet, the stock was up 11.30% on Thursday. The push up is rooting from its robust order and revenue growth in April. The largest pure-play online retailer is reporting some strong numbers on the financial statement.
Strong numbers for Written Orders in April
Written orders from the company for April came in at $12.2 million, rising 85% on a YoY basis. The written orders on Appliances Connection for April increased to $70.7 million, surging 103%. Considering a pro forma combined basis, the written orders totaled $82.9 million, rising 100%.
April revenues for 1847 Goedeker Inc. (NYSEAMERICAN: GOED)
Revenue in April increased 56% on a YoY basis and came in at $5.6 million. Specific to Appliances Connection, the revenue increased to $39.6 million, surging 161%. Considering pro forma combined basis, April revenue totaled $45.2 million, rising 140%.
Other numbers for Q1-2021
GOED is reporting a surge of 18.9% as far as gross profits are concerned. This compares with Q1-2020. Gross profits totaled $32.2 million, or 26.2% of the net revenue during the first quarter of this year.
In Q1-2021, combined adjusted EBITDA is $14.7M, surpassing $14.4M in the previous year. The company is attributing these upward-moving numbers to a situation normalizing after COVID. Despite this, the aftermath of a pandemic cannot be understated. Historically, GOED has reported fulfillment abilities at 80%, which remain at 61% in Q1-2021. The company is hoping that with the normalization of the situation, shipping trends would become better, thereby pushing the fulfillment abilities back to the expectation.
Recently, the company had also issued an IPO of common stock units priced at $2.25 apiece. GOED expects $205 million in proceeds from this IPO. Net proceeds are to be used towards acquisition fees and expenses of Appliances Connection.