74 New Kiosk Installations Installed in June Result in $3.1 Million of Revenue Recognition for the Month
SAN DIEGO, CA, July 02, 2019 (GLOBE NEWSWIRE) — via NEWMEDIAWIRE – Generation Next (OTCQB: VEND) reported June revenue of $3.1 million on 74 deliveries bringing the total revenue for the quarter to $8.3 million on 207 kiosks. In addition, the company reported fiscal year 2019 revenue of $17.1 million on 407 units. The Company’s fiscal year ended on Sunday, June 30.
“It is good to have what has been a very tough fiscal year on many fronts finish on a positive note. Earlier in the year, it didn’t seem like it was possible to deliver 400 robots by the end of June. We were less than $1 million in revenue in fiscal year 2018 to $17 million in 2019 seems like a small victory given we are still recovering from the manufacturing delays we experienced during the first half of this fiscal year,” said Nick Yates, CEO of Generation Next Franchise Brands. “The next month revolves around solving some short-term cash flow issues so we don’t hinder our ability to produce what we think is an estimated $40 million over the next fiscal year.”
Some additional highlights for the month of June include:
- Secured 50 new US locations for Reis & Irvy’s franchisees
- Finished the month with 127 franchisees operating a Reis & Irvy’s kiosk in the United States
- Booked 45 new Reis & Irvy’s franchises in 8 contracts worth $2.1 million in deferred revenues (averaging $47,756 per franchise)
- Surpassed 500,000 cups of yogurt and $2.5 million dollars of retail sales for Reis & Irvy’s franchisees
- Signed agreement with World Franchise Associates to support expansion in Middle East and Africa
- Secured a test with Bed Bath and Beyond in select California locations for Print Mates Kiosks
- Reached an agreement with Redners Markets for the placement of Print Mates Kiosks
The Company received the following press mentions during June through its PR agency 5WPR.
- FOX Business Mornings with Maria: Rise of Robotics
- Forbes: Robotic Vending Machines Want To Feed You Frozen Yogurt
- Matador Network: Robots will be serving you ice cream and printing your pictures in airports this summer
- The Columbia Star: City Snippets
- Post and Courier: Chew On This: Robots Will Serve You Fro Yo
The company’s CFO and COO, Ryan Polk, said, “The supply chain is working well. The only constraint on growing our revenue right now is cash for working capital. We are considering proposals from investors and lenders to provide us with the working capital we need to produce and deliver our contract backlog. Our recent filing with the SEC opens the door for us to increase our authorized share count thereby giving us a wider range of options for raising equity or attaching an equity component to debt deals.”
About Generation NEXT Franchise Brands, Inc.
Generation NEXT Franchise Brands, Inc., based in San Diego, California, is a publicly traded company on the OTC Markets trading under the symbol OTCBB: VEND. Generation NEXT Franchise Brands, Inc. develops, distributes, and operates unattended retail platforms through the subsidiaries of Reis and Irvy’s, Inc., Print Mate Kiosks, Inc. and 19 Degrees, Inc. the managing partner of 19 Degrees Corporate Service LLC.
About Reis & Irvy’s, Inc.
Reis & Irvy’s, Inc. is a subsidiary franchise concept of Generation NEXT Franchise Brands, Inc. (VEND). Launched in early 2016, the revolutionary Reis & Irvy’s Vending Robot serves seven different flavors of frozen yogurt, ice cream, sorbets and gelatos, a choice of up to six custom toppings and to customers within 60 seconds or less at the point of sale. The unique franchise opportunity has since established itself as a high-demand product and currently showcases a franchise network both domestically as well as internationally.
About Print Mates
Print Mates™ was formed by a team of entrepreneurs, engineers, and photography professionals in San Diego that are on a mission to reinvent the premium-quality photo printing experience by making it fast, fun, and inexpensive to get your photos “out of your phone and into your hand” with the Print Mates™ Kiosk – and creating a golden opportunity for retailers in the process.
Print Mates’™ easy-to-use, patented touchscreen kiosks are promising to close the loop on the consumer photo lifecycle, as well as drive much-needed foot traffic to traditional brick-and-mortar businesses ranging from supermarkets, grocery and drug stores to big box retailers, shopping malls, family fun centers, hotels, airports and more.
The company began a nationwide expansion in 2019 by offering retailers, business owners and forward-thinking retailers across the country an opportunity to own a piece of an emerging multi-billion dollar industry.
Print Mates™ Kiosks and ever-expanding product line of photographic decor, gifts, prints and accessories are proudly Made in the USA.