IGNITE International Brands, Ltd. (CSE:BILZ) (OTCQX:BILZF) reported its revenue for 2021 was $78.8 million compared to revenue for 2020 of $16.9 million. Fourth quarter 2021 revenue was close to $50 million. The company expects its audited financial statements for 2021 to show a profitable fourth quarter and a profitable year.
The performance is a direct result of IGNITE's rapid international expansion which it expects to continue in 2022. Based on revenue in the months of January and February and orders and contracts in place impacting March and the remaining months in 2022, the company projects Q1 2022 revenue to exceed $25 million compared to Q1 2021 revenue of $3.6 million.
Dan Bilzerian, CEO at IGNITE, stated: "Although 2021 revenue showed a substantial increase from 2020, we have only scratched the surface in our worldwide expansion and, based on new contracts and orders in the first two months of 2022, we expect a very strong revenue increase in 2022 over 2021."
The company also announced its president and chief operating officer John Schaefer has resigned to pursue another opportunity. Bilzerian will oversee the company's operations until a successor is hired.
In addition, the company hired William Graubard as vice president sales for Latin America. Graubard has spent the past thirty years working for well known companies such as Molson Coors' (NYSE:TAP) Miller Brewing Company and Kraft Foods and has focused on developing brands and building sales in Latin America, the Caribbean and the United States.
The company further announced the granting of options to purchase 175,000 subordinate voting shares to certain employees of IGNITE. The subordinate voting shares will vest over three years from the date of grant and will have an exercise price of $1.18 per share. The company has also canceled options to purchase 666,666 subordinate voting shares related to the departure of Schaefer.
