Willamette Valley Vineyards, Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, showing modest growth in revenue and improvements in profitability metrics compared to the same periods in 2023.
For the three months ended September 30, 2024, net sales reached $9.37 million, a slight increase of $22,647 or 0.2% from $9.35 million in Q3 2023. For the nine-month period, net sales totaled $28.51 million, up $122,902 or 0.4% from $28.38 million in the prior year. Gross profit for Q3 2024 was $5.81 million, reflecting an increase from $5.68 million in Q3 2023, while gross profit for the nine months rose to $17.55 million from $16.41 million year-over-year.
Operating expenses for Q3 2024 decreased slightly to $5.94 million from $5.97 million in Q3 2023. However, total operating expenses for the nine months increased to $17.75 million from $17.36 million. The company reported a loss before income taxes of $(398,122) for Q3 2024, an improvement from $(450,326) in Q3 2023, and a nine-month loss before income taxes of $(856,581), down from $(1,326,748) in the previous year.
Net loss for Q3 2024 was $(282,945), compared to $(326,982) in Q3 2023, while the nine-month net loss decreased to $(608,772) from $(963,352) year-over-year. The net loss applicable to common shareholders for Q3 2024 was $(846,195), slightly higher than $(838,701) in Q3 2023, but for the nine months, it improved to $(2.30 million) from $(2.50 million).
The company’s cash and cash equivalents increased to $303,195 as of September 30, 2024, from $238,482 at the end of 2023. Total current assets rose to $34.86 million, while total liabilities decreased to $12.24 million. Long-term debt increased to $10.06 million from $6.96 million at the end of 2023, primarily due to new financing arrangements.
Willamette Valley Vineyards sold 135,424 cases of wine during the nine months ended September 30, 2024, a decrease of 5.5% from 143,286 cases in the same period of 2023. The company did not record any bulk wine sales in Q3 2024, contrasting with $10,000 in bulk sales for the same period in 2023.
The company continues to focus on enhancing its brand recognition and expanding direct-to-consumer sales, which are key components of its growth strategy.
About WILLAMETTE VALLEY VINEYARDS INC
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