Yesterday, the Orchid Ventures Inc (OTCMKTS:ORVRF) stock was in the middle of a range but despite the relative inactivity in the stock, it should be noted that the company was in the news yesterday after it announced its financial results for the third fiscal quarter that ended on March 31, 2022.
On Monday, ORVRF stock ended flat at $0.0150 with more than 10K shares, compared to its average volume of 975 shares. The stock moved within a range of $0.0150 – 0.0150 after opening trade at $0.0150.
Orchid Ventures Announces Financial Results for Period Ended March 31, 2022, Resignation of Director, and Upcoming Earnings Call
The Chief Financial Officer and President of the company Richard Brown spoke about the third fiscal quarter performance and conceded that it had been a ‘disappointing’ if one looks into it from the recognised revenues angle. However, he noted that the third quarter is also the time when it is often difficult to manufacture products due to the Chinese New Year.
Orchid Ventures reported a net loss of as much as $421,855 for the quarter to go along with revenues of $162,602. However, that was a considerably poorer performance than the one in the quarter that ended on December 31, 2021.
In that particular quarter, the company had suffered a loss of $413,776 but the revenues for the period came in at $478,964. However, in the latest quarter the operational expenses were actually lowered to $409,979 as opposed to $651,099 in the previous quarter.
Mr. Richard Brown, President and CFO of Orchid Ventures commented, “The 3rd quarter of FY 2022 was disappointing from the standpoint of recognized revenue, however, it was encouraging in terms of new sales orders secured. Q3 is usually more challenging in terms of getting products manufactured given that Chinese New Year runs from late January to mid February. Things were made worse this year however, as there was also an unexpected factory shutdown due to a Covid outbreak in the last 2 weeks of March, which impacted our ability to get orders out, as all shipments were delayed.
ORVRF stock is trading below the 20-Day and 50-Day Moving averages of $0.0657 and $0.0831 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.1696.