BRGO refers to jewelry company Bergio International (Bergio International Stock Quote, Charts, News OTC:BRGOD), a direct-to-consumer jewelry company whose shares currently trade on the OTC US market under the symbol BRGOD. The stock has been under ten cents for the past half-year.
Bergio International was founded in 1995 and is headquartered in Fairfield, New Jersey. The company is in the Luxury Goods industry and most recently reported its financials on May 15 where it posted revenue for the quarter ended March 31, 2023, of $1.4 million compared to $2.0 million a year earlier. Gross profit was $619K and the net loss was $982K compared to a loss of $2.1 million a year earlier. Net loss per share was $0.05 compared to $0.60 a year ago.
This past November, Bergio completed a 500:1 share consolidation, saying the company’s market capitalization did not reflect the real value of the company.
CEO Berg Abajian said at the time that the company’s margins have improved drastically to 55 per cent in its third quarter 2022 and stockholder equity increased to $4.9 million, while liabilities fell by 36 per cent to $4.2 million.
“We have focused during the past 18 months to turn our Bergio portfolio of brands around. During the past few months, we have significantly lowered our fixed and variable operating costs by approximately $400,000 per year, we are implementing additional cost-saving measures,” Abajian said in a press release.
“With the reduction in costs, new product releases, new promotional offers, and a restructured supply chain, the results of our efforts are already showing in our previous month’s P & L. And, we also anticipate that we will be cash flow positive in the last quarter of this year and moving forward,” he said.
Bergio made a number of expansion moves in recent years, including the acquisition of e-commerce fulfillment platform GearBubble in 2021 and the acquisition of jewelry e-commerce sit Aphrodite’s, also in 2021. The company developed a Technology and App division earlier this year and in February acquired a third brick-and-mortar store in New Jersey.
About the move to physical stores, Abajian said the company’s online presence remains central but that in-person shopping is also key to the Bergio’s success.
“We felt very comfortable moving forward with this expansion which aligns with our corporate vision to expand distribution channels, particularly our brick-and-mortar stores, to boost revenue streams, and to serve our local community,” Abajian said.