- Digital Wine Ventures (DW8) processed more than 24,700 WINEDEPOT orders for the December quarter, a 102 per cent increase on the previous period
- Additionally, it shipped more than 45,000 cases, a 101 per cent increase from the 22,400 shipped in the September quarter
- Throughout the quarter, DW8 generated almost $713,000 in revenue, a 78 per cent increase from the $400,000 generated in Q1 FY21
- Additionally, it welcomed 239 new customers and 300 new brands with several coming from New Zealand
- During the quarter, Digital Wine burnt more than $1.3 million with the majority going towards product manufacturing, operating and staff costs
- As of December 31, the company had almost $6.8 million left of funding available, representing five quarters left of use if spending levels remain the same
- Digital Wine is up 2.22 per cent on the market and shares are trading at 4.6 cents
Digital Wine Ventures (DW8) processed 24,738 WINEDEPOT orders for the December quarter, a 102 per cent increase from the previous quarter.
Additionally, it shipped 45,252 cases, a 101 per cent increase of 22,470 cases shipped in the September quarter.
Throughout the quarter, Digital Wine generated $712,498 in revenue, a 78 per cent increase from the $400,277 generated in Q1 FY21.
"We've had an amazing start to this financial year with significant growth being seen across all key metrics," CEO Dean Taylor commented.
Digital Wine welcomed 239 new customers and 300 new brands over the quarter with several coming from New Zealand.
On December 11, Digital Wine revealed it would scrap its wholly-owned Chinese subsidiary amid tensions between Australia and China.
However, as Australian wineries export around $1.2 billion worth of product to China every year, DW8 believes it will provide further tailwinds for WINEDEPOT as Australian wineries look for alternate channels.
"The tariffs that the Chinese government has imposed will have a significant impact on the competitiveness of Australian wine within the market. As a result, there's going to be hundreds of millions of litres of wine that will need to be sold in other channels and markets," Dean said.
"This should be extremely beneficial for WINEDEPOT'S marketplace and direct-to-consumer sales platforms as the affect producers look for new routes to market," he added.
Also on December 11, Digital Wine announced its WINEDEPOT business will begin selling to corporate and business buyers.
Businesses will also receive discounted pricing for larger purchases.
On November 30, DW8 completed the acquisition of South Australian-based logistics provider Wine Delivery Australia (WDA).
As a result, 180 new customers joined WINEDEPOT and it allowed Digital Wine to optimise its existing infrastructure and resources and supply relationships.
During the quarter, Digital Wine burnt through $1,372,125, with the majority going towards product manufacturing, operating and staff costs.
As of December 31, the company had $6,797,902 in available funding, representing enough cash to support operations for five more quarters if spending levels remain the same.
Digital Wine is up 2.22 per cent on the market and shares are trading at 4.6 cents at 12:32 pm AEDT.