Bubs Australia says it finally achieved positive cashflow in the fourth quarter of the last financial year, describing the period as its strongest ever.
The infant formula maker said it made $18.46 million in revenue in the three months to June 30, more than it made throughout the previous financial year.
Bubs “is delivering an aggressive growth trajectory and a platform for moving into profitable growth in the near term,” chief executive Kristy Carr said.
Bubs generated $51.3 million in gross revenue for the 12 months to June 30, nearly trebling the prior year’s figure.
Bubs said it had $2.3 million in positive cashflow for the quarter, but for the year was $24.9 million in the red.
It had $23.3 million in cash reserves as of June 30.
In 2018 Bubs had a $64.6 million loss, and in 2017 it lost $5.1 million.
At 1054 AEST Bubs shares were up 7.5 cents, or 5.6 per cent, to $1.42 – just 5.5 cents under its all-time high set last week.
Bubs shares have more than tripled since the start of the year.
Ms Carr said a core driver for the company was its infant goat milk formula, whose sales increased 341 per cent year-on-year.
The company has “increasing penetration” in Coles, Woolworths, Big W, Amazon and Costco, and as of June all of its 28 products is stocked in Chemist Warehouse outlets, Mrs Carr said.
Bubs expects its business-to-business sales to China to accelerate through its new partnerships with Beingmate, Alibaba and Kidswant, which were initiated late in the quarter.
Bubs said it would release audited financial results by August 30.