Jowell Global Ltd. Announces First Quarter 2021 Unaudited Financial Results

-- 197.5% year-over-year revenue growth—
--159.7% year-over-year GMV growth--

Shanghai, China, June 16, 2021 (GLOBE NEWSWIRE) --  Jowell Global Ltd. (“JWEL” or the “Company”) (NASDAQ: JWEL), one of the leading cosmetics, health, nutritional supplements, and household products e-commerce platforms in China, today announced its unaudited financial results for the first quarter ended March 31, 2021.

The Company cautioned that these financial results have not been audited or reviewed by the Company’s independent registered public accounting firm and may have discrepancies in connection with further reviews by the independent registered public accounting firm of the Company.

First Quarter 2021 Highlights

• Total revenues were $28.4 million, an increase of 197.5% from $9.5 million in the same period of 2020.
  
  
• Net loss was $495 thousand, compared with net income of $183 thousand in the same period of 2020.
  
  
• Total GMV (Gross Merchandise Value) transacted in our online shopping mall was $35.1 million, an increase of 159.7% from $13.5 million in the same period of 2020.
  
  
• Total VIP members¹as of March 31, 2021 were 2.0 million, an increase of 17.8% compared with 1.7 million as of March 31, 2020.
  
  
• Total LHH stores² as of March 31, 2021 were 25,332, an increase of 17.1% compared with 21,640 as of March 31, 2020.
  
  

CEO and CFO quotes

Mr. Zhiwei Xu, Chief Executive Officer and Chairman of Jowell Global Ltd., commented: “In March 2021, our Company made a significant milestone with our successful IPO and Nasdaq listing, raising capital needed for rapid growth and notably increasing our brand reach. In the first quarter of 2021, we delivered record revenue results driven by strong sales growth from our LHH stores, with a revenue growth of 197.5% to reach $28.4 million. These results illustrate our strong business momentum and outstanding execution on our strategies, and is a sound representation of how our unique retail distribution system is key to drawing customers from various communities. Our outstanding results from this first quarter is based on growth from all product categories and is partially driven by consumers’ increasing demands for health and nutrition products as awareness for personal wellbeing rises amidst the health crisis of COVID-19.