Hempacco (NASDAQ:HPCO) stock is taking off on Wednesday after announcing results for its first half of 2022.
According to a press release, Hempacco brought in revenue of $2.8 million for the six months ending June 30, 2022. The company notes that this is a massive 486% year-over-year (YOY) increase in revenue.
Hempacco says there are a few reasons why its revenue saw such a dramatic jump in the first half of the year. That includes its plans to rapidly expand operations while also doing so in an efficient way.
To show that, the company pointed out its 93% sequential increase in revenue for the second quarter. HPCO also saw gross operating margins jump from 18% to 25% during that time. Adding to this, it reduced operating expenses by 45% during that period.
Deals Are Also Helping Out HPCO Stock
Hempacco has been working alongside several notable people to increase awareness of its products. This includes hip-hop legend Rick Ross and Rap Snacks founder and CEO James Lindsay. The company even has a joint venture with Cheech and Chong.
Hempacco also has an agreement with HBI-Raw. The deal with the leading smoking papers company started in Q4 2021 and has acted as a key revenue driver in the first half of 2022. The agreement saw a $9.2 million purchase order starting in January, for instance.
All of this news has shares of HPCO stock seeing heavy trading today. As of this writing, more than 23 million shares of the stock have changed hands. This is a massive spike next to the daily average trading volume of 2.4 million shares.
HPCO stock is up 35.2% as of Wednesday afternoon.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
