JULY 17, 2019 |
How did public company Generation Next (Stock Symbol: VEND) end their fiscal year with a 1,821 percent increase in revenue? Two Words. Unattended retail.
Generation Next is the largest unattended robotic retail company in the world that you’ve probably never heard of. With over 400 robotic vending kiosks in the field, delivering frozen yogurt to customers via some very cool robotic technology, this company is just getting started.
CEO and visionary of Generation Next (VEND), Nick Yates understands why his business has the ability to disrupt so much so that it drives some forms of retail out of existence. He also understands the importance of providing jobs along the way contrary to what most of us think when it comes to robots serving anything!
Just last year Yates’s public company (VEND) achieved less than $1 million in sales. This year a staggering $17 million, up 1,821 percent. With a backlog of approximately $150 million in anticipated revenues still pending, this company is taking unattended retail to a new level, and they’ve only just begun.
“I think the first product anyone innovates or engineers is always the most difficult, and for us we really made a lot of mistakes.” said Nick Yates, CEO and Founder of Generation Next (VEND). “Now, we understand how to take something literally from sketch to scale we are ready to begin complimenting that with new and exciting innovations that fit nicely within our patent portfolio. Adding shareholder value is so important to us, most of our shareholders hung in with us over what was a difficult year prior. We are ready now to deliver some real value and are very much looking forward to the challenges and rewards that await us in fiscal 2020.”
After spending over a year and a half developing the technology for the soft serve robotic vending machines, Generation Next is finally reaping the benefits. They now stand as the market leader in unattended retail and furthermore are expected to do even better in the coming fiscal year. Over the course of the next 12 months, the company is looking to achieve an estimated $40 million in revenue.”
While Nick is humbled and pleased with the results of Generation Next’s 2019 fiscal year, he looks forward to what’s to come with the promise of even more installations and more revenue for the company. He is excited to continue to introduce unattended retail to new locations and demographics by way of Reis & Irvy’s. What’s next you might ask? “Popcorn, sushi, pizza, cookies all can be delivered easily by vending robots”, said Yates to conclude.