In FY2021 (year ended June 30, 2021), AYUR reported $7.63M in revenue, up 1,148% YoY, but 6% below our estimate. Revenue missed our expectations as we were expecting stronger revenue from bulk oil sales ($5.79M vs $6.51M). Tolling/white label services revenue (processing fees) was higher than expected ($1.85M vs $1.61M).
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