New Year, New Goals
As we ring in the new year with our friends and families, we wanted to look back at our achievements last year and look forward to some hopes for Vape-Jet in 2022. After all, what’s a new year without new resolutions?
We recognize that 2021 had its share of… difficult moments. But in those difficult moments (often, despite them), we managed to grow together. Last year, our company experienced some unprecedented successes. We want to share some of these achievements, not to gloat or become passive in our mission, but to emphasize the decisions that got us here and the people who make us who we are. Who knows, maybe we’ll even reveal something coming for 2022.
Letter from Vape-Jet CEO Ryan Hoitt
I am proud to report that 2021 was another excellent year for the Vape-Jet team. Despite a global pandemic, fire storms, ice storms, a heat dome, and ships blocking the Suez, we have continued to innovate and improve by releasing new products, streamlining our operations, increasing our market share, and demonstrating what world-class product support looks like.
To start 2021 off strong, we released the Jet-Fueler 2.0 Semi-Automatic Vape Cartridge-Filling Machine. Representing a complete overhaul of electronics, software, and structural components from the previous model, the Jet-Fueler 2.0 forced us to reevaluate and expand our manufacturing methods and materials. These manufacturing improvements complemented incremental upgrades to the Vape-Jet 3.0 Fully-Automatic Vape Cartridge-Filling Machine made throughout the year.
By mid-year, the team was forging ahead, working with customers who wanted an end-to-end cartridge filling and capping solution that boasted the same quality and industry-leading customer support as our other solutions. Even though global logistics nearly came to a halt in the middle of production, we brought our new Squish-o-Matic 1000 vape cartridge-capping machine to market.
Of course, Vape-Jet is not just a hardware company. Our dedication to clean code, behavior-driven development, agile methodologies, and microservice architecture shows that we are nothing without the incredible software which drives our powerful vape cartridge-filling machines. One example of our ongoing efforts to improve our software over the last year included reducing the time between customer feature requests and software implementation to mere days. Following this improvement, we applied wizard-based, interactive SOPs (standard operating procedures) to our automated filling systems and overhauled the GUI (graphical user interface) on both the Jet-Fueler and Vape-Jet. You can find these step-by-step SOPs in all our recent updates.
As we look forward to 2022, we might reflect on the lessons 2021 taught us. Just as ‘no person is an island entire of itself,’ the past year showed us that manufacturing infrastructure and the global supply chain are fragile. While our company was affected like everyone else, the pain would have been worse had we not insisted on strong U.S.-based manufacturing partnerships and found ways to improve (and maintain) safe production standards. I believe our success in 2021 is a testament to our team’s vision, execution, and ability to thrive during uncertain times.
We are looking forward to a bright and prosperous 2022 with all our friends within the industry and without.
Cheers to you and yours,
– Ryan Hoitt, CEO
2021 Financial Growth with Vape-Jet CFO Brian Kuo
When we founded Vape-Jet, we knew we wanted to grow organically and buck the trend of institutional backing. Having identified a lack of innovation in a space that had grown stale with retrofits and dated equipment, our mission has been to grow alongside our customers, assembling a diverse team, making heavy investments in R&D, and emphasizing local manufacturing, assembly, and support.
Entering 2022, I am pleased to report that we are succeeding in our mission. The quality of our products has instilled new life into vape cartridge production, and our team has grown bigger and stronger.
Therefore, as we raise our glasses to a new year, I want to take a moment and reflect on some of our accomplishments:
- In 2021, our YOY (year-over-year) revenue grew by more than 200%*
- We were profitable and cash flow positive in both 2020 and 2021, with an approximate 350% growth in profitability YOY in 2021*
- We have simultaneously increased our total assets by more than 240% while decreasing liabilities by ~19%*
- We gave our team a profit share bonus, matching retirement plan, and full health benefits
- We added a new dedicated product support technician and developed in-depth HelpDesk documentation (with video documentation to follow in 2022)
What has this success taught us? For one, we will continue innovating and adding value for our clients in the year ahead by reinvesting our profits into R&D. We will also continue investing in our people, growing our team, and expanding our operation organically. In short, we will use our exceptional results from 2021 as motivation to better serve our customers.
So, although I hope for more global stability in 2022, I can’t wait to see how much value we can create in this promising new year!
– Brian Kuo, CFO
*Financial data for illustration purposes only, not to be relied on for investments and not for assurance purposes.
Operations Growth in 2021
As Brian noted, we’ve welcomed many new faces to the Vape-Jet crew this past year. In fact, we’ve increased our number of full-time employees by 250%. By adding manufacturing and support technicians—not to mention a new engineer—we’ve effectively doubled our sales capacity while also doubling our software development team. With all this “doubling” going on, we decided to increase our manufacturing capabilities too, expanding into two new facilities and adding over 3,400 square feet of production floor space. To make better use of these new spaces and faces, we also increased our inventory buffers by triple in key areas. With this operational capacity and inventory surplus, we are well-positioned in 2022 and beyond.
2022 Vape-Jet Growth Goals
In the spirit of the new year, here are our “Big 3” resolutions:
- Maintain our dedication to post-sales support by increasing accessibility with more written and video resources, troubleshooting guides, in-application assistance programs, and software-based SOPs.
- Stick to our innovative roots with continued software and hardware improvements.
- Scale with our customers by adding operational capacity and maintaining inventory buffers.
But what about product releases or upgrades? At Vape-Jet, we don’t like to talk about new stuff until it’s ready, but it’s an exciting new year (and we like to keep the energy up), so stay tuned for a major announcement in the weeks ahead. Can’t wait that long? Well, get ready for a software upgrade that will greatly increase the speed of all existing machines in the Vape-Jet fleet.
More details to come, but for now, enjoy this sneak peek:
To the future,
The Vape-Jet Crew
You won’t want to be out of the loop for this one, so sign up for our monthly Re:Fill newsletter and get early access to company updates, product releases, and other exciting announcements. Follow us on Facebook, Instagram, and LinkedIn for real-time updates.