PlantX Reports 2023 Financial Results

-- Sharpened Focus on Profitable Growth Yields Double Digit Growth in Revenue and Gross Margins -

VANCOUVER, BC / ACCESSWIRE / July 28, 2023 / PlantX Life Inc. (CSE:VEGA)(Frankfurt:WNT1)(OTC PINK:PLTXF) ("PlantX" or the "Company"), the digital face of the plant-based community, operating a one-stop shop for plant-based products, today reported its audited consolidated financial results for the fiscal year ended March 31, 2023. All amounts are reported in Canadian dollars unless otherwise stated.

Foto: Accesswire

Fiscal 2023 Highlights

• Revenue increased 11.0% to $13,299,891 compared to $11,984,809 in 2022
• Gross margin increased 30.4% to $5,088,767 compared to $3,903,314 in 2022, with gross margins expanding 570 basis points to 38.3% compared to 32.6% in 2022
• Net loss improved to $21,384,656 compared to $54,802,666 in 2022

Commented Lorne Rapkin, PlantX CEO, "Fiscal 2023 was a tremendous year for PlantX. We sharpened our focus on driving profitable growth, and this focused approach yielded strong financial performance and positions us for continued success in the years ahead. As we forge ahead, profitability remains a central focus, driving growth, expansion, and success across our diverse business units. We are committed to delivering exceptional experiences within the plant-based industry while continually striving for improvement."

Business Review

In fiscal 2023, PlantX's strategic approach has been to nurture its high-growth business units and make necessary adjustments to those that do not meet stringent growth and margin thresholds. During 2023, PlantX focused on building certain verticals, including, but not limited to, Bloombox Club, XMarket Chicago and Little West. Additionally, by design, the Company's business operates with limited overhead and inventory, thus maximizing margins and, ultimately, net profit.

To further optimize operations, the company made the strategic decision to close two Canadian locations inside the Hudson's Bay (Yorkdale, Toronto, and Rideau, Ottawa) due to insufficient foot traffic. All inventory from these stores was transferred to the Chicago warehouse, making it available for purchase on both PlantX.com and VeganEssentials.com. Additionally, the equipment from these locations was repurposed for the XMarket Uptown store.